The Business Research Company's Global Market Reports Are Now Updated With The Latest Market Sizing Information For The Year 2023 And Forecasted To 2032
LONDON, March 2, 2023 /PRNewswire/ -- The growing demand for packaged food will drive the growth of the thermoforming plastic market in the forecast period. The increasing number of households with dual incomes, longer working hours, and the inability to manage their own cooked meals have increased the demand for packaged meals, particularly ready-to-eat foods, snacks, and beverages. Thermoforming plastic packaging is used to protect and safeguard food products during transit. For instance, according to the Commonwealth Scientific and Industrial Research Organization (CSIRO), an Australian government agency, domestic prepared and frozen packaged food consumption will increase to $3.7 billion by 2030 from $2.7 billion in 2018. Such an increase in demand for packed food will propel the thermoforming plastic market.
Going forward, in addition to the growing demand for packaged food, rising online retail sales, rising urbanization and rising disposable income will drive the thermoforming plastic market's growth. The global thermoforming plastic market size will grow from $45.4 billion in 2022 to $48.7 billion in 2023 at a compound annual growth rate (CAGR) of more than 7%. The thermoformed plastic market size is then expected to grow to $61.9 billion in 2027 at a CAGR of more than 6%.
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The global thermoforming plastic market is highly fragmented, with a large number of players. The top ten thermoform plastic manufacturers made up to 7.9% of the total thermoforming plastic market in 2021. Amcor Plc was the largest competitor with a 1.7% share of the thermoforming plastic market, followed by Pactiv Evergreen Inc., Berry Global Inc., Sonoco Products Company, Huhtamaki Global, Dart Container Corporation, Sabert Corp., D&W Fine Pack., Graham Packaging Company, and Genpak LLC.
Companies in the thermoforming plastic market are targeting the following segments -
- By Thermoforming Type: Vacuum Forming, Pressure Forming, Mechanical Forming
- By Process: Plug Assist Forming, Thick Gauge Thermoforming, Thin Gauge Thermoforming, Vacuum Snapback
- By Plastic Type: Polyethylene, Polypropylene, Polystyrene, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Bio-Degradable Polymers, Other Plastic Types
- By Application: Healthcare And Medical, Food Packaging, Electrical And Electronics, Automotive Packaging, Construction, Consumer Goods And Appliances, Other Applications
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The top opportunities in the thermoforming plastic market will arise in the vacuum forming segment, the polypropylene segment, and the food packaging segment. North America was the largest region in the thermoforming plastic market followed by Asia Pacific, Western Europe and then the other regions.
Thermoforming plastic companies can adopt the following market-trend-based strategies to monetize on the high growth segments in key regions -
- Focus on sustainable plastic packaging
- modified atmosphere packaging (MAP)
- 3D printing technology, technological advancements
- Strategic partnerships and seeking investment opportunities
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