|
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.
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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.
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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]