Newark, Aug. 28, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global thermoform packaging market is expected to grow from USD 49.69 billion in 2023 to USD 87.73 billion by 2033, at a CAGR of 5.85% during the forecast period 2024-2033. North America region emerged as the largest market for the global thermoform packaging market with a 33.27% share of the market revenue in 2023. North America currently dominates the thermoform packaging market due to the region noticing big-sized packaging industry players; therefore, it helps propose lucrative opportunities to the businesses that support promoting market growth over the projection period. For instance, Canada-based company good natured Products Inc signed a contract to provide a US industry leader in thermoformed packaging. Plant-based packaging solutions for both general goods and food markets are included in the agreement.
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Competitive Strategy
To strengthen their position in the global thermoform packaging market, key players are increasingly focusing on strategies like product innovation, mergers and acquisitions, recent developments, joint ventures, collaborations, and partnerships.
On September 14, 2021, Berry Global Group, Inc. announced plans to expand its food service packaging manufacturing capabilities in North America, aligning with its long-term strategic growth commitments. The company is investing $110 million to enhance its proprietary polypropylene thermoforming capabilities, aiming to produce clear drink cups and lids for quick-service coffee shops, convenience stores, and other foodservice markets, including restaurants. This specific design caters to the growing demand for packaging that not only showcases a premium brand image and beverage appeal but also enhances operational efficiency in restaurants while offering a more sustainable packaging solution.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 5.85% |
| 2033 Value Projection | USD 87.73 Billion |
| Market Size in 2023 | USD 49.69 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Product Type, Material, Heat Seal Coating, End-User |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Thermoform Packaging Market Growth Drivers | Increasing food and beverage industry |
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Market Growth & Trends
In the thermoforming process, a thermoplastic sheet is heated to a pliable temperature and then molded into a specific shape before cooling and solidifying. Thin-gauge sheets, typically less than 0.060 inches thick, are predominantly used to create rigid disposable items such as bowls, trays, containers, and plates. The thermoforming plastic molding process offers several advantages, including lower tooling costs, reduced material waste, and lower per-unit costs for short-run production compared to injection molding. This makes it particularly attractive to end-use industries like food and beverages, where thermoformed packaging products are in high demand.
The global packaged food industry is experiencing rapid growth, with thermoformed containers, trays, and tubs being widely used to package fruits, meat, eggs, and ready-to-eat meals. The increase in urbanization, expansion of retail networks, and shifts in lifestyle trends are contributing to the growth of the packaged food industry and driving demand for these products. Additionally, the rise in nuclear family structures, which has led to increased demand for single-serve packaging, is expected to further support market growth.
Leading companies in the industry include Amcor Ltd., Anchor Packaging, Bemis Company Inc, D&W Fine Pack, Dart Container Company, Display Pack Inc, DS Smith Plc., Lacerta Group Inc, Sealed Air Corporation, Somoco Products Company, Tray Pack corporation and West Rock Company, among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The product type segment is divided into clamshell packaging, blister packaging, & skin packaging. The blister packaging segment dominated the market, with a market share of around 36.21% in 2023. The material segment is divided into aluminum, paper & paperboard & plastic. The plastic segment dominated the market, with a market share of around 34.23%. The heat seal coating segment is divided into hot melt-based, solvent-based and water-based. The water-based heat seal coating dominated the market with a market share of around 40.11% globally. The end-user segment is divided into pharmaceuticals, electronics, food & beverage, home & personal care, and others. In 2023, the food & beverage segment dominated the market, accounting for around 30.65% of global revenue. Rising disposable incomes of individuals and an increasing need for thermoforming containers for dairy product packaging are some of the elements pushing the thermoform packaging market growth.
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Thermoform packaging industry has been unfavorably impacted due to the outbreak of the COVID-19 pandemic. Packaging companies and end-use sectors were pushed to shut their operations due to the global lockdown. The food and beverage end-use segment, which covers over half the market share in thermoform packaging, has been hit poorly due to the closure of retail outlets and foodservice stores. However, the pandemic has increased demand for online food services and pharmaceutical products. These sectors are anticipated to register significant growth and support the thermoform packaging industry's recovery post lockdowns.
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