Thermoformed Plastic Products are produced by heating up to a specific level of temperature and molded into desired shapes as per the packaging requirement. Thermoformed plastic products include polyvinyl chloride, polystyrene, polypropylene, and polyethylene. These products are gaining huge demand from food &beverage industry for packaging of fresh products and prevent the spoilage of food items due to environmental spoilage. They are used to packaged food such as carbonated drinks, meat products, bakery, dairy products, and so on. Thermoformed plastic products have numerous advantage such as durability, flexibility to mold into any shapes, and emission of carbon during the production process is comparatively lower to the other form of packaging products.
The global thermoformed plastic products for food & beverage industry market was estimated to account for around US$ 14.5 Billion in terms of revenue in 2022 and is predicted to grow at a CAGR of 6.11% during the forecast period (2023 to 2030).
Drivers
Rising awareness regarding food safety and hygiene is expected to augment the market growth of food & beverage industry thermoformed plastic products. Rising government regulations are influencing food manufacturers to adopt standards of quality and safety, in order to prevent contamination, is propelling the market growth. Thermoformed plastic packaging product offers high strength, stiffness, and excellent sealing properties, thus meeting all the hygiene standards for food products. Aforementioned properties are raising the adoption of thermoformed plastic packaging products across the food industry.
Market Restraints
Rising governments initiative for disposal of plastic products and reduce the environmental impact is expected to hinder the market growth of thermoformed plastic packaging products. Rising concerns over recycling and disposal of plastic packaging products have encourage governments to impose regulations on the usage and disposal of plastic packaging products. This factor is projected to hinder the market growth over the forecast timeframe. According to Coherent Market Insights, revision in packaging directives such as Directive (EU) 2015/720 and Directive 94/62/EC of the European Parliament and Council in 2015 imposed challenging targets for recycling.
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Key Takeaways
On the basis of type, synthetic dominated the global thermoformed plastic products for food & beverage industry market in 2022 with 87% of market share in terms of revenue, followed by biodegradable, respectively.
Market Trends
The rising trend of introducing sustainable packaging solutions in terms of reducing food waste is estimated to augment up to 2030 the market growth of thermoformed plastic packaging. For instance, in October 2020, GEA has introduced a new sustainable solution, FoodTray, combining the advantages of thermoforming technology, cardboard, and film, to create sustainable packaging that helps reduce food waste. Its latest development has also been developed for meets the demands for significantly higher recycling rates for plastic packaging for a wide range of items.
The increasing focus of manufacturers to introduce advanced thermoformer equipment for the food and beverage industry is anticipated to augment the market growth of thermoformed plastic packaging over the forecast period. For instance, in August 2020, GN Thermoforming Equipment, a leading manufacturer of servo-driven, roll-fed thermoforming machines launched its new GN580 Thermoformer at K 2019. The new form/cut/stack thermoformer is ideal for food, medical, and industrial packaging markets.
Competitive Section
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
