Summary

Overview
Global Thermoform Trays Market reached US$ 392.5 million in 2022 and is expected to reach US$ 703.7 million by 2030, growing with a CAGR of 6.2% during the forecast period 2023-2030.
The global thermoform trays market is expected to witness significant growth over the upcoming years, mainly on account of new technological advances in medical devices. Companies are increasingly reducing the form factor and increasing the portability of medical devices. Increasing demand from medical device manufacturers is expected to be a key source of growth for the global thermoform trays market.
The launch of new portable consumer electronics and associated accessories is also expected to be a key source of demand growth for the global market over the medium term. With countries such as India increasingly engaged in attracting microelectronics manufacturing, the long-term demand for thermoform trays from the electronics industry is expected to grow significantly.
Dynamics
Increasing Consumer Demand for Processed Food and Beverage Products
With rising disposable incomes, urbanization and hectic modern lifestyles, consumer demand for processed food and beverage products has witnessed major increase over the past decade as consumers increasingly prefer eady-to-eat and on-the-go food and beverage options.. Consumer demand has witnessed the fastest growth in emerging regions such as Asia-Pacific and Africa, which have large populations. For instance, a study conducted by the Lance Commission found that China’s total food demand is expected to rise by 15-30% by 2050.
Thermoform trays offer excellent protection against external factors such as moisture, oxygen and other contaminants. The shelf life extension offered by thermoform trays, makes it ideal for processed food packaging applications. Furthermore, the versatility of thermoforming processes allows it to be used for packaging of a wide range of food products and also allows food producers to obtain high brand visibility with attractive packaging designs.
Growth of the Global E-Commerce Industry
Over the previous decade, proliferation of cheaper internet data services and inexpensive smartphones have led to an explosive growth of the e-commerce industry, especially in emerging regions such as Asia-Pacific, Middle East and Africa. According to tech consultancy Oberlo, global e-commerce sales are on track to hit US$ 5.8 trillion in 2023.
One of the key objectives of e-commerce companies is to ensure protection of consumer goods during shipping to prevent damage. Thermoform trays are highly durable and can withstand the rigours of logistical shipping. Furthermore, properly packaged products are less likely to be damaged during transit, which leads to fewer returns and exchanges. It helps e-commerce companies to save on return shipping costs and improve customer satisfaction.
Most thermoform trays can be designed with tamper-evident features, to protect product safety and authenticity. It thus, allows sensitive products such as electronic accessories and pharmaceuticals to be sold through online distribution channels. The expansion of the global e-commerce industry will create further growth opportunities for the thermoform trays market.
Volatility in Raw Material Prices
Thermoform trays are generally made from materials such as polyvinyl chloride (PVC) and polyethylene terephthalate (PET) which generally utilize petrochemicals as feedstock. Global crude oil prices have witnessed significant fluctuations in the post-pandemic period, mainly due to the ongoing Russia-Ukraine war as well as shifting demand dynamics. The growing volatility in petrochemical prices is affecting the production of various plastics and influencing their prices.
Volatility in raw material prices has a direct impact on thermoform tray production, since manufacturers must absorb rise in input costs to preserve the competitiveness of their products. It also reduces the profit margins of manufacturers, which could ultimately be detrimental to the financial health of the company.
Prolonged volatility in raw material prices erodes business confidence and makes it difficult for thermoform tray manufacturers to undertake long-term planning. It curtails their ability to invest in research and development, capacity expansion and new product launches that are crucial for ensuring business growth and competitiveness in the market.
Segment Analysis
The global thermoform trays market is segmented based on type, material, end-user and region.
Customization Options and Sterilization Compatibility Makes Thermoform Trays Ideal for Healthcare Applications
The global healthcare industry is a major end-user of thermoform trays. The trays are widely used for sterilized packaging of medical devices, disposable equipment, instruments and implants. Thermoforming process allows for precise customization of trays to accommodate a wide range of medical instruments and devices. The versatility allows thermoform to be tailored to package various medical items of different shapes and sizes.
Furthermore, depending on the material, thermoform trays can withstand various sterilization methods, such as gamma radiation, ethylene oxide (ETO) gas and autoclaving. Due to its compatibility with various sterilization regulations, thermoform trays have gained widespread acceptance for medical packaging applications.
Geographical Penetration
Infrastructure Development, Urbanization and Construction Projects
Asia-Pacific is expected to have the highest market growth during the forecast period. Asia-Pacific, with a large population and rapid ongoing industrialization is expected to become the primary source of demand for the global thermoform trays industry. The growth in demand is expected to primarily come from the food processing, electronics and healthcare industries.
Asia-Pacific has a large dynamic and young urban population that is driving consumer demand for processed food and beverage. Given the lucrative nature of the market, many multinational F&B companies are expanding their presence in the region and launching new products to better cater to local tastes. The regional food and beverage industry is expected to be a major demand source for thermoform trays over the medium and long term.
The expansion of electronics manufacturing outside of traditional manufacturing centers such as Taiwan, China and South Korea will drive regional demand within the electronics industry. For instance, in July 2023, India’s ministry of electronics and information technology (MeitY), announced that four major semiconductor companies were exploring setting up packaging plants in the country.
COVID-19 Impact Analysis
The outbreak of the COVID-19 created major challenges for the global thermoform trays market. The pandemic disrupted global supply chains, thereby affecting the production, distribution and sales of thermoform trays. Many manufacturers faced challenges in sourcing raw materials, as well as delays in transportation and logistics. The resulted in production slowdowns and increased costs.
The demand for thermoform trays in the healthcare sector surged over the course of the pandemic, whereas other sectors witnessed a relatively strong decline. Demand from restaurants increased substantially during this period for food packaging applications, since lockdowns led to complete shutdown of dine-in facilities and consumers preferred home delivery or takeout. Shift in consumer behavior, with increased online shopping, also prompted an increase in demand from e-commerce companies.
Thermoform tray manufacturers adapted to the change in global market conditions by diversifying their product offerings. The manufacturers introduced new types of thermoform trays designed for specific pandemic-related needs, such as for the packaging of test kits, face shields and hand sanitizers.
Russia-Ukraine War Impact Analysis
The ongoing war between Russia and Ukraine has significantly impacted the global economy and is will continue to influence the dynamics of the global thermoform trays market over the short and medium term. Harsh economic sanctions imposed on Russia due to the war have led to increased volatility in the global energy markets, leading to severe increase in energy prices for European countries.
The high energy costs have eroded the competitiveness of European thermoform tray manufacturers, with many companies contemplating shifting to North America or Asia-Pacific for lower production costs. Due to their low production costs and well-developed petrochemicals industries, countries in Asia-Pacific such as China and India are well positioned to take advantage of the ongoing exodus of thermoform tray manufacturers from Europe.
By Type
• Plastic Insert Trays
• Dunnage Trays
• POP Display Trays
• Medical Handling Trays
By Material
• Polyvinyl Chloride (PVC)
• Polyethylene Terephthalate Glycol (PETG)
• High Density Polyethylene (HDPE)
• High Impact Polystyrene
• Recycled Polyethylene Terephthalate (rPET)
By End-User
• Food & Beverage
• Electronics
• Healthcare
• Cosmetics
• Others
By Region
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
• South America
o Brazil
o Argentina
o Rest of South America
• Asia-Pacific
o China
o India
o Japan
o Australia
o Rest of Asia-Pacific
• Middle East and Africa
Key Developments
• In April 2023, Tesco, a major UK-based grocery retail chain announced that it had begun utilizing recyclable plastic thermoform trays for packaging its range of chilled ready-to-eat food products.
• In March 2023, the packaging equipment manufacturer Multivac showcased its new range of thermoform tray manufacturing machines for medium and small-sized batches at the Interpack 2023 expo in Dusseldorf, Germany.
• On February 17, 2023, Nelipak, a company specializing in healthcare packaging, launched a new range of thermoform trays for packaging of medical devices and pharmaceuticals.
Competitive Landscape
The major global players in the market include Amcor Plc, Pactiv LLC, Sonoco Products Company, Huhtamaki, WestRock Company, DS Smith, Placon, Lacerta Group LLC, Nefab Group and Universal Plastics Group, Inc.
Why Purchase the Report?
• To visualize the global thermoform trays market segmentation based on type, material, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of thermoform trays market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global thermoform trays market report would provide approximately 57 tables, 62 figures and 194 Pages.
Target Audience 2023
• Thermoform Tray Manufacturers
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies

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