Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 46.15 billion

CAGR (2023-2028)

5.18%

Fastest Growing Segment

Food & Beverage

Largest Market

Asia Pacific

Market Overview

Global Thermoform Packaging Market has valued at USD 46.15 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.18% through 2028. Thermoforming is a highly versatile plastic molding technology that is responsible for manufacturing a wide range of incredibly useful items. It involves heating thin plastic sheets to make them more pliable and easier to manipulate. Once the sheets reach a malleable temperature, they are formed over male or female molds to create a desired shape. After cooling, the final product is carefully trimmed to maximize its functionality. The two major types of thermoforming are vacuum forming and pressure forming. In vacuum forming, heat and pressure are used to pull the plastic sheets into their final shape. The process involves heating a sheet and placing it over a mold, and then using a vacuum to shape it accordingly. Pressure forming, on the other hand, offers an extra advantage of applying more pressure, allowing for greater detail and structure. This makes pressure forming an excellent choice when aesthetics is important.

The thermoforming industry is expected to experience significant growth, driven by increased demand for prepared foods, particularly ready meals and boxed meat and fish items. The expansion of organized and e-retail channels worldwide will also contribute to market growth during the projected period. The thermoforming process involves heating thermoplastic sheets to a softened temperature and then molding them into the desired shape using casts. These sheets are often subjected to heat, suction, and pressure to create the finished products. There are two main forms of thermoforming: thin-gauge thermoforming and thick-gauge thermoforming.

Moreover, the cost-effectiveness and convenience of blister packaging entice producers to use this packaging solution. Thin-gauge thermoforming and thick-gauge thermoforming are widely used for trays, blisters, and containers in the packaging of food, medications, electronic parts, and home care items. In the pharmaceutical industry, there has been a shift away from traditional bottles towards blister packaging for oral solid doses. This shift is due in part to the improved moisture and oxygen resistance provided by blisters for individual solid doses. Additionally, the low cost and ease of transportation of blister packaging make it a favored choice for pharmaceutical manufacturers. Thermoform packaging products, thanks to their affordability, lightweight nature, and high visual appeal, are commonly used by packaged food manufacturers.

Furthermore, the growing popularity of Modified Atmosphere Packaging (MAP) for food items, where a regulated gaseous mixture is used within thermoform containers to enhance food product shelf life, is expected to drive market expansion in the coming years. The rising demand for single-serve packaging, driven by the increasing consumption of on-the-go food, will also be a key driver of market growth. However, the growing interest in sustainable packaging is encouraging end-user manufacturers to adopt flexible packaging options that require fewer raw materials and can be transported and handled more efficiently. This factor is projected to restrain market expansion throughout the forecast period.

Key Market Drivers

Growing Demand of Thermoform Packaging in Food & Beverage Industry

Thermoform packaging involves the intricate process of heating a plastic sheet to a pliable forming temperature, which allows it to be molded into a specific shape. Afterward, it is carefully trimmed to create a perfectly usable product. This highly adaptable, efficient, and cost-effective method of packaging has made it an increasingly attractive option for a wide range of industries, particularly the food and beverage sector.

Within the food and beverage industry, the demand for thermoform packaging has been steadily growing, propelling the expansion of the thermoform packaging market. This type of packaging offers a multitude of benefits, most notably by ensuring that food products remain well-protected from external factors, such as moisture, bacteria, and other contaminants. Consequently, the shelf life of these products is significantly extended, reducing waste, and improving overall product quality.

Thermoform packaging solutions, including clamshells, trays, cups, and containers, have become increasingly prevalent in the packaging of various food items. From dairy products and baked goods to meat, poultry, seafood, and ready-to-eat meals, thermoform packaging provides convenience to consumers while minimizing the overall weight of the packaging. This lightweight characteristic not only reduces transportation costs but also contributes to sustainability efforts by decreasing carbon emissions.

The growing demand from the food and beverage industry serves as a pivotal driving force behind the global thermoform packaging market. According to a report from Precedence Research, the rising demand for thermoform packaging in the food and beverage sector is one of the key factors fueling the market's growth trajectory.

As the food and beverage industry continues to expand and evolve, the need for efficient, cost-effective, and sustainable packaging solutions becomes even more paramount. Thermoform packaging rises to the challenge by meeting these requirements, establishing itself as a preferred choice among manufacturers seeking innovative packaging solutions. The escalating demand for thermoform packaging within the food and beverage industry plays a significant role in driving the growth of the global thermoform packaging market. As companies strive to adopt innovative, efficient, and sustainable packaging solutions, the thermoform packaging market is poised to experience substantial and sustained growth.

Growing Demand of Thermoform Packaging in Pharmaceutical Industry

Thermoform packaging, a process that involves heating a plastic sheet to make it pliable, molding it into a specific shape, and then trimming it to create a usable product, has gained significant popularity in various industries. This adaptable, efficient, and economical packaging option has found particular favor in the pharmaceutical sector.

The pharmaceutical industry has been a major driving force behind the growth of the thermoform packaging market. This type of packaging provides a reliable means of safeguarding medical products from external factors such as moisture, bacteria, and other contaminants, thereby ensuring the maintenance of their efficacy and quality. In recent years, packaging solutions such as blisters, clamshells, and trays manufactured through thermoforming have seen an increasing adoption in the pharmaceutical sector. These solutions offer a range of benefits, including tamper-evidence, child-resistance, and enhanced product visibility, which are crucial for ensuring the safety and integrity of drugs, medical devices, and other pharmaceutical products.

The growing demand from the pharmaceutical industry is playing a pivotal role in driving the global thermoform packaging market. According to a report from Precedence Research, the rising demand for thermoform packaging in the pharmaceutical sector is one of the key factors propelling the market growth. As the pharmaceutical industry continues to grow and evolve, the need for efficient, cost-effective, and reliable packaging solutions will also increase. Thermoform packaging perfectly aligns with these requirements, making it a popular choice for many manufacturers seeking innovative and secure packaging solutions. The growing demand for thermoform packaging in the pharmaceutical industry serves as a significant driver for the global thermoform packaging market. As companies strive to find advanced and dependable packaging solutions, the thermoform packaging market is poised to experience robust growth and further advancements in the future.

 

Download Free Sample Report

Key Market Challenges

Complexities in Material Selection and Sourcing

Material selection is a highly intricate process that requires careful consideration of numerous factors. When choosing materials, it is crucial to take into account the specific requirements of the product, such as its functionality, durability, and compatibility with regulatory standards. For instance, when it comes to thermoform packaging for food items, the materials must possess specific properties to ensure optimal safety, freshness, and preservation of the products. On the other hand, pharmaceutical products necessitate different material characteristics to meet their unique packaging needs.

Furthermore, the growing demand for sustainable packaging has introduced an additional layer of complexity to material selection. It is no longer sufficient to prioritize functionality alone; eco-friendly materials that align with environmental goals must be chosen. However, this pursuit of sustainability must not come at the expense of compromising product quality or cost-effectiveness. Striking the right balance between environmental considerations, product requirements, and economic feasibility poses a significant challenge for manufacturers.

Once the appropriate materials have been identified, sourcing them becomes another critical aspect of the process. Ensuring a consistent supply of high-quality raw materials is essential to maintain uninterrupted production of thermoform packaging. Fluctuations in material availability or pricing can have a substantial impact on both the manufacturing process and the overall market. Moreover, sourcing materials from different geographical locations adds another layer of complexity due to variations in regulations, import-export policies, and transportation costs. These complexities are further exacerbated by the global disruption caused by the COVID-19 pandemic, which has significantly affected supply chains worldwide.

In summary, material selection for thermoform packaging involves a multitude of considerations, ranging from product requirements and cost-effectiveness to regulatory compliance and environmental impact. Striving for sustainability while maintaining product quality and safety adds an extra dimension to this complexity. Additionally, ensuring a steady supply of raw materials amidst fluctuating market conditions and navigating global sourcing challenges further compound the intricacies of this process.

Key Market Trends

Increasing Demand for Sustainable Packaging

The need for sustainable packaging has never been more critical. As environmental concerns continue to influence consumer purchasing behavior, there is a growing recognition of the importance of packaging solutions that are not only environmentally sustainable and eco-friendly but also offer additional benefits.

This rising trend for the development of sustainable packaging is driving the growth of the thermoform packaging market. Thermoform packaging, with its versatile and customizable nature, is well-suited to meet the demands of sustainable packaging. Moreover, features such as increased stack ability during storage and reduced carbon emissions make thermoform packaging an even more attractive and eco-friendly choice.

As the trend towards sustainability continues to gain momentum, we can expect an even greater demand for eco-friendly thermoform packaging. Market players are anticipated to respond to this demand by producing new goods and innovating their manufacturing processes. This will not only contribute to the growth of the thermoform packaging market but also support the overall goal of achieving a more sustainable future.

In conclusion, the increasing demand for sustainable packaging represents a significant and transformative trend in the global thermoform packaging market. As companies across industries strive for innovative, efficient, and sustainable packaging solutions, the thermoform packaging market is poised to experience robust and sustained growth. By embracing sustainability and offering eco-friendly packaging options, businesses can position themselves at the forefront of this evolving market and contribute to a greener and more environmentally conscious future.

Segmental Insights

Type Insights

Based on the category of type, the Thermoformed Clamshell Packaging segment emerged as the dominant player in the global market for thermoform packaging in 2022. The high aesthetic appeal offered by clamshells significantly boosts their demand in the retail segment. A clamshell, which is a container consisting of two halves joined by a hinge, not only provides a visually pleasing packaging solution but also ensures convenient closure of the container. Clamshells find extensive usage in various industries, particularly in the food & beverage and electronics sectors.

On the other hand, thermoformed trays play a crucial role in the food industry, especially in supermarkets, where they are commonly used for displaying an array of products, including meat, fruits, and vegetables. These trays offer a practical and appealing way to showcase items to customers, while also ensuring their freshness and quality. Moreover, the increasing availability of frozen meat products in emerging countries, driven by the rising penetration of cold chain infrastructure and organized retail networks, is expected to further drive the growth of the trays product type segment over the forecast period.

With their unique features and applications, both clamshells and thermoformed trays contribute to enhancing the overall packaging and presentation of products, catering to the evolving needs of businesses in the retail industry.

End User Insights

The Food & Beverage segment is projected to experience rapid growth during the forecast period. The extensive utilization of various products, including containers, trays, and clamshells, by packaged food manufacturers and foodservice outlets has significantly contributed to the higher market share of this segment. This can be attributed to the convenience and practicality offered by these packaging solutions, which cater to the increasing demand for packaged or convenience food products driven by changing lifestyles.

Looking ahead, it is expected that the penetration of thermoform products in the food and beverage end-use industry segment will continue to grow over the forecast period. This is driven by the rising demand for convenience and packaged food items, as consumers seek quick and easy meal options. Thermoform products offer a cost-effective and efficient packaging solution that meets these demands.

However, it is important to note that there is a shifting preference towards sustainable packaging solutions in the market. As consumers become more environmentally conscious, the demand for molded pulp products, which are biodegradable and eco-friendly, is expected to increase. This preference for sustainable packaging solutions may pose challenges to the growth of the thermoform products segment in the long run. While the extensive utilization of thermoform products in the food and beverage industry is driven by convenience and practicality, the industry is also witnessing a growing demand for sustainable packaging solutions. Striking a balance between convenience and sustainability will be crucial for the future growth and success of the packaging industry.

 

Download Free Sample Report

Regional Insights

Asia Pacific emerged as the dominant player in the Global Thermoform Packaging Market in 2022, holding the largest market share in terms of value. A rising number of nuclear families, particularly in countries like China and India, has led to an increased demand for single-serve packaging. This trend is driven by the convenience and ease of use that single-serve packaging offers to busy individuals and households. Moreover, the growing geriatric population in these regions further fuels the demand for packaging solutions that cater to the needs of older consumers.

 

In addition, the penetration of organized retail in China and India has also contributed to the growth of the regional market. With the expansion of supermarkets, hypermarkets, and convenience stores, there is a greater need for packaging formats that are suitable for display and shelf space optimization. This has led to an increased adoption of innovative packaging solutions in these markets.

 

On the other hand, Europe is expected to experience slower growth in the forecast period. This can be attributed to the stringent regulations on the use of plastic products and the rising awareness about sustainability. As a result, there is a shift towards more environmentally friendly packaging options, such as paper- and pulp-based materials. This transition towards sustainable packaging solutions acts as a hindrance to the overall growth of the market in Europe. 

Overall, these factors shape the regional market dynamics, highlighting the importance of understanding the unique trends and challenges within each geographical area.

Recent Developments

  • In June 2019, the Mondi Group, a global leader in packaging and paper, made a significant advancement in sustainable packaging solutions. They developed a revolutionary, totally recyclable polypropylene film specifically designed for thermoforming flexible films used in modified atmosphere packaging (MAP) and vacuum packaging. This innovative film not only enhances the shelf life of perishable items like meat and cheese but also reduces the carbon footprint by an impressive 23% when compared to traditional top and bottom web packaging. Moreover, the interior barrier layer, which constitutes only 5% of the overall structure, is easily recyclable within existing waste streams. This breakthrough in packaging technology not only promotes environmental sustainability but also paves the way for a more circular economy.

Key Market Players

  • Amcor PLC
  • Sonoco Products Company
  • Placon Corporation
  • Display Pack Inc.
  • Pactiv LLC
  • Dart Container Corporation
  • Constantia Industries AG
  • Tray-Pak Corporation
  • Anchor Packaging, Inc.
  • Lacerta Group, Inc

 By Type

By Material

By End User

By Region

  • Thermoformed Clamshell Packaging
  • Thermoformed Blister Packaging
  • Thermoformed Skin Packaging
  • Others
  • Plastic
  • Aluminium
  • Paper & Paperboard
  • Food & Beverage
  • Home & Personal Care Goods
  • Electronics
  • Pharmaceutical
  • Others
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global Thermoform Packaging Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Thermoform Packaging Market, By Type:

o   Thermoformed Clamshell Packaging

o   Thermoformed Blister Packaging

o   Thermoformed Skin Packaging

o   Others

  • Thermoform Packaging Market, By Material:

o   Plastic

o   Aluminium

o   Paper & Paperboard

  • Thermoform Packaging Market, By End User:

o   Food & Beverage

o   Home & Personal Care Goods

o   Electronics

o   Pharmaceutical

o   Others

  • Thermoform Packaging Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Kuwait

§  Turkey

§  Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Thermoform Packaging Market.

Available Customizations:

Global Thermoform Packaging Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Thermoform Packaging Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Overview of the Market

3.2.  Overview of Key Market Segmentations

3.3.  Overview of Key Market Players

3.4.  Overview of Key Regions/Countries

3.5.  Overview of Market Drivers, Challenges, Trends

4.    Global Thermoform Packaging Market Outlook

4.1.  Market Size & Forecast

4.1.1.    By Value

4.2.  Market Share & Forecast

4.2.1.    By Type (Thermoformed Clamshell Packaging, Thermoformed Blister Packaging, Thermoformed Skin Packaging, Others)

4.2.2.    By Material (Plastic, Aluminium and Paper & Paperboard)

4.2.3.    By End User (Food & Beverage, Home & Personal Care Goods, Electronics, Pharmaceutical, Others)

4.2.4.    By Region

4.2.5.    By Company (2022)

4.3.  Market Map

4.3.1.    By Type

4.3.2.    By Material

4.3.3.    By End User

4.3.4.    By Region

5.    Asia Pacific Thermoform Packaging Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Type

5.2.2.    By Material

5.2.3.    By End User

5.2.4.    By Country