Thermoform Packaging Market is likely to be worth USD 76.1 billion by 2034 with a rise at a CAGR of 3.2%

Thermoform Packaging Market
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.

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.

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The expanding trend toward the construction of sustainable packaging is expected to push market players to produce new goods to meet the rising demand. The survey found that 52% of consumers consider the packaging’s environmental friendliness while making purchases. Companies in the food industry are increasingly looking at packaging choices that allow them to reduce their carbon impact. Demand is expected to rise during the forecasted period as 100% recyclable materials are employed in the production of thermoformed packaging more often.

Thermoforming technology has advanced to enable personalized packaging options that draw customers and raise the likelihood that they will purchase at the point of sale. It takes little time to prototype new packaging goods. The global market for thermoform packaging is also growing rapidly due to the increased demand for lightweight packaging goods. To address cost-related issues throughout the value chain, several manufacturers have started employing lightweight packaging goods.

Additionally, as an alternative to conventional petroleum-based polymers, producers are leaning toward biodegradable, bio-derived, and recyclable polymers. Therefore, it is anticipated that increased government restrictions and rising environmental concerns about the disposal of plastic packaging items would slow the growth of the worldwide market.

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%.

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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.

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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Table of Content

  1. Executive Summary

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

  1. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

  1. Market Background

3.1. Market Dynamics

3.1.1. Drivers

3.1.2. Restraints

3.2. Scenario Forecast

3.2.1. Demand in Optimistic Scenario

3.2.2. Demand in Likely Scenario

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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