The value of the US thermoformed plastic packaging market is projected to grow to with an estimated CAGR of 4.90% by
The US thermoformed plastic packaging market is anticipated to reach a value of around 6,564.6 kilo tons, by 2020. In 2020, COVID-19 had a negative impact on the market. Some countries throughout the world went into lockdown as a result of the pandemic scenarios to prevent the virus from spreading. Low cost and high efficiency of thermoformed plastic products as compared to plastic packaging are expected to drive the growth of the U.S. thermoformed plastic packaging over the projected period. Moreover, the flexibility and versatility of thermoforming products allow manufacturers to incorporate custom packaging design to increase brand awareness and product visibility.
Quick production time by virtue of injection molding, less labor cost, and nearly 15% less cost of thermoforming plastic products as compared to other plastic packaging is projected to attract manufacturers to enter into the market in order to fulfill end-user industries requirement. Over the past few years, consumer buying behavior has shifted towards eco-friendly packaging trends. Increased consumer inclination towards brand associated with positive environmental and social impact is expected to increase the size of the of the U.S. thermoformed plastic packaging market over the forecast period from 2018 to 2028.
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US thermoformed plastic packaging Market Scope
| Metrics | Details |
| Base Year | 2020 |
| Historic Data | 2018-2019 |
| Forecast Period | 2021-2028 |
| Study Period | 2018-2028 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2028 | USD 16.2 billion |
| Growth Rate | CAGR of 4% during 2021-2028 |
| Segment Covered | Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East & Africa |
| Key Players Profiled | Anchor Packaging Inc., Pactiv, Fabri-Kal, Sonoco Products Company, Placon, Genpak LLC, D&W Fine Pack, and Dart Container Corporation |
Key Segments of the Global US thermoformed plastic packaging Market
Material type Overview, 2018-2028 (USD Billion)
- PE
- PP
- ABS
- PVC
- PET
- PS
Application Overview, 2018-2028 (USD Billion)
- Food & Beverage
- Healthcare
- Consumer Electronics
- Living Goods
- Others
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the US thermoformed plastic packaging market.
- US thermoformed plastic packaging is widely used for various end uses, owing to their excellent properties and the market is expected to gain traction over the coming years
- With the growing personal care uses, there is a rise in the demand for US thermoformed plastic packaging which is further expected to have a positive impact on the overall market growth
What does the report include?
- The study on the US thermoformed plastic packaging market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the US thermoformed plastic packaging industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on Material type and End Use. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the US thermoformed plastic packaging market. The report will benefit: Every stakeholder involved in the US thermoformed plastic packaging market.
- Managers within the US thermoformed plastic packaging industry looking to publish recent and forecasted statistics about the US thermoformed plastic packaging market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of US thermoformed plastic packaging market.
Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
The base year for the report is 2020 in us thermoformed plastic packaging market.
The market value of us thermoformed plastic packaging market in 2028 was 6.2 billion
The us thermoformed plastic packaging market is growing at a CAGR of 7.5% during the forecast period.
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.
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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.