Market Dynamics:
The size of the global thin wall packaging market reached USD 40.82 billion in 2021 and is projected to exhibit a revenue CAGR of 5.9% during the forecast period. The market growth is driven by several factors, including the increasing demand for packaged food, particularly among the working population, and the rising popularity of consumer-friendly packaging solutions that require thin wall packaging. The growth of e-commerce in the food and beverages industry has also contributed to the increased consumption of packaged goods, further driving the market revenue. Thin wall packaging, referring to plastic packaging or parts with a wall thickness of less than 0.8 mm, is extensively used in various sectors such as dairy, frozen goods, fruits and vegetables, bakeries, ready meals, juices, soups, and meats, which has bolstered the market growth.
Thin wall packaging offers advantages over glass and cans, such as reduced weight and design flexibility, making it a preferred choice for products like meat and preserves. The packaging of frozen and fresh food, paint, glue, cosmetics, and medications in open-top plastic containers has also contributed to the market growth. The demand for different types of packaging, including plastic clamshell trays, blisters, and lidding film, produced using the thin-gauge thermoforming method, has further driven the revenue growth of the thin wall packaging market. Thermoforming provides sturdy and tamper-proof packaging options that allow for unique branding and protect against contamination, supporting market growth.
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Market Drivers: The primary driver of market revenue growth is the increasing demand for lightweight and customer-friendly packaging. Thin wall packaging offers high efficiency due to its excellent organoleptic properties, good flowability, shorter cycle times, balanced mechanical characteristics, and cost-effective production method. These containers come in various shapes, sizes, and colors to cater to different preferences, and personalized printing is also available. They can be used to package a wide range of items, making them versatile and appealing for various purposes. The containers are constructed using materials like polypropylene, polystyrene, and polyethylene terephthalate, which are lightweight, portable, and resistant to damage, further driving market revenue growth. Moreover, the demand for thin wall packaging solutions has increased due to their ability to protect goods from physical damage and contamination during transportation. These packaging options are stackable, lightweight, and support sustainable growth by reducing carbon emissions and fuel usage.
Market Restraint: Stringent government regulations regarding the use of non-biodegradable plastics and other food packaging materials have posed a significant challenge to the market's revenue growth. Organizations like the Food and Drug Administration (FDA) have enforced food safety regulations that have limited market expansion to some extent. Additionally, growing public awareness of the negative environmental impact of plastics has led to a demand for more eco-friendly packaging materials, hindering the revenue growth of the thin wall packaging market.
COVID-19 Analysis: The global thin wall packaging market experienced a setback due to the COVID-19 pandemic but has since recovered significantly. The temporary closure of retail stores, shops, and restaurants resulted in a significant loss for the thin wall packaging industry. The implementation of lockdown measures worldwide led to a decrease in the consumption of commercially available food and drinks, which negatively impacted the market revenue. Moreover, disruptions in the supply chain and labor shortages caused by the pandemic further affected the market.
Thin Wall Packaging Market: Drive factors
The thin wall packaging market is driven by several factors, including:
- Rising demand for lightweight and customer-friendly packaging: Thin wall packaging offers maximum efficiency due to its organoleptic qualities, good flowability, shorter cycle times, balanced mechanical characteristics, and cost-effective production method. It provides a wide range of design possibilities, including personalized printing, and is available in various colors, sizes, and forms. The lightweight and portable nature of thin wall plastic containers makes them convenient for customers, driving market growth.
- Increased consumption of packaged goods: The demand for packaged food, especially among the working population, has been on the rise. Thin wall packaging caters to this demand by providing convenient and protective packaging for various food items such as yogurt cups, frozen goods, ready meals, juices, soups, and meats. The growth of e-commerce in the food and beverage sector has further increased the consumption of packaged goods, boosting the market for thin wall packaging.
- Replacement of glass and cans: Thin wall packaging is increasingly being used as a replacement for traditional packaging materials like glass and cans. This substitution helps reduce weight, offers design flexibility, and enhances the overall appeal of the packaged goods. It is particularly beneficial for products such as meat and preserves. This trend drives the market growth for thin wall packaging.
Overall, the increasing demand for lightweight, customer-friendly, and sustainable packaging, coupled with the growth of the packaged food industry and the need for specialized packaging solutions, are the primary driving factors for the thin wall packaging market.
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