The global thermoformed plastics market is projected to hit USD 59.74 billion by 2027, with a CAGR of 5.7% during the forecast period, as per Fortune Business Insights. The market, which was valued at USD 40.59 billion in 2019, is expected to witness robust growth, driven by the increasing demand for hygienically packaged food products.
Market Drivers:
A significant driver for market growth is the rising demand for packaged food, driven by changing consumer habits. Factors such as increasing income levels and expenditures are expected to contribute positively to market growth. Thermoformed plastics offer high-barrier properties, extended shelf-life, and contamination prevention, making them ideal for food packaging, thereby boosting market growth. Additionally, the need for durable packaging in convenience foods is expected to drive demand for these plastics. The growing population and urbanization, particularly in rural areas, are also fueling market growth. Furthermore, infrastructural development and advancements in packaging techniques are expected to bolster market growth significantly.
Challenges:
The global market faces challenges due to the disrupted production and supply of plastics amid the COVID-19 pandemic. Lockdowns imposed by governments led to the closure of manufacturing facilities, severely impacting the supply chain of various essential products including dairy, medicines, sanitizers, and food packaging materials like thermoformed plastics. However, as the situation improves and lockdowns are lifted, the manufacturing sector is expected to stabilize, thereby promoting market recovery.
Regional Analysis:
North America is anticipated to witness significant growth during the forecast period, driven by rapid industrialization and technological advancements in the packaging industry. The region's prospering healthcare sector, coupled with evolving consumer lifestyles and disposable incomes, will contribute to market growth. In Asia Pacific, particularly in developing nations like China and India, the market is expected to hold a considerable share due to the growing polymer formulations. China, being the largest supplier of plastic products, plays a significant role in the market. Rapid urbanization, improved living standards, and growth in automotive and construction sectors further boost the demand for thermoformed plastics in the region.
Key Development:
In July 2020, Anchor Packaging LLC announced the acquisition of Panoramic Inc., a manufacturer of thermoformed products. This strategic move aims to broaden Anchor Packaging's offerings and attract customers in the bakery, confectionery, and deli sectors.
Information Source:
https://www.fortunebusinessinsights.com/thermoformed-plastics-market-104032
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