THERMOFORMED PLASTIC PRODUCTS FOR FOOD AND BEVERAGE INDUSTRY MARKET ANALYSIS

The global thermoformed plastic products for food & beverage industry market is projected to surpass US$ 23.3 billion by the end of 2030, in terms of revenue, growing at CAGR of 6.11% during the forecast period (2023 to 2030).

Thermoformed Plastic Products for Food and Beverage Industry Market: Growth Drivers

Increasing Demand for Packaged Food to Aid Growth

The growing demand for packaged products by consumer due to changing habits, growing income are expected to favor market growth. Food and beverage industry increase demand for Thermoformed Plastic for increase Shelf life, Secure Seals and Superior Design is expected to drive market growth. Food container are used for product protection and Profit Maximization in Grocery and convenience stores, Caterers, Bakeries, quick service Restaurant and food processors.

Figure 1. Global Thermoformed Plastic Products for Food & Beverage Industry Market, Revenue Share (%), By Region, 2022

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Also, the growth of Thermoformed plastic used in Ready to eat food packaging is being driven by the increase in demand for the Ready to eat food.

Rising Awareness about the Benefit of using Thermoform Plastic:

The food and beverage industry is the largest consumer of rigid thermoform plastic packaging and expected to grow rapid pace in the coming years, this is due to increasing demand of packaged food and beverages as well as need for safe and reliable packaging methods. The rising awareness of benefits of using thermoformed plastic packaging is also expected to drive the market growth up to 2030.

Thermoformed Plastic Products for Food and Beverage Industry Market: Restraints

Thermoformed plastic products is their impact on the environment

Thermoformed plastic products is their impact on the environment. These products are typically made from petroleum-based materials that are not biodegradable and can take hundreds of years to break down in landfills. Additionally, the production of plastic products requires significant energy and resources, contributing to carbon emissions and other environmental issues.

Figure 2. Global Thermoformed Plastic Products for Food & Beverage Industry Market, Revenue Share (%), By Application, in 2022

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Thermoformed Plastic Products for Food and Beverage Industry Market: COVID-19 Impact

COVID-19 had a detrimental influence on the thermoformed plastics market growth and demand, owing to a halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown. Manufacturing sales declined 2.10% to US$ 57.10 billion in April 2021, according to the Government of Canada's Monthly Survey of Manufacturing, 2021, to lower sales in 11 of 21 industries. Lower sales of transportation equipment and petroleum and coal commodities contributed significantly to the fall. 

On the other hand, the rising number of COVID-19 positive cases in the region was driving demand for thermoformed plastics in the medical industry, which are used in various applications, including testing equipment, medical containers, and ventilators.

Thermoformed Plastic Products for Food and Beverage Industry Market: Market Segmentation

Geographically, Europe dominated the global thermoformed plastic products for food & beverage industry market in 2022, reporting 32% market share in terms of revenue, followed by Asia Pacific and North America, respectively.

Thermoformed Plastic Products for Food and Beverage Industry Market: By Application

On the basis of application, in 2022, packaging accounted the largest market share of 74% in terms of revenue, followed by food service articles and others, respectively.

Thermoformed Plastic Products for Food and Beverage Industry Market: Recent Developments

• March 2021- Anchor Packaging LLC, announced the expansion of its Arkansas manufacturing facility by 90,000 square feet and US$ 21.5 million to accommodate the increased demand for foodservice containers used by restaurants, supermarkets, and convenience shops.
• December 2020- Placon began work on their medical facility expansion in Elkhart, Indiana, in the U.S. Custom plastic packaging for medical devices and other products for the healthcare industry will be manufactured at the factory. The location is also equipped to handle thermoforming, BargerGrad protection goods, in-line flexographic lid printing, die-cutting, and lift labeling.
• July 2020- Anchor Packaging LLC purchased Panoramic INC., a thermoformed product company, situated in Wisconsin, U.S. Anchor will be able to serve the combined client base and provide more comprehensive outcomes for the whole food business in North America and other regions as a result of this merger.
• January 2020- Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD (collectively TEQ), a thermoformed packaging company serving the healthcare, medical device, and consumer markets, were acquired by Sonoco Products Company. Due to this acquisition, Sonoco Products Company will be able to expand its market presence in healthcare packaging.

Thermoformed Plastic Products for Food and Beverage Industry Market: Key Companies

Key players active in the thermoformed plastic products for food & beverage industry market are Clear Lam Packaging, Inc., D&W Fine Pack, Huhtamaki, Placon, Anchor Packaging, Inc., Berry Plastics Corporation, Reynolds, Silgan Holdings, Inc., and Tray-Pak Corporation

Definition: Food & beverage (F&B) industry thermoformed plastic products are widely used in the packaging of food products such as bakery, meat, processed food, beverage, and dairy food products. Thermoformed Plastic Products helps to save cost and time and uniformity of end products without compromising on quality. Thermoformed Plastic Products offer lots of flexibility and durability which enable easy transportation of packaged food products.