Pune, India, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The global thermoform packaging market size was valued at USD 48.50 billion in 2022 and is anticipated to expand from USD 51.96 billion in 2023 to USD 88.50 billion by 2030, exhibiting a CAGR of 7.91% over the estimated period.
Thermoform packaging is a molded product. It is shaped through the process of heating a plastic sheet until it becomes flexible and takes on the desired shape. The market is likely to gain traction over the forecast period owing to the growing utilization of thermoform packaging products in the food industry as well as the pharmaceutical industry.
Fortune Business Insights™ provides this information in its research report, titled “Thermoform Packaging Market, 2023-2030”.
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Leading Players Featured in the Thermoform Packaging Market Research Report
- Huhtamaki Oyj (Finland)
- AFG Packaging (Italy)
- CJK Packaging (U.S.)
- Amcor Plc (Switzerland)
- Anchor Packaging (U.S.)
- Berry Global Inc. (U.S.)
- Sealed Air Corporation (U.S.)
- Sonoco Products Company (U.S.)
- Du Pont (U.S.)
- WestRock Company (U.S.)
- EasyPak (U.S.)
- DS Smith Plc (U.K.)
- Tekni-Plex Inc. (U.S.)
- Constantia Flexibles Group (Austria)
- Display Pack Inc. (U.S.)
COVID-19 Impact:
Rising Food-Delivery and Increasing Demand for Vaccines Led Market Expansion
The COVID-19 pandemic had a profound impact on the growth of thermoform packaging. The initial phase of the pandemic, characterized by strict lockdowns and business closures, led to disruption in the supply chain. This disruption affected the availability of raw materials, which made it difficult for the manufacturers to maintain their production levels. However, the rising need for vaccines and a surge in food-delivery sales during the pandemic contributed significantly to the expansion of the thermoform packaging market worldwide.
Segmentation:
Plastic Segment to Lead due to its Effective Barrier Properties
On the basis of material, the market is divided into paper and plastic. The plastic segment is likely to maintain its leadership due to the ability of the plastic materials to provide a robust barrier against external factors such as moisture, air, and temperature variations.
Trays & Lids Segment to Dominate due to Continuous Product Innovation and Launches
Based on product type, the market is fragmented into cups & bowls, blisters, clamshells, trays & lids, containers, films, and others. The trays & lids segment is expected to dominate the market. The growth is due to a continuous flow of innovative product offerings and launches by manufacturers to meet the changing preferences of consumers.
Food & Beverages Segment to Maintain its Leadership owing to the Rising Adoption of Thermoformed Products
In terms of application, the market is divided into pharmaceuticals, personal care & cosmetics, electrical & electronics, home care & toiletries, food & beverages, and others. The food & beverages segment is poised to dominate the market due to the rising adoption of thermoformed products by manufacturers for food packaging.
On the basis of geography, the market has been studied across Asia Pacific, Europe, Latin America, the Middle East & Africa, and North America.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/thermoform-packaging-market-108736
Report Coverage:
The report offers an in-depth analysis of the primary factors that will contribute to industry growth in the upcoming years. It provides insights into the most current market trends and spotlights key developments within the industry. Additionally, the report discusses the impact of the COVID-19 pandemic on market growth.
Drivers and Restraints:
Rapid Expansion of Pharmaceutical Industry to Promote Market Growth
The remarkable growth of the pharmaceutical sector, particularly in emerging markets such as China, India, and Brazil is a primary driver of market expansion. This growth stems from the increasing need for pharmaceutical drugs. As pharmaceutical production and distribution escalate to meet these demands, the requirement for cost-effective and sustainable packaging solutions such as thermoformed packaging products intensifies, supporting market growth.
However, the shift toward biodegradable materials, heightened consumer environmental awareness, and stringent regulations could hinder the thermoform packaging market growth.
Regional Insights:
North America Positioned as a Key Region Due to Rising Consumption of Bakery & Confectionery Products
North America holds a prominent thermoform packaging market share in the global market. The rising consumption of bakery & confectionery, processed food products, and frozen meat, adds to the growth of thermoform packaging in this region.
Europe rapidly advances as the fastest-growing region in the global market. The growth is propelled by the pharmaceutical sector's expansion in major European countries.
Competitive Landscape:
Leading Industry Players Implement Strategic Initiatives to Increase Their Market Presence
Prominent industry players in the market are proactively implementing strategic moves to enhance and consolidate their standing within the sector. These strategic actions are pivotal for upholding competitiveness and broadening their impact on the market.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Thermoform Packaging Market
- Global Thermoform Packaging Market Analysis (USD Billion), Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Material
- Plastic
- Paper
- Market Analysis, Insights and Forecast – By Product Type
- Blisters
- Clamshells
- Trays & Lids
- Films
- Containers
- Cups & Bowls
- Others
- Market Analysis, Insights and Forecast – By Application
- Food & Beverages
- Pharmaceuticals
- Personal Care & Cosmetics
- Electrical & Electronics
- Homecare & Toiletries
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…!
Key Industry Development:
- July 2022 – Rohm, expanded its portfolio to include plastic films made from renewable raw materials. The latest product, EUROPLEX Film LJ 21123/123, is a high-gloss, stable film, and transparent, derived from polylactic acid (PLA). Additionally, the use of raw for its production leads to a significant reduction in CO2 emissions, making it an environmentally friendly alternative compared to petroleum-based films.
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