Thermoformed Shallow Tray Market - Forecasts from 2024 to 2029

The thermoformed shallow tray market is projected to rise at a compound annual growth rate (CAGR) of 5.65% to reach a market valuation of US$3,429.277 million by 2029, from US$2,334.115 million in 2022.

The expansion of the food and beverage sector serves as a significant catalyst for the thermoformed shallow tray market growth. With the continuous growth in this industry, there arises a heightened necessity for packaging solutions like thermoformed shallow trays, facilitating the efficient and secure transportation, storage, and display of various food and beverage products.

Thermoformed shallow trays offer notable advantages, including a lightweight structure, durability, and customizable features. These features make them highly favored for packaging needs within the food and beverage sector. Thus, the food and beverage industry expansion directly correlates with an increased demand for thermoformed shallow trays.

Consumers increasingly gravitate towards packaging solutions that offer both convenience and aesthetic appeal, making thermoformed shallow trays an ideal choice. Renowned for their ability to safeguard products from contamination and damage during transit and storage, these trays also serve as effective barriers against moisture and oxygen, thereby extending the shelf life of perishable goods.

Furthermore, consumers' growing environmental consciousness fuels the demand for sustainable packaging options. While some thermoformed trays are still crafted from traditional plastics, there's a noticeable shift towards utilizing recycled or bio-based materials, aligning with the trend toward sustainability.

The surge in demand for convenient and ready-to-eat food options, driven by the prevalence of busy lifestyles, further fuels the demand for thermoformed shallow trays. Moreover, advancements in thermoforming technology enhanced production processes, resulting in the creation of high-quality and cost-effective shallow trays.

In essence, the thermoformed shallow tray market experiences robust growth due to the convergence of consumer preferences for convenience, safety, and sustainability, alongside technological advancements and the escalating demand from the food and beverage industry.

Market Drivers:

A growing focus on sustainability and environmental concerns is anticipated to boost the market

Several important reasons are driving the market for thermoformed shallow trays. For instance, there's a growing need for affordable, strong, and lightweight packaging options in a variety of sectors, including electronics, food and beverage, healthcare, and retail. Owing to these advantages, thermoformed shallow trays are the leading choice for packing purposes.

Additionally, the use of thermoformed trays made of recyclable materials is increasing due to the increased emphasis on sustainability and environmental issues. Furthermore, the market is growing as a result of thermoforming technological developments that allow producers to effectively satisfy changing client needs.

The increasing need within the pharmaceutical sector is another key factor propelling the thermoformed shallow trays market growth. There is a rise in the requirement for specialized packaging solutions like thermoformed shallow trays, which are often used for packaging and organizing pharmaceutical products. These trays offer advantages such as cleanliness, ease of handling, and protection against contamination. Therefore, the surge in demand within the pharmaceutical sector directly contributes to the increased adoption of thermoformed shallow trays, thereby fueling market growth.

Growing demand for convenience foods

The increasing demand for convenience foods, propelled by busy lifestyles and evolving consumer preferences, is driving a notable surge in their popularity. These foods, characterized by their ready-to-eat nature, pre-packaged convenience, and minimal preparation requirements, cater perfectly to individuals with hectic schedules. Furthermore, their lightweight composition facilitates easy transportation and storage, benefiting both retailers and consumers alike. Moreover, their stackable design maximizes space efficiency.

Thermoformed trays, available in a plethora of shapes, sizes, and depths, offer manufacturers the flexibility to select the optimal option for packaging various convenience food items. Additionally, the printing capabilities of these trays enable customization with branding and product information, enhancing their appeal to consumers.

The escalating demand for convenience foods creates a robust market pull for thermoformed shallow trays. As the range of convenience food options continues to expand, the thermoformed shallow tray market is poised to experience significant growth, riding on the coattails of this prevailing trend.

Thermoformed shallow tray market segmented by end-users into pharmaceuticals, food and beverage, electronics, cosmetics, and others

The thermoformed shallow tray market is categorized by end-users into several segments, including pharmaceuticals, food and beverage, electronics, cosmetics, and others.

Among these segments, the food and beverage industry stands out as the largest and most well-established user of thermoformed shallow trays. Thermoformed trays play a crucial role in this sector by efficiently packaging various food and beverage products.

In the pharmaceutical industry, thermoformed shallow trays offer essential sterility and protection, making them ideal for packaging a wide range of pharmaceutical products securely.

For the electronics sector, thermoformed shallow trays serve as packaging solutions for delicate electronic components such as circuit boards and connectors, ensuring their safe transportation and storage.

In the cosmetics industry, thermoformed shallow trays are utilized for packaging cosmetic wipes or individual product samples, contributing to a sleek and organized presentation.

Furthermore, the other category encompasses various applications, including packaging for office supplies and stationery, trays for hardware and small tools, household items, and consumer goods. Thermoformed shallow trays in these segments provide practical and efficient packaging solutions for a diverse range of products.

The market is projected to grow in the North American region.

The North American region is anticipated to witness substantial market growth for thermoformed shallow trays. With a well-established and extensive food industry, North America boasts a diverse landscape of food producers, processors, and retailers. This expansive industry generates significant demand for packaging solutions that offer convenience and efficiency, a demand that can be effectively met by thermoformed shallow trays.

In North America, where the population is often pressed for time and seeks convenient meal options, thermoformed shallow trays emerge as a highly relevant packaging solution. Additionally, consumers in the region are increasingly demonstrating a preference for sustainable products and packaging, further driving the demand for eco-friendly options like thermoformed trays.

North America benefits from a robust manufacturing infrastructure for thermoformed products, facilitating the efficient production of high-quality shallow trays. This infrastructure caters not only to the needs of the food industry but also serves other potential customers seeking reliable and efficient packaging solutions.

Company Products:

• Amcor -  Amcor offers a variety of material options for thermoformed tray portfolios, such as PETG, APET, PP, and more. With specific healthcare manufacturing facilities located in North America, Puerto Rico, and Ireland, Amcor's global manufacturing footprint enables customers to use its thermoforming capabilities wherever they are required.
• Sonoco Products Company - Sonoco Products Company is one of the leading packaging companies. The company’s comprehensive packaging solutions improve the quality of products and people's lives globally while defining brand identities and crafting distinctive consumer experiences.
• Placon Corporation - Placon Corporation is one of the top producers and designers of thermoform packaging globally. Committed to using proactive innovation to solve issues, the company’s packaging encourages improved communication between consumers and goods. Additionally, food businesses and their customers may choose from a wide range of premium stock and bespoke food packaging that delivers sustainability, quality, and protection.

Market Segmentation:

By Material

• Polyethylene
• PET
• PVC
• PP
• Paper

By End-Users

• Pharmaceuticals
• Food and beverage
• Electronics
• Cosmetics
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• UK
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• Israel
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Indonesia
• Others