September 08, 2023 11:50 ET | Source: CMI CMI
Burlingame, Sept. 08, 2023 (GLOBE NEWSWIRE) -- The global Thermoformed Plastic Products for Food and Beverage Industry Market size was valued at US$ 14.5 Billion in 2022, exhibiting a compound annual growth rate (CAGR) of 6.11% from 2023 to 2030, according to a new study conducted by Coherent Market Insights, Inc. Thermoformed plastic products are made using a manufacturing method involving heating a plastic sheet till it turns into pliable component, which is then shaped using molds. It is further cooled down in order to obtain desired form. This technique is utilized commonly for producing a large range of different everyday items including packaging for food and beverage industry. Thermoforming offers cost-efficient production, design versatility, and is used widely across many industries. Plastic Tile Extrusion Line
Key Industry Insights & Findings from the report:
In March 2021, Anchor Packaging LLC expanded its manufacturing facility in Arkansas by 90,000 square feet for accommodating the rise in demand for foodservice containers utilized by supermarkets, restaurants, and convenience shops.
In July 2020, Anchor Packaging LLC completed acquisition of Panoramic Inc. in Wisconsin. With this acquisition, Anchor will serve the combined client base and offer highly comprehensive outcomes for the entire food business in North America along with other regions.
Global thermoformed plastic products for food and beverage industry market is expected to exhibit a CAGR of 6.11% during the forecast period. The thermoformed plastic products for food and beverage industry market is growing rapidly in response to the increasing awareness about food safety and hygiene, leading to rise in demand for thermoformed plastic products.
On the basis of Application, Packaging Segment is expected to dominate the market during the forecast period and this is attributed to the growing applications and increasing growth of this industry.
On the basis of Geography, Europe is expected to hold a dominant position over the forecast period, due to high demand for convenience food, owing to presence of larger working population in the region.
Key players operating in the global thermoformed plastic products for food and beverage industry market include Tray-Pak Corporation, Clear Lam Packaging, Inc., Silgan Holdings, Inc., D&W Fine Pack, Reynolds, Huhtamaki, Berry Plastics Corporation, Placon, and Anchor Packaging, Inc.
Read full market research report, "Thermoformed Plastic Products for Food & Beverage Industry Market, By Application, and by Geography, Market Size & Share Analysis - Growth Trends & Forecasts, 2023-2030", published by Coherent Market Insights.
Thermoformed Plastic Products for Food & Beverage Industry Market Scope:
Key Trends and Analysis of the Global Thermoformed Plastic Products for Food and Beverage Industry Market:
Growing number of manufacturers introducing advanced thermoformer equipment for food and beverage industry is a major trend in the global thermoformed plastic products for food and beverage industry market. For instance, in August 2020, GN Thermoforming Equipment, a major servo-driven, roll-fed thermoforming machine provider introduced the novel GN580 Thermoformer at K 2019.
Global Thermoformed Plastic Products for Food and Beverage Industry Market – Drivers
Rise in demand for packaged food to support the market growth
The demand for packaged food products is increasing among consumers, owing to changes in habits, and lifestyle. The demand for thermoformed plastic is increasing in food and beverage industry in order to boost shelf life of products, superior design, and secure seals. Food containers are utilized for product protection and gain maximum profit in convenience and grocery stores, bakeries, caterers, food processors, and quick service restaurant. With increasing demand for packaged food, growth of the market is likely to grow in the coming future.
Increasing awareness regarding benefits of using thermoform plastic to fuel the market growth
The largest consumer of rigid thermoform plastic packaging is food and beverage industry. The demand for packaged food and beverage along with need for reliable and safe packaging techniques is on rise, due to growing awareness around advantages of using thermoplastic packaging products. This factor is anticipated to aid in growth of the global thermoformed plastic products for food and beverage industry market over the forecast period.
Global Thermoformed Plastic Products for Food and Beverage Industry Market – Restrain
Environmental impact of thermoformed plastic products to limit the market growth
Thermoformed plastic products have environmental impact as they are majorly made from petroleum-based materials. These materials are not always biodegradable and can require hundreds of years for breaking down in landfills. Moreover, the production of plastic products needs major amount of energy and resources, which contributes to carbon emissions and other issues related to the environment.
Global Thermoformed Plastic Products for Food and Beverage Industry Market – Opportunities
Rise in demand for packaged mineral water, packaged carbonated drinks, fruit juices, and packaged milk is creating multiple opportunities in the global thermoformed plastic products for food and beverage industry market over the forecast period. Due to dramatic shift in consumer preference from unpacked food to packed food, the demand for thermoformed plastic products is increasing rapidly. As a result, the market is witnessing major growth opportunities that are expected to boost the market growth in the coming future.
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