Rising demand for single-serve packaging due to growing on-the-go food consumption is expected to be a pivotal factor in market growth. However, increasing traction around sustainable packaging is prompting end-use manufacturers to opt for flexible packaging that demands lesser raw material and can be efficiently transported and handled. This factor is expected to hinder the growth of the market over the forecast period.

Thermoform packaging products are cost-effective, lightweight, and offer high aesthetic appeal; thus, they are widely utilized by packaged food manufacturers. In addition, the increasing popularity of Modified Atmosphere Packaging (MAP) for food products, wherein controlled gaseous mixture is employed within thermoform containers to extend the shelf life of the food products, is expected to boost the market growth in the coming years.

. Thermoformed products, such as trays, containers, cups, plates, and others, are extensively utilized by the foodservice industry for table offering as well as for parcel packaging. The rising penetration of e-food delivery platforms coupled with changing lifestyles across the world has been significantly contributing to the expansion of the foodservice industry, which, in turn, is anticipated to fuel the product demand.

Material type Segment

Inexpensive, and chemical resistance polyethylene (PE) accounted for 30% of the U.S. thermoformed plastic packaging market share (both volume and revenue) in 2017. Superior barrier properties and custom engineering associated with polyethylene packaging make it superior to other packaging materials. High clarity, high impact resistance, good chemical resistance, food contact safety, and good moisture barrier make polyethylene terephthalate (PET) packaging ideal for the food & beverage industry. Increased sales of products such as baked goods containers, bottled water, ketchup, jars, frozen foods, and cosmetics are expected to drive the consumption of PET, with a projected volume CAGR of 5.6% over the projected period

Application Segment

The US thermoformed plastic packaging market for food & beverage application accounted for more than 50% of the volume & revenue share in 2017. Presence of well-established food & beverage manufacturers such as PepsiCo, Tyson Foods, Nestlé, Coca-Cola, Anheuser-Busch InBev, ConAgra Foods, and Smithfield Foods is expected to encourage thermoforming packaging manufacturers to expand their product portfolio to cater to the buyer’s demand. The trend towards lightweight packaging in the healthcare, food & beverage, and consumer electronics sector is expected to provide a potential opportunity for the further development of the U.S. thermoformed plastic packaging market. Developed healthcare industry followed by technological upgrades of medical devices has increased awareness regarding reliable packaging materials. Uniform sealing and durability of thermoformed plastic packaging has increased its adoption rate in the medical industry. These factors are expected to contribute to the growth of the U.S. thermoformed plastic packaging industry over the next seven years.

Over the past few years, adoption of thermoformed packaging in the consumer electronics industry has increased. Protection of sensitive electronic components and consumer products is expected to attract leading electronic brands such as Sony, Samsung, Apple, LG, and Philips to look for efficient thermoformed plastic packaging. Moreover, advancement of the semiconductor and computer hardware industry is expected to provide a potential opportunity for the U.S. thermoformed plastic manufacturers.

The US thermoformed plastic packaging market is fragmented in nature as a large number of manufacturers are operating in this space. Some key manufacturers include Anchor Packaging Inc., Pactiv, Fabri-Kal, Sonoco Products Company, Placon, Genpak, LLC, D&W Fine Pack, and Dart Container Corporation.

Manufacturers operating in the US thermoformed plastic packaging industry are adopting M&A strategies to strengthen their position in a competitive environment. For instance, in March 2017, Sunoco, a U.S.-based multinational packaging manufacturer, acquired Peninsula Packaging Company, specialized in thermoformed packaging in order to increase their market share in the food & beverage industry. In addition, in August 2018, a private investment firm, Graham Partners, acquired Nuconic Packaging to invest in the US thermoformed plastic packaging.

MEA accounted for 6.9% of total volume in 2016, and is predicted to grow rapidly as funding for urban and infrastructure development increases in nations such as Saudi Arabia, Oman, Qatar, and Egypt. The demand for textiles and fabrics in commercial and household uses has expanded as these countries' infrastructure has improved.