Global Thermoform Packaging Market Report and Forecast 2024-2032

Global Thermoform Packaging Market Outlook

The global thermoform packaging market attained a value of USD 49.78 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 5.1% to reach USD 77.73 billion by 2032.                

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Increasing Demand in the Food and Beverage Sector to Augment the Global Thermoform Packaging Industry Growth

Based on end use, the food and beverage industry accounted for a significant share of the market. The increased share of this category can be attributed to the widespread use of various goods, such as containers, trays, and clamshells, by packaged food manufacturers and foodservice outlets. The adoption of thermoform products in the food and beverage segment is expected to expand over the forecast period due to rising demand for convenience or packaged food products, which, in turn, is expected to further bolster the market.

North America to be one of the Leading Regions in the Global Thermoform Packaging Industry

North America holds a significant share of the industry because of the widespread presence of large-scale packaged food companies and substantial penetration of organised retail sector in the region. Furthermore, the market growth in the region is being supported by the existence of large-scale thermoform packaging producers, who are focussed on delivering innovative products to the consumers. In addition, the increased demand for frozen meat and packaged pastry items, among others, also contributes to the market expansion in North America.

Meanwhile, the Asia Pacific is expected to witness a healthy growth in the forecast period. The regional market is being driven by the growing urbanisation and the increasing product demand in various end use industries in the region, including food and beverage and personal care and cosmetics.

Thermoform Packaging Industry: Definition and Segmentation

Thermoform packaging is a type of moulded product produced by the heat treatment process, which includes melting plastic into a particular shape using heat and pressure. It is easier and less expensive than 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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By material, the industry is segmented into:

• Plastic
• Aluminium
• Paper and Paperboard
• Others

The market can be broadly categorised on the basis of heat seal coating into:

• Water-Based
• Solvent-Based
• Hot Melt-Based
• Others

Based on type, the industry is divided into:

• Blister Packaging
• Clamshell Packaging
• Skin Packaging
• Others

The market can be broadly categorised on the basis of end use industry into:

• Food and Beverage
• Personal Care and Cosmetics
• Electronics
• Pharmaceuticals
• Homecare
• Others

The EMR report looks into the regional markets of the product like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Penetration of E-Commerce to Bolster the Growth of the Thermoform Packaging Industry

The rapid expansion of the e-commerce industry, especially in emerging economies like India, is expected to aid the growth of the thermoform packaging industry. In addition, the increased penetration of e-food delivery platforms has resulted in an increase in demand for packaged food, such as prepared cuisine and packaged meat and seafood items, which has significantly contributed to the industry expansion. The rapid urbanisation and changing lifestyles around the world, combined with an increase in the number of organised and e-retail networks, are likely to drive the market over the forecast period. Furthermore, the constantly developing global pharmaceutical sector, which is being supported by the increased prevalence of chronic diseases and an aging population, is further driving the product demand in the segment, as pharmaceutical companies favour thermoformed blisters for their effective unit dose packing.

Key Industry Players in the Global Thermoform Packaging Market

The report presents a detailed analysis of the following key players in the thermoform packaging market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Display Pack, Inc.
• DS Smith Plc
• Lacerta Group, Inc.
• Sonoco Products Company
• WestRock Company
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report