The thermoform packaging market size is projected to be valued at US$ 50.390 Mn in 2023 and it is anticipated to surpass US$ 84.450 Mn by 2033. The adoption of thermoform packaging is anticipated to rise at a CAGR of 5.3% during the forecast period.
Market growth is predicted to be fueled by a rise in the supply of prepared foods, particularly ready meals and packaged meat and fish products, as well as by the worldwide expansion of organized and e-retail channels, throughout the anticipated period. Manufacturers heat thermoplastic sheets to a temperature that causes them to soften, and then mold those using castings as part of the thermoforming process. To create the completed items, these sheets are repeatedly heated, suctioned, and compressed.
Research indicates that Thermoform packaging holds the potential to deliver cost reductions of up to 15% compared to packaging produced through plastic injection molding, signifying a promising outlook for widespread industry adoption in the foreseeable future.
Request free Sample of this Research Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-15926
Companies to Shift Focus to Eco-friendly Thermoform Packaging
Anticipated market dynamics suggest that industry players will be compelled to innovate and introduce novel products to meet the surging demand stemming from the growing preference for sustainable packaging. As per the study, approximately 52% of consumers consider the environmental friendliness of packaging when making purchasing decisions. This has prompted companies in the food sector to explore an expanding array of packaging solutions aimed at reducing their carbon footprint. As we look ahead, the demand for Thermoform packaging is expected to rise steadily, driven by the increasing adoption of 100% recyclable materials in its production.
Drivers:
- Sustainability: The demand for eco-friendly packaging solutions is driving the adoption of thermoform packaging. Thermoformed products can be made from recyclable materials, reducing their environmental impact and appealing to environmentally conscious consumers.
- Cost-Efficiency: Thermoforming is a cost-effective method for producing packaging materials. It allows for efficient material usage, reducing waste, and lowering production costs, making it an attractive option for businesses looking to optimize their packaging expenses.
- Customization: Thermoform packaging offers flexibility in design and customization. Manufacturers can create unique shapes, sizes, and features to meet specific product requirements and branding needs.
- Product Protection: Thermoform packaging provides excellent protection for products during transportation and storage. It minimizes the risk of damage, ensuring that products reach consumers in optimal condition.
- Consumer Convenience: Thermoformed packaging often includes features like easy-open tabs and resealable options, enhancing the convenience and usability of products for consumers.
For any Queries Linked with the Report, Ask an Analyst: https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-15926
Key Takeaways from Thermoform Packaging Market
- In 2022, the Polyethylene Terephthalate (PET) segment accounted for more than 51% of the market share.
- By Product, the Containers Segment dominated the market from 2023 to 2033, with a share of 27%.
- Between 2023 and 2033, the Food & Beverage Sector had a 52% Share of the End User Market for Thermoform Packaging.
- By 2033, the thermoform packaging market in the United States is projected to be worth over US$ 26.200 Mn, expanding at a CAGR of 6%.
- Germany’s thermoforming packaging market is anticipated to see one of the quickest rates of growth in Europe, rising at a CAGR of 5.6% during the forecast period.
- By 2033, the thermoform packaging market in China is projected to be worth US$ 15.250 Mn, expanding at a CAGR of 7%.
- Japan’s thermoform packaging market is anticipated to reach US$ 1.420 Mn in value, growing at a CAGR of 5% over the forecast period.
- By 2033, the thermoform packaging market in South Korea is anticipated to be worth US$ 14.3 Mn, growing at a CAGR of 3.3%.
Who is Winning?
Competitors have merged with and acquired other companies in the thermoforming sector, which has helped them boost their market share. Through continual research and development projects, market participants have also been able to incorporate improvements in their goods that allow them to provide sustainability to their clients.
Some of the significant participants that are included in the report are Mondi Group, Placon Corp., Display Pack, Inc., Pactiv LLC, Amcor, Sonoco Products Company, Dart Container Corp., Constantia, Tray-Pak Corp., D&W Fine Pack, Lacerta Group, Inc., RPC Group Plc, Silgan Holdings, Inc., Sinclair & Rush, Inc. Rompa Group.
Recent Developments in the Thermoform Packaging Market
- In October 2019, COEXPAN unveiled CorePET, a brand-new 100% rPET sheet developed exclusively for the thermoform packaging industry.
- The Mondi Group created a polypropylene film that is 100% recyclable for use in thermoforming flexible films for modified atmosphere packaging (MAP) and vacuum packaging to extend the shelf life of products like meat and cheese. The device offers a 23% reduction in carbon footprint compared to conventional packaging and is completely recyclable in existing waste streams. The internal barrier layer accounts for less than 5% of the whole structure.
- Pactiv LLC took the lead in the market in 2020 as a result of its wide range of products, particularly for the food and beverage industry, and strong North American presence.
Key segments covered
- By Material
- By Product
- By Heat Seal Coating
- By End User
- Region
Purchase this report to Uncover Segment-specific Information, Identify Key Trends, Drivers, and Challenges: https://www.futuremarketinsights.com/checkout/15926
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
