TMR says thermoformed shallow trays market to reach USD 8,856.7-million in a decade

Thermoformed shallow trays are widely utilised for food packaging, medical device storage, and retail products. Their rising adoption is attributed to their ability to offer superior protection and presentation. 

As per a report by Rahul Mengane of Transparency Market Research, the global thermoformed shallow trays market was valued at USD 5,676.3-million in 2023. It is projected to witness a compound annual growth rate (CAGR) of 4.2% from 2024 to 2034. By 2034, the market value is expected to surpass USD 8,856.7-million, driven by expanding applications in end-user industries. 

The increasing demand for sustainable and recyclable packaging solutions is a key factor fueling the growth of the thermoformed shallow trays market. Manufacturers are focusing on developing eco-friendly materials and innovative designs to cater to evolving consumer preferences and stringent regulatory requirements. 

The food and beverage sector remains dominant in the thermoformed shallow trays market, leveraging these trays for packaging fresh produce, ready-to-eat meals, and baked goods. In the healthcare industry, thermoformed shallow trays are extensively used for storing and transporting medical devices, ensuring product safety and sterility. 

Retail businesses are also embracing these trays to enhance the aesthetic appeal and shelf life of consumer goods. Advancements in thermoforming technology are enabling manufacturers to produce high-quality trays with precision and efficiency, thereby reducing material waste and production costs. The growing eCommerce sector bolsters the demand for thermoformed shallow trays, as businesses prioritise durable and lightweight packaging solutions for shipping products. 

TMR said that in addition North America and Europe are leading markets for thermoformed shallow trays, owing to well-established food processing and healthcare industries in these regions. Meanwhile, the Asia Pacific region is emerging as a lucrative market, driven by rapid industrialisation, urbanisation, and increased consumer spending on packaged goods. Government initiatives promoting sustainable packaging practices are also positively influencing market growth in this region. 

Key markets are investing in research and development to introduce innovative tray designs and materials that cater to diverse industry needs. Partnerships and collaborations among stakeholders are further enhancing the market’s growth prospects. As consumer awareness about environmental sustainability continues to rise, the demand for biodegradable and recyclable thermoformed trays is expected to surge. Market players are adopting circular economy practices to minimise environmental impact and achieve long-term growth. 

Moreover, the thermoformed shallow trays market is poised for substantial growth in the coming years, supported by technological advancements, expanding applications, and a shift toward sustainable packaging solutions.