Thermoforming Plastics in Food & Beverages Market Outlook 2024
The significance of packaging in the global F&B industry attests that leading food manufacturing companies in the world continue to be concerned with the materials used wrapping edibles. Injection molding and thermoforming are the predominant process used for packaging food and beverages. Recently, the rate at which thermoforming plastics is proliferating the food and beverages industries has been gaining momentum. The relatively low production costs procured for thermoforming plastics, compared to injection molding, and flexibility in terms of appearance have urged the demand, particularly among food & beverages industries. Thin gauge thermoforming plastics are being used in the production of containers, cups, lids, and other packaging products present in the retail market for food and beverages.
Next to personal care, food & beverages industries are likely to be a prominent application for thermoformed plastics. The global market for thermoforming plastics in food & beverages industry is expected to record a market value of US$ 11.2 billion by the end of 2016. According to the report compiled by Mindaspire Market Research (MMR), titled “Thermoformed Plastic Products in Food & Beverages Industry Through 2024,” the global F&B thermoformed plastics market is projected to exhibit expansion at a steady CAGR of 4.2% by the end of forecast period of 2016-2024.
Soaring demand for packaged mineral water, bottled carbonated drinks, milk, and fruit juices has influenced the global market, rendering thermoforming plastics as a widely-preferred packaging method for food products and beverages. Contrastively, the alarming impact of plastic dumping on the global environment is stridently curbing the consumption in global F&B thermoforming plastics market. Products categorized as synthetic thermoformed plastics and biodegradable thermoformed plastics are penetrating the packaging industry for food products, especially the synthetic products segment; which is slated to dominate the global market by accounting for over 85% share of global market revenues during the forecast period. Application of thermoforming plastics in food & beverages industry will account for nearly 35% of the global F&B thermoforming plastics market.
Europe is estimated to account for over 30% share of global market revenue in 2016 and beyond, while Asia Pacific’s F&B thermoforming plastics market will contribute to 25% of the gross global market share and register expansion at 5.3% CAGR through 2024. The competitive landscape in the global F&B thermoforming plastics market is indicating healthy collaboration which is evident in recent business expansion updates such as leading plastic manufacturer Amcor Rigid Plastic seeking acquisition of Sonoco Products Co., which produces containers for food & beverages, and personal care products. Such dealings project higher use of thermoforming plastics in specialty foods market, an untapped opportune application in the global F&B thermoforming plastics market. For a similar instance, Thermoforming Systems LLC, a European plastics packaging leader, advanced their disposable food packaging businesses and food service applications by investing over a million dollars on a thermoforming equipment factory in North America, which is indicative of growth in North America’s F&B thermoforming plastics market.
Some leading participants in the global F&B thermoforming plastics market, profiled in the report, include, Clear Lam Packaging, Inc., Anchor Packaging, Inc., Tray-Pak Corporation, Berry Plastics Corporation, D&W FINE PACK, Placon, Reynolds, HUHTAMAKI GROUP, and Silgan Holdings, Inc., among others.