Global Thermoformed Shallow Trays Market Overview
As per MRFR analysis, the Thermoformed Shallow Trays Market Size was estimated at 3.07 (USD Billion) in 2022.
The Thermoformed Shallow Trays Market Industry is expected to grow from 3.17(USD Billion) in 2023 to 4.2 (USD Billion) by 2032. The Thermoformed Shallow Trays Market CAGR (growth rate) is expected to be around 3.17% during the forecast period (2024- 2032).
Key Thermoformed Shallow Trays Market Trends Highlighted
The expansion of the Thermoformed Shallow Trays Market is being aided by the increasing proportion of the food and beverage sector preferring packaging solutions that are easy to handle and lightweight. These trays have such a great level of visibility, are easily printable, and can be satisfactorily recycled that they can be used in a variety of ways. Additionally, the increasing trend in ready-to-eat meals and snacks has also increased the demand for these trays.
Key market drivers for thermoformed shallow trays seem to include the increasing usage of processed and, in particular, packaged food products, the increase in e-commerce activities, and the drive for sustainability. The increase in the need for convenience on the part of consumers has also contributed to the uptake of these trays.
Recent trends in the market are the production of new variations from either recycled or biodegradable substances. Also, the application of smart packaging, such as QR codes and RFID tags, is gaining ground. It is in thermoformed shallow trays that medical devices and even pharmaceuticals for instance, are packed that are expected to pick up in the future as well.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Thermoformed Shallow Trays Market Drivers
Rising Demand for Convenience Packaging
The growing demand for convenience packaging is a major driver of the Thermoformed Shallow Trays Market Industry. Consumers are increasingly seeking products that are easy to transport, store, and prepare. Thermoformed shallow trays meet this need by providing a lightweight, durable, and cost-effective packaging solution. They are ideal for a variety of products, including food, beverages, and pharmaceuticals. The rise in demand for convenience packaging is expected to continue in the coming years, driven by the growth of e-commerce and the increasing number of single-person households.This trend is expected to bode well for the Thermoformed Shallow Trays Market Industry.
Increasing Adoption of Sustainable Packaging
The increasing adoption of sustainable packaging is another key driver of the Thermoformed Shallow Trays Market Industry. Consumers are becoming more environmentally conscious and are demanding products that are packaged sustainably. Thermoformed shallow trays are made from recyclable materials, which makes them an environmentally friendly packaging option. In addition, thermoformed shallow trays can be used to reduce the amount of packaging waste by replacing traditional packaging materials such as cardboard and plastic wrap.The growing adoption of sustainable packaging is expected to drive demand for thermoformed shallow trays in the coming years.
Expansion of the Food and Beverage Industry
The expansion of the food and beverage industry is also driving the growth of the Thermoformed Shallow Trays Market Industry. Thermoformed shallow trays are widely used in the food and beverage industry for packaging a variety of products, including fresh produce, meat, poultry, and seafood. The growth of the food and beverage industry is expected to continue in the coming years, driven by the increasing population and the rising demand for packaged food and beverages.
Thermoformed Shallow Trays Market Segment Insights
Thermoformed Shallow Trays Market Material Insights
The Thermoformed Shallow Trays Market is segmented based on Material into Polypropylene, Polyethylene Terephthalate Glycol, Acrylonitrile Butadiene Styrene, and Polystyrene. Polypropylene holds the largest market share due to its high strength, rigidity, and resistance to chemicals and heat. It is widely used in the packaging of food, beverages, and pharmaceuticals. Polyethylene Terephthalate Glycol (PETG) is another popular material used in thermoformed shallow trays due to its clarity, flexibility, and recyclability. It is commonly used in the packaging of food and beverages.Acrylonitrile Butadiene Styrene (ABS) is a strong and durable material that is resistant to heat and impact. It is used in the packaging of electronics, automotive parts, and medical devices. Polystyrene is a lightweight and inexpensive material that is commonly used in the packaging of food and beverages. The Thermoformed Shallow Trays Market revenue for Polypropylene is expected to reach USD 1.2 billion by 2024, growing at a CAGR of 4.5%. The market for Polyethylene Terephthalate Glycol is projected to grow at a CAGR of 3.8% to reach USD 0.9 billion by 2024.The Acrylonitrile Butadiene Styrene market is expected to expand at a CAGR of 3.2% to reach USD 0.7 billion by 2024. The Polystyrene market is anticipated to grow at a CAGR of 2.9% to reach USD 0.6 billion by 2024.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Thermoformed Shallow Trays Market Application Insights
The Thermoformed Shallow Trays Market is segmented based on application into Food Packaging, Medical Packaging, Electronics Packaging, Cosmetics Packaging, and Automotive Packaging. Among these segments, Food Packaging is expected to account for the largest share of the market in 2023, owing to the increasing demand for convenient and hygienic packaging solutions for food products. The Medical Packaging segment is also expected to witness significant growth, driven by the rising demand for sterile and tamper-evident packaging for medical devices and pharmaceuticals.Electronics Packaging is another promising segment, as the demand for lightweight and durable packaging for electronic components continues to grow. Cosmetics Packaging and Automotive Packaging are also expected to contribute to the overall growth of the Thermoformed Shallow Trays Market due to the increasing demand for attractive and functional packaging solutions in these industries.
Thermoformed Shallow Trays Market End-User Industry Insights
The end-user industry segment plays a pivotal role in shaping the dynamics of the Thermoformed Shallow Trays Market. Among the key end-user industries, Food Beverage stands out as the largest revenue contributor, accounting for a substantial share in 2023. The rising consumption of ready-to-eat meals, convenience foods, and snacks primarily drives the demand for thermoformed shallow trays in food packaging. The Healthcare industry also holds a significant market share, with thermoformed shallow trays extensively used for medical device packaging, pharmaceutical containers, and diagnostic test kits.The Electronics industry utilizes these trays for packaging electronic components, protecting them from damage during transport and storage. Cosmetics and Automotive industries are also notable end-users, leveraging thermoformed shallow trays for product packaging and component protection, respectively.
Thermoformed Shallow Trays Market Capacity Insights
The capacity segment plays a crucial role in defining the landscape of the Thermoformed Shallow Trays Market. The market is segmented into four capacity ranges: Less than 500 ml, 500-1000 ml, 1000-2000 ml, and More than 2000 ml. Among these segments, the 500-1000 ml capacity range is projected to hold the largest market share in 2023, driven by its widespread usage in food packaging applications. The Less than 500 ml capacity range is expected to witness significant growth over the forecast period, owing to the increasing demand for single-serve packaging solutions.The 1000-2000 ml and More than 2000 ml capacity ranges are anticipated to contribute moderately to the overall market growth, catering to specific packaging requirements in various industries. As the Thermoformed Shallow Trays Market continues to expand, manufacturers are focusing on developing innovative solutions to meet the evolving needs of end-users, further shaping the dynamics of the capacity segment.
Thermoformed Shallow Trays Market Shape Insights
Shape segments the Thermoformed Shallow Trays Market into Rectangular, Square, Round, Oval, and Custom. Among these, the Rectangular segment held the largest market share in 2023, accounting for over 40% of the global revenue. The popularity of rectangular thermoformed shallow trays can be attributed to their versatility and ease of handling. They are widely used in food packaging, bakery products, and other applications. The Square segment is another significant segment in the Thermoformed Shallow Trays Market, with a market share of around 25% in 2023.Square trays are often preferred for packaging products that require a more rigid and stable shape, such as cosmetics and pharmaceuticals. The Round segment is expected to witness steady growth over the forecast period, owing to its increasing adoption in the packaging of dairy products, desserts, and other food items. The Oval segment holds a relatively smaller market share but is expected to gain traction in the coming years due to its unique shape and aesthetic appeal. The Custom segment caters to specific customer requirements and is expected to grow significantly as businesses seek customized packaging solutions for their products.
Thermoformed Shallow Trays Market Regional Insights
The regional segment of the Thermoformed Shallow Trays Market holds significant importance in understanding the market's geographical distribution and growth dynamics. North America dominated the market with a substantial revenue share in 2023, primarily driven by the increasing demand for thermoformed shallow trays in the food and beverage industry, valued at 1.119 billion USD and projected to reach 1.461 billion USD by 2032.
Europe follows closely, showcasing a steady growth rate due to rising consumer awareness regarding sustainability and the adoption of eco-friendly packaging solutions, estimated at 0.858 billion USD in 2023 and 1.125 billion USD in 2032. The APAC region is projected to witness the fastest growth, driven by the expanding food processing sector and growing disposable income, valued at 0.783 billion USD in 2023 and expected to reach 1.074 billion USD by 2032.South America and MEA are expected to contribute a notable share to the overall market, with increasing investments in infrastructure and urbanization fueling demand for thermoformed shallow trays, estimated at 0.186 billion USD in 2023 and 0.256 billion USD by 2032 for South America, and 0.224 billion USD in 2023 and 0.285 billion USD by 2032 for the Middle East and Africa. These regional insights provide valuable information for businesses to tailor their strategies and target specific markets for growth and expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Thermoformed Shallow Trays Market Key Players And Competitive Insights
Major players in the Thermoformed Shallow Trays Market are constantly focusing on providing innovative packaging solutions and expanding their geographical presence. They are investing in research and development to launch new products and enhance their existing product offerings. Leading Thermoformed Shallow Trays Market players are also engaging in mergers, acquisitions, and partnerships to strengthen their position in the market. The Thermoformed Shallow Trays Market industry is highly fragmented, with several regional and local players operating in the market. However, the competitive landscape is dominated by a few key players, such as Pactiv Evergreen, Huhtamaki, and Sonoco Products Company. These leading Thermoformed Shallow Trays Market players hold a significant market share and have a global presence. They have well-established distribution networks, strong relationships with customers, and a proven track record of product innovation.A prominent competitor in the Thermoformed Shallow Trays Market market is Pactiv Evergreen. The company is a leading provider of packaging solutions and has a wide range of products, including thermoformed shallow trays. Pactiv Evergreen has a strong focus on sustainability and offers a range of environmentally friendly packaging options. The company has a global presence and operates in over 100 countries. Pactiv Evergreen is known for its high-quality products and its ability to deliver customized packaging solutions. Another major competitor in the Thermoformed Shallow Trays Market is Huhtamaki. The company is a leading provider of sustainable packaging solutions and has a wide range of products, including thermoformed shallow trays. Huhtamaki has a strong focus on innovation and offers a range of value-added features in its products. The company has a global presence and operates in over 100 countries. Huhtamaki is known for its high-quality products and its commitment to sustainability.Sonoco Products Company is another major competitor in the Thermoformed Shallow Trays Market. The company is a leading provider of packaging solutions and has a wide range of products, including thermoformed shallow trays. Sonoco Products Company has a strong focus on sustainability and offers a range of environmentally friendly packaging options. The company has a global presence and operates in over 30 countries. Sonoco Products Company is known for its high-quality products and its commitment to customer satisfaction.
Key Companies in the Thermoformed Shallow Trays Market Include
- Berry Global
- TPL Plastics
- Ampac
- Ampacet Corporation
- Sealed Air Corporation
- Huhtamaki
- Schur Flexibles Group
- Pregis
- DS Smith
- Smurfit Kappa Group
- McKee Foods Corporation
- Pactiv Evergreen
- Hoffmann Neopac
- Winpak
- Clear Lam Packaging
Thermoformed Shallow Trays Market Industry Developments
The Thermoformed Shallow Trays Market is anticipated to experience steady growth over the forecast period (2024-2032). Increasing demand for convenient and lightweight packaging solutions in the food and beverage industries is a key driver of market expansion. Rising consumer preference for ready-to-eat meals and the growing popularity of e-commerce are expected to fuel market growth further. Additionally, advancements in thermoforming technology, such as the introduction of high-barrier materials, are enhancing the shelf life and barrier properties of thermoformed shallow trays, making them suitable for a wider range of applications. The market is also witnessing increased adoption in the pharmaceutical and personal care industries, contributing to its overall growth.
Thermoformed Shallow Trays Market Segmentation Insights
-
Thermoformed Shallow Trays Market Material Outlook
- Polypropylene
- Polyethylene Terephthalate Glycol
- Acrylonitrile Butadiene Styrene
- Polystyrene
-
Thermoformed Shallow Trays Market Application Outlook
- Food Packaging
- Medical Packaging
- Electronics Packaging
- Cosmetics Packaging
- Automotive Packaging
-
Thermoformed Shallow Trays Market End-User Industry Outlook
- Food Beverage
- Healthcare
- Electronics
- Cosmetics
- Automotive
-
Thermoformed Shallow Trays Market Capacity Outlook
- Less than 500 ml
- 500-1000 ml
- 1000-2000 ml
- More than 2000 ml
-
Thermoformed Shallow Trays Market Shape Outlook
- Rectangular
- Square
- Round
- Oval
- Custom
-
Thermoformed Shallow Trays Market Regional Outlook
-
North America
-
Europe
-
South America
-
Asia-Pacific
-
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
3.07(USD Billion) |
| Market Size 2023 |
3.17(USD Billion) |
| Market Size 2032 |
4.2(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.17% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Berry Global, TPL Plastics, Ampac, Ampacet Corporation, Sealed Air Corporation, Huhtamaki, Schur Flexibles Group, Pregis, DS Smith, Smurfit Kappa Group, McKee Foods Corporation, Pactiv Evergreen, Hoffmann Neopac, Winpak, Clear Lam Packaging |
| Segments Covered |
Material, Application, End-User Industry, Capacity, Shape, Regional |
| Key Market Opportunities |
Growing demand for convenience packaging Increasing adoption in the food and beverage industry Technological advancements leading to cost reduction Expanding ecommerce and online food delivery Environmental concerns driving demand for sustainable packaging. |
| Key Market Dynamics |
Increasing demand for convenience food packaging Growing consumption of bakery and confectionery products Focus on sustainability and environmental concerns. Technological advancements in a thermoforming process Expansion of ecommerce and online food delivery |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Thermoformed Shallow Trays Market is projected to Register a CAGR of 3.17% from 2024 to 2032.
Some of the key competitors in the Thermoformed Shallow Trays Market include Amcor, Berry Global, and Sonoco Products Company.
The key growth drivers of the Thermoformed Shallow Trays Market include the increasing demand for convenience packaging and the rising adoption of thermoformed packaging in the food and beverage industry.
The challenges faced by the Thermoformed Shallow Trays Market include the fluctuating prices of raw materials and the increasing competition from alternative packaging materials.
The opportunities for the Thermoformed Shallow Trays Market include the growing demand for sustainable packaging solutions and the increasing use of thermoformed trays in the medical and healthcare industry.
The key trends in the Thermoformed Shallow Trays Market include the adoption of sustainable materials, the development of innovative packaging designs, and the increasing use of automation in the manufacturing process.
The Thermoformed Shallow Trays Market is expected to reach a value of USD 4.2 billion by 2032.
