The global thermoform packaging market, which was valued at USD 53.4 billion in 2023, is expected to grow to approximately USD 55.5 billion in 2024. Over the forecast period from 2024 to 2034, the market is projected to expand at a compound annual growth rate (CAGR) of 3.2%, reaching an anticipated value of USD 76.1 billion by 2034.
This robust expansion is driven by several factors, including increasing demand for sustainable and recyclable packaging solutions, advancements in thermoforming technology, and the rising preference for convenient and lightweight packaging in the food and beverage sector. The surge in e-commerce and online food delivery services has further amplified the need for effective packaging solutions, contributing to market growth.
Additionally, heightened consumer awareness regarding food safety and hygiene has bolstered the adoption of thermoform packaging. Innovations in material science, particularly the development of biodegradable and compostable materials, are also expected to fuel market expansion. With growing applications across various industries such as pharmaceuticals, electronics, and personal care, the thermoform packaging market is poised for a steady upward trajectory. Moreover, favorable government regulations supporting the use of eco-friendly packaging materials are anticipated to provide significant impetus to the market’s growth over the forecast period.
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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 Million, 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 Million, expanding at a CAGR of 7%.
- Japan’s thermoform packaging market is anticipated to reach US$ 1.420 Million 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 Million, 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.
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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.
Thermoform Packaging Market Segmentation by Category
By Material:
- PET
- PVC
- PS
- PP
- PE
- Others
By Product:
- Blister
- Clamshell
- Skin Packaging
- Trays & Lids
- Containers
- Others
By Heat Seal Coating:
- Hot Melt-Based
- Solvent-Based
- Water-Based
By End User:
- Food & Beverage
- Personal Care & Cosmetics
- Pharmaceuticals
- Electronics
- Homecare
- Others
- Food & Beverage
- Healthcare
- Laboratories
- Automotive
- Cosmetics
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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