PRZOOM - /newswire/ -
New York, NY, United States, 2017/06/28 - According to the report by Persistence Market Research (PMR), the global F&B thermoformed plastic products market was anticipated to reach $11.2 billion value by the end of 2016. However, the market is projected to register 4.2% CAGR during 2016-2024.
The report has tracked the market in terms of value to obtain the estimate of market revenue. It also provides in-depth study on the key trends and factors expected to influence the F&B thermoformed plastic products market.
Key factors and trends resulting in the growth of F&B thermoformed plastic products market
Rising demand for lightweight, aesthetic and low-cost packaging along with the change in customer preferences is driving the growth of thermoformed plastic products in the food and beverages industry. Increasing awareness about hygiene and food safety among customers, thus, providing germ-free environment makes thermoformed plastic products the best choice for packaging of food and beverages.
Moreover, the retail sector is witnessing a macroeconomic growth, which is further anticipated to drive the demand for thermoformed plastic products in food and beverages industry.
However, stringent regulatory policies and the problem of disposal and recycling of thermoformed plastic products are influencing the end user to opt for alternative products. This is hampering the growth of thermoformed plastic products market and emerging as the major challenge for the manufacturers.
Synthetic thermoformed plastic products witness increase in demand from developing economies
In terms of product type, the F&B thermoformed plastic products market is divided into biodegradable and synthetic thermoformed plastic products. Among these, synthetic thermoformed plastic products was expected to have 86.7% value share by the end of 2016. However, due to the rising demand for low-cost and lightweight packaging in food and beverages industry from emerging nations of Asia Pacific, the segment is anticipated to remain dominant.
While the biodegradable segment is expected to have a value share of 12.9% in the global food and beverages thermoformed plastic products market by the end of 2024. Various initiatives by the government on disposal and recycling of thermoformed plastic products in European Union region is resulting in the growth of the segment.
On basis of application, the market is divided into food serving articles, packaging and others. The value share of packaging segment was anticipated to be around 73.6% by the end of 2016. However, packaging segment is sub-divided into beverages, bakery packaging, meat packaging, dairy products, and take away food products. The beverages segment was anticipated to have 34.7% market value share by the end of 2016.
APAC to be the fastest growing thermoformed plastic products market in terms of value
Region-wise the report is segmented into Latin America, North America, Europe, Middle East & Africa and Asia Pacific. Accounting value share of 32.3%, Europe was considered as the biggest market for thermoformed plastic products in 2015. However, APAC is anticipated to be the fastest growing market in terms of value during 2016-2024. Factors such as an increase in demand for appropriate and takeaway food in North America, APAC and Europe is anticipated to boost the growth of F&B thermoformed plastic products market in terms of revenue in these regions between 2016 and 2024.
The report has profiled some of the leading market players including D&W Fine Pack, Clear Lam Packaging Inc., Huhtamaki Group, Placon, Reynolds, Anchor Packaging Inc., Tray-Pak Corporation, Berry Plastics Corporation and Silgan Holdings Inc. The key players are focusing on procuring small regional players in order to increase their market penetration. With the leading market players focusing on increasing their profits, mergers and acquisition are expected to continue in the coming years.
About Persistence Market Research (PMR)
Persistence Market Research (persistencemarketresearch.com) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.