The new report by Expert Market Research titled, ‘Global Thermoform Packaging Market Size, Share, Scope, Price, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global thermoform packaging market, assessing the thermoform packaging market based on its segments like materials, heat seal coatings, types, end use industries, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along withanalyzingthe market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 43 billion
- Forecast CAGR (2023-2028): 5%
- Forecast Market Size (2026): USD 58 billion
The global market for thermoform packaging is being driven by applications in the food and beverage sector. This can be associated with the growing use of containers, trays, and clamshells, among others by packaged food manufacturers and food service outlets. In addition, the market is further expected to grow at a significant pace in the coming years due to the rising popularity of ready-to-it and packaged food products.
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Meanwhile, North America holds a considerable share in the market due to the increased demand for frozen meat and packaged pastry items, which has boosted the demand for the thermoform packaging in the region.
Furthermore, the market growth in the region can further be ascribed to the existence of large-scale thermoform packaging producers, who are focussed on delivering innovative products to the consumers.
Thermoform Packaging Industry Definition and Segmentation
Thermoform packaging refers to a kind of moulded product that is produced on being subjected to heat. Under heat and pressure, the melted plastic is transformed into desirable shapes and sizes. This process is easier and cost-effective in comparison to conventional plastic shaping and forming techniques as it is heated and then placed on a mould until it cools to produce the finished object.
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On the basis of material, the market can be segmented into:
- Paper and Paperboard
The market, based on heat seal coating, can be classified into:
- Hot Melt-Based
Based on type, the market divisions include:
- Blister Packaging
- Clamshell Packaging
- Skin Packaging
The end use industries of thermoform packaging include:
- Food and Beverage
- Personal Care and Cosmetics
The regional markets for thermoform packaging include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Thermoform Packaging Market Trends
The growth in the global market for thermoform packaging is anticipated to be driven by the flourishing e-commerce sector. The establishment and growth of online food delivery channels are positively influencing the market growth of thermoform packaging in packaged food applications.
Thermoform packaging in the packaged food segment allows for efficient packaging solutions for products like seafood, gravy food, and frozen items, among others, thereby contributing to the market. Moreover, with rapid urbanisation and inflating per capita disposable incomes, the growth of the online food delivery sector is anticipated to fuel the growth of thermoform packaging as well.
Key Market Players
The major players in the market are Display Pack, Inc., DS Smith Plc, Lacerta Group, Inc., Sonoco Products Company, and WestRock Company, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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