Thermoformed Shallow Tray Market - Forecast From 2019 To 2024

Description

The Thermoformed Shallow Tray market is estimated to grow at a CAGR of 5.63% to reach a market size of US$1841.174 million in 2024 from US$ 1325.44 million in 2018.Thermoformed shallow trays are containers used for packaging of various consumer goods. The key industry driving the demand for thermoformed shallow tray packaging are the food and beverage, electronics, pharmaceuticals and cosmetics among others. Growing food and beverage industry along with rising consumption of packed food is expected to drive the thermoforming packaging market. Furthermore, the increasing pharmaceutical industry coupled with growing demand for blister packaging for carrying and storing of medicines through specific designs and specifications is anticipated to drive the thermoforming packaging market. In addition, the increasing use of thermoformed shallow trays in electronics and other products owing to its light weight and attractive design feature is projected to drive the market. Additionally, technological developments and increased R&D is expected to create opportunities for market growth during the forecast period.

DRIVERS

Growing food and beverage industry.

Growing demand in the pharmaceutical sector.

RESTRAINTS

Stringent government rules regarding plastic use

INDUSTRY UPDATE

In September 2018, Genpack LLC introduced new thermoformed packaged product line Proview.

In July 2017, Sonoco products company acquired Clear Lam a manufacturer of flexible and forming plastic packaging films.

The major players profiled in the thermoformed shallow tray market include Amcor Limited, Bemis Company Inc., Sonoco Products Company, Genpack LLC, CJK Thermoforming Solutions LLC, Placon Corporation, VisiPak (Parent company-Sinclair and Rush Inc.), BlisterPak Inc., Berry Global Inc., Dordan Manufacturing Company.

Segmentation

The thermoformed shallow tray market has been analyzed through the following segments:

By Material

Polyethylene

PET

PVC

PP

Paper

By End-User

Pharmaceuticals

Food and Beverage

Electronics

Cosmetics

Others

By Geography

North America

USA

Canada

Mexico

South America

Brazil

Argentina

Others

Europe

Germany

France

United Kingdom

Spain

Others

Middle East and Africa

Saudi Arabia

Israel

Others

Asia Pacific

China

Japan

South Korea

India

Others