Global Thermoform Packaging Market Size By Material (PET, PE, PP), By Product Type (Containers, Clamshell), By End-use Industry (Pharmaceuticals, Food & Beverage), By Region, And Segment Forecasts, By Geographic Scope And Forecast 2022 to 2032

Industry: Advanced Materials

RELEASE DATE Dec 2023
REPORT ID SI3209
PAGES 200
REPORT FORMAT PathSoft

Global Thermoform Packaging Market Insights Forecasts to 2032

  • The Global Thermoform Packaging Market Size was valued at USD 46.7 Billion in 2022.
  • The Market Size is growing at a CAGR of 6.1% from 2022 to 2032
  • The Worldwide Thermoform Packaging Market Size is expected to reach USD 65.8 Billion by 2032
  • Asia Pacific Market is expected to grow the fastest during the forecast period

 

Global Thermoform Packaging Market

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The Global Thermoform Packaging Market Size is expected to reach USD 65.8 Billion by 2032, at a CAGR of 6.1% during the forecast period 2022 to 2032.

 

Thermoform packaging is an intriguing component of the packaging industry. It entails heating a sheet of plastic until it becomes malleable and then moulding it into a precise shape with the help of a mould. This technology is adaptable and may be used to manufacture a wide range of packaging solutions, from pharmaceutical blister packs to food trays. The desire for lightweight and cost-effective packaging, as well as the requirement for novel and appealing packaging designs, have all contributed to the steady growth of the thermoform packaging market. Because the technology enables for personalization, things are not only well-protected but also presented in an appealing manner.

 

Thermoform Packaging Market Value Chain Analysis

The procedure starts with the acquisition of raw materials, typically plastic sheets. The material used is determined by the unique needs of the packaging, such as clarity, strength, and barrier qualities. Extrusion or other shaping methods are used to transform raw ingredients into plastic sheets. These sheets must meet the specified thickness, transparency, and other qualities. Thermoforming firms take the plastic sheets and soften them with heat. Moulds are then used to shape the sheets into the appropriate forms. This technique necessitates meticulous temperature control and precision in order to produce the desired packaging design. Following creation, the packaging may go through additional procedures such as printing or labelling to convey branding, product information, and regulatory information. The thermoformed packets are then filled and assembled before being sent to various stores or directly to consumers. Efficient logistics and distribution networks are critical to assuring on-time delivery. Thermoform packaging reaches shop shelves, where customers make purchases. The packaging enters the end-of-life stage once the product is consumed. Environmental concerns must be addressed through proper disposal or recycling. Some thermoform packaging can be recycled, which contributes to a more environmentally friendly approach.

 

Thermoform Packaging Market Opportunity Analysis

To preserve the integrity of medicinal items, the pharmaceutical business frequently requires specialised packaging. Thermoform packaging can meet the needs of blister packs, trays, and other packaging, providing a considerable opportunity in the healthcare industry. With the rise of e-commerce, there is an increasing demand for packaging that is both visually appealing and sturdy and protected during transit. Thermoform packaging can be customised to fit the unique needs of e-commerce packaging. Thermoform packaging for food products is adaptable and may meet a variety of needs, including modified atmosphere packaging (MAP) for prolonged shelf life. As global trade expands, thermoform packaging firms have a chance to extend their position in international markets.

 

Global Thermoform Packaging Market Report Coverage

Report CoverageDetails
Base Year:2022
Market Size in 2022:USD 46.7 Billion
Forecast Period:2022-2032
Forecast Period 2022-2032 CAGR:6.1%
2032 Value Projection:USD 65.8 Billion
Historical Data for:2018-2021
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By Material, By Product Type, By End-use, By Region, By Geographic Scope
Companies Covered: WestRock Company, Reynolds Group Holdings Ltd., Tamarack Products Ltd., Anchor Packaging Inc., Sinclair & Rush Inc., Sonoco Products Company, D&W Fine Pack LLC, Placon Corporation, Display Pack Inc., Amcor Ltd., and Other Key Vendors.
Growth Drivers:Increasing demand for packaged food
Pitfalls & Challenges:COVID-19 Empact,Challenges, Future, Growth, & Analysis

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Market Dynamics

 

Thermoform Packaging Market Dynamics

Increasing demand for packaged food

Busy lives and an increase in the number of dual-income homes have increased demand for ready-to-eat and on-the-go food options. Thermoform packaging is a versatile and effective way to package such items, making them conveniently accessible to consumers. Thermoform packaging, particularly when combined with modified atmosphere packaging (MAP), aids in the preservation of packaged food.  Thermoform packaging provides excellent vision of the packaged food, allowing consumers to evaluate the goods prior to purchase. With the rise of online food retailing, there is a greater need for packaging that can survive the rigours of e-commerce transit. Thermoform packaging is adaptable and can be used for a variety of food goods, including snacks, dairy products, fresh vegetables, and ready meals.

 

Restraints & Challenges

Thermoform packaging competes with alternatives like flexible packaging, paper-based solutions, and rigid packaging. Keeping a competitive edge in terms of cost and performance while adapting to shifting consumer demands is a constant issue. While thermoform packaging is versatile, customizable, and protective, the cost of raw ingredients and production procedures might be prohibitively expensive. Finding a happy medium between cost-effectiveness and high-quality packaging can be difficult. Thermoform packaging competes with alternatives like flexible packaging, paper-based solutions, and rigid packaging. Keeping a competitive edge in terms of cost and performance while adapting to shifting consumer demands is a constant issue. For raw materials, the thermoform packaging business relies on a complicated supply chain.

 

Regional Forecasts

North America Market Statistics

North America

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North America is anticipated to dominate the Thermoform Packaging Market from 2023 to 2032. The region's market is significant, driven by demand for packaging solutions in a variety of industries such as food & beverage, healthcare, and consumer goods. In North America, the food and beverage industry is a major consumer of thermoform packaging. The ease, visibility, and protective qualities of thermoformed packages meet the sector's various and dynamic needs. North America's healthcare industry relies on innovative and secure packaging solutions. Thermoform packaging meets the region's healthcare packaging needs by offering options for pharmaceutical blister packs, medical trays, and other packaging solutions.

 

Asia Pacific Market Statistics

Asia Pacific is witnessing the fastest market growth between 2023 to 2032. Rapid economic expansion and industrialization characterise the Asia-Pacific area. This expansion has resulted in increasing consumption, fueling demand for packaging solutions across multiple industries. APAC's expanding population and changing lifestyles contribute to the growth of the food and beverage industry. Because of its versatility and ability to provide solutions for packaging convenience and preservation, thermoform packaging is widely employed in this industry. Consumer behaviour and preferences are changing as a result of urbanisation in APAC countries. The need for packaged and convenience meals is increasing, which is helping to drive the thermoform packaging industry forward. The APAC healthcare industry has grown significantly, and thermoform packaging is critical in delivering secure and efficient packaging solutions for pharmaceuticals and medical devices.

 

Segmentation Analysis

Insights by Material

Plastic segment accounted for the largest market share over the forecast period 2023 to 2032. PET is an adaptable polymer that can be thermoformed into a variety of shapes. Its transparency is an appealing quality for packaging since it allows consumers to view the product within, which is very useful for food and beverage containers. PET's recyclability is a crucial reason driving its expansion. As environmental concerns grow more prominent, consumers and businesses are increasingly favouring recyclable packaging materials. PET is widely recycled, and its use is consistent with sustainability objectives. In the food and beverage industry, the PET segment is expanding rapidly. Because of its clarity, barrier qualities, and ability to endure temperature fluctuations, PET is extensively used for bottles, trays, and containers.

 

Insights by Product Type

Containers segment accounted for the largest market share over the forecast period 2023 to 2032. Containers are frequently used in the food business to package a wide range of products, including snacks, deli items, fresh vegetables, and ready-to-eat meals. Thermoformed containers offer a safe and visually appealing solution to package food, enhancing freshness and presentation. Thermoformed containers are important in pharmaceutical packaging because they provide a secure and tamper-evident solution for drugs. The versatility of thermoforming enables for the production of pharmaceutical-grade blister packs and trays. The cosmetics and personal care industries use thermoformed containers to package products such as creams, lotions, and beauty products. For these objects, the containers provide a visually pleasing and protected option.

 

Insights by End User

Food and Beverage segment accounted for the largest market share over the forecast period 2023 to 2032. Thermoform packaging provides simple options for packaging a variety of food and beverage goods. Consumers' busy lifestyles are catered to by single-serve containers, portion-controlled packaging, and on-the-go formats, which contributes to the popularity of thermoformed packaging in this category. Thermoforming technique enables varied and adaptable packaging solutions. This adaptability is especially useful in the food and beverage industries, where appealing and practical packaging can improve the overall consumer experience. The expansion of the ready-to-eat and convenience food markets has increased demand for thermoform packaging dramatically. Pre-packaged meals, snacks, and deli products are frequently wrapped in thermoformed trays and containers. With the advent of e-commerce in the food and beverage industry, there is a greater demand for packaging solutions that can survive the challenges of online delivery.

 

Recent Market Developments

  • In January 2020, Thermoform Engineered Quality, LLC and Plastique Holdings, LTD were acquired by Sonoco Products Company.

 

Competitive Landscape

Major players in the market

  • WestRock Company
  • Reynolds Group Holdings Ltd.
  • Tamarack Products Ltd.
  • Anchor Packaging Inc.
  • Sinclair & Rush Inc.
  • Sonoco Products Company
  • D&W Fine Pack LLC
  • Placon Corporation
  • Display Pack Inc.
  • Amcor Ltd.

 

Market Segmentation

This study forecasts revenue at global, regional, and country levels from 2023 to 2032.

 

Thermoform Packaging Market, Material Analysis

  • PET
  • PE
  • PP

Thermoform Packaging Market, Product Type Analysis

  • Containers
  • Clamshell

 

Thermoform Packaging Market, End User Analysis

  • Pharmaceuticals
  • Food & Beverage

 

Thermoform Packaging Market, Regional Analysis

  • North America
  • US
  • Canada
  • Mexico
  • Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • South America
  • Brazil
  • Argentina
  • Colombia
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa

Frequently Asked Questions (FAQ)

  • 1. What is the market size of the Thermoform Packaging Market?
    The Global Thermoform Packaging Market Size is expected to grow from USD 46.7 Billion in 2023 to USD 65.8 Billion by 2032, at a CAGR of 6.1% during the forecast period 2023-2032.
  • 2. Who are the key market players of the Thermoform Packaging Market?
    Some of the key market players of market are WestRock Company, Reynolds Group Holdings Ltd., Tamarack Products Ltd., Anchor Packaging Inc., Sinclair & Rush Inc., Sonoco Products Company, D&W Fine Pack LLC, Placon Corporation, Display Pack Inc., Amcor Ltd.
  • 3. Which segment holds the largest market share?
    Containers segment holds the largest market share and is going to continue its dominance.
  • 4. Which region is dominating the Thermoform Packaging Market?
    North America is dominating the Thermoform Packaging Market with the highest market share.

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