(Health-NewsWire.Net, May 06, 2022 ) The report "Thin Wall Packaging Market by Product Type (Tubs, Cups, Jars, Trays, Clamshells, Lids, Pots), Production Process (Thermoforming, Injection Molding), Material (PP, PE, PET, PS, PVC), Application (Food, Beverages), and Region - Global Forecast to 2023" The thin wall packaging market is expected to grow from USD 42.8 billion in 2018 to USD 53.7 billion by 2023, at a CAGR of 4.64%. Rising demand for packaged food coupled with a growing preference for customer-friendly and lightweight packaging and cost-effectiveness drive the demand for thin wall packages. Furthermore, the increase in demand from the food & beverage industry and the aesthetic appeal of thin wall packaging further boost its market growth.
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The jars segment is projected to grow at the highest CAGR in the global thin wall packaging market from 2018 to 2023
The jars segment recorded the largest demand in the thin wall packaging market and is projected to grow at the highest CAGR during the forecast period due to high demand from the food packaging industry for products such as bakery items, confectioneries, mayonnaise, and ketchups, as well as for packaging cosmetics and personal care products, and medicines. Lids and trays are also projected to witness high demand from 2018 to 2023.
The food industry is estimated to be the largest consumer of the thin wall packaging market in 2018
Food products have formed the most extensive area of application for thin wall packaging, owing to their convenience and portability. Demand for portion control and single-serve products, environmental concerns, and the growing consumption level of packaged food are boosting the growth of the thin wall packaging market in the food segment.
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Europe is expected to hold the largest share of the thin wall packaging market during the forecast period
Europe is expected to dominate the demand for thin wall packaging through 2023. This market position is attributed to the increased demand for convenient, eco-friendly, and visually appealing packaging, along with the expansion of retail chains in this region. The market for thin wall packaging in Europe is also supported by improvements in the economy, the rise in domestic demand for food products & exports, and an increase in the consumption of packed food products. Moreover, the focus on reducing packaging waste and food waste is also expected to drive the market for thin wall packaging in Europe.
Key players operating in the thin wall market include Amcor (Australia), Berry Global (US), Silgan Holdings (US), PACCOR (Germany), RPC Group (UK), Reynolds (New Zealand), ILIP Srl (Italy), Mold-Tek Packaging (India), Greiner Packaging (Austria), and Double H Plastics (US). These players have adopted various growth strategies to expand their global presence and increase their market share. Mergers & acquisitions, expansions, and new product launches are some of the major strategies adopted by key players operating in the thin wall packaging market.
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