The competitive landscape of the global market for thermoformed shallow trays
features a highly fragmented competitive landscape, with the leading
five vendors collectively holding only about 15% of the overall revenue
of the market in 2016, observes Transparency Market Research (TMR) in a
recent report. These top vendors, including Pactiv LLC, Anchor
Packaging, Inc., and Huhtamaki Oyj operate amid intense competition from
a large number of regional, domestic, and international players in key
regional markets.
To ensure sustainable returns, companies
need to focus on forging long-term partnerships and expand product
portfolios to match the extensive and varying needs from customers. An
instance of adoption of the long-term strategy is the company Pactiv
LLC. The company gathers around 70% of its revenue from top 12 consumers
to whom the company supplies on agreements of around 2-3 years. In
December 2016, the company invested around US$14 mn towards the
expansion of its manufacturing and warehousing facility to meet the vast
rise in demand from the food service industry.
North America to Remain Top Contributor of Revenue to Global Market
On the basis of the type of material used
to manufacture thermoformed shallow trays, the plastic segment
dominates, accounting for over 95% of the overall market in 2016.
Plastics are expected to remain the most preferred material for
manufacturing thermoformed shallow trays over the forecast period as
well, with the segment of paper-based laminates to further witness a
loss in its already meagre share in the global market over the forecast
period.
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In terms of geography, North America is
presently the leading contributor of revenue to the global market and is
expected to retain dominance over the report’s forecast period as well.
The North America market for thermoformed shallow trays will chiefly
benefit from the strong manufacturing capabilities of thin gauge
thermoformers in the region. The region is expected to exhibit a 5.3%
CAGR over the report’s forecast period. The market in APAC, which
presently holds the second leading share in the global market, is
expected to lead in terms of growth rate over the forecast period. The
burgeoning food and beverages industry in the region will provide thrust
to the market for thermoformed shallow trays.
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