Thermoformed trays

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Thermoformed trays Industry Benchmarks

Savings Achieved

(in %)

The average annual savings achieved in Thermoformed trays category is 5.40%

Payment Terms

(in days)

The industry average payment terms in Thermoformed trays category for the current quarter is 84.5 days

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    Thermoformed trays market frequently asked questions

    The thermoformed trays market in the Asia Pacific (APAC) will flourish at a healthy 6–7% CAGR during 2019–2024, driven by the increasing disposable income and heightening hygiene awareness. Moreover, market players are witnessing notable demand for thermoform packaging products, such as blisters, from the pharmaceutical industry. Furthermore, the usage of thermoformed trays in pharmaceutical applications will surge at an 8–9% CAGR within the same timeframe.

    The global thermoformed trays market raked $42 Bn in 2019, and the figure will multiply at a 4–5% CAGR during 2019-2024. Manufacturers are reaping significant benefits from the rising penetration of thermoform packaging formats into emerging end-use domains, including food and healthcare.

    The competitive landscape of the global thermoformed trays market is highly fragmented, with the suppliers keeping innovation at the center of their strategies. Moreover, they are increasingly investing in service offerings, including warehousing, contract packaging, and design, to gain a competitive edge.

    Manufacturers of thermoformed trays have an integrated supply base to deliver thermoformed films and packaging products, raising the benchmark high for new entrants striving to run independently. Moreover, the market landscape demands high capital investment to provide integrated services, with usually 5-6 years of ROI.

    The global thermoformed trays market is mainly represented by Dow, Exxon Mobil, and Nova Chemicals, which cater to multiple large-volume resin converters.

    Buyers approaching converters that deliver comprehensive services have a better negotiation power in the global thermoformed trays market. However, converters leveraging additional service offerings square their negotiation potential.

    Thermoformed trays market report transcript

    Thermoformed trays Global Market Outlook:

    • The global thermoform packaging market is expected to reach $50.2 billion in 2023. Demand for the same is expected to grow at a CAGR of 4.5–5 percent from 2023 to 2027 .

    • The APAC market is expected to witness a high demand at a CAGR of 6–7 percent for thermoformed packaging during 2023–2027. Growing middle-class disposable income and increased hygiene awareness are the major growth drivers

    • The pharmaceutical end-uses in APAC and LATAM are expected to grow at a CAGR of 8–9 percent and 6–7 percent, respectively, from 2023 to 2027, in turn, driving the demand for thermoform packaging products, like blister packaging

    • Increased penetration of thermoform packaging formats into new end-use segments and increasing demand in key end-use segments with large volume, such as food and other healthcare products, would drive the overall market

    Global Market Size: Thermoformed Packaging

    • Rising demand for packaged food, due to increase in at-home consumption, along with growing demand from organized and e-retail networks globally, is expected to drive the market growth during the forecast period

    • Asia-Pacific is expected to remain the fastest growing market, followed by Latin America, during the forecast period

    • North America will continue to dominate the market share in 2023, with a share of 36-37 percent. Presence of established thermoform packaging players that strive for a higher share within the market by innovation and expansion strategies support the region’s growth

    • During the forecast period, Asia-Pacific is expected to showcase the highest growth, driven by the increasing demand from emerging markets of China, India, Thailand, and Indonesia

    • Europe is anticipated to display a slow growth over the forecast period, due to the increase in strict regulations against the use of plastic products and rising awareness about sustainable packaging

    Cost Outlook and Forecast of Thermoformed Packaging

    Resin market is facing changing demand patterns and Companies in the plastic resin industry  and suppliers will need to remain vigilant and adapt to these changes to remain competitive and sustainable in the long term.

    Cost Driver

    Raw Material Cost

    • PET resin prices are forecasted to increase by 6-7 percent in the North America , 8-9  percent in Europe and about  3-4 percent in Asia over the next 12 months, as a result of increasing demand from key end use segments and higher energy prices in the EU and APAC markets

    Labor Cost

    • Labor costs are expected to show increases of about 5-6 % over the next 12 months in most markets.

    Utility Cost

    • Energy costs continue to be a key driver of manufacturing costs. With both Europe and Asia facing high energy expenses over the last year, prices have now stabilized and are forecasted to decline slightly over the next 12 months

    Porter's Analysis on Thermoformed trays

    Supplier Power

    • Consolidated resin supply base, led by Exxon Mobil, Dow and Nova Chemicals, etc., cater to various converters. Fluctuation in crude prices influences resin prices, which is passed down to converters giving Higher power in the value chain.

    Barriers to New Entrants

    • The threat of new entrants into the thermoformed trays market is relatively low, as it requires significant capital investment and specialized expertise to set up a thermoforming operation.

    • Additionally, established players in the market have strong brand recognition and relationships with customers, making it difficult for new entrants to gain market share. Capital investment is high for providing integrated services and ROI is usually 5–6 years

    Intensity of Rivalry

    • Competitive rivalry in the thermoformed trays market is high, as there are many players in the market competing for customers and market share. Companies differentiate themselves based on factors such as product quality, price, delivery times, and customer service. As a result, companies need to continually innovate and improve their offerings to remain competitive.

    Threat of Substitutes

    • The threat of substitute products for thermoformed trays is moderate, as there are alternative packaging materials and formats such as paper-based packaging, aluminum trays, and rigid plastic containers that can be used for similar applications. However, thermoformed trays offer advantages such as durability, customization, and design flexibility that may make them preferable in certain situations.

    Buyer Power

    • The bargaining power of buyers in the thermoformed trays market is high, as there are many players in the market and customers have a wide range of options to choose from. Buyers can easily switch suppliers if they find a better price or product and may also negotiate prices and other terms of sale.

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