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.
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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.
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.