The global Thermoform Packaging Market size is expected to reach USD 64.21 billion by 2028 registering a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc. High adoption of products, such as blisters & clamshell packaging, containers, and trays & lids, by the end-user industries including food & beverages, electronics, pharmaceuticals, and personal care & cosmetics, coupled with increased penetration of organized and e-retail, have been driving the market from the past several years.
In thermoforming, the thermoplastic sheet is heated up to its pliable temperature and then placed over a mold until it cools and takes shape of the mold. A thin-gauge sheet, which is usually less than 0.060 inches, is mainly used to produce rigid disposable products, such as trays, bowls, containers, plates, and others. Thermoforming plastic molding process offers several advantages over injection molding including lower tooling cost, less wastage of material, and less per-unit cost for short-run production, owing to which the end-use industries, primarily food & beverages, mainly prefer thermoformed packaging products.
The packaged food industry, wherein thermoformed trays, containers, and tubs are widely used for the packaging of meat, fruits, eggs, and ready meals, is rapidly expanding across the world. Increasing urbanization and penetration of retail networks coupled with changing lifestyles are majorly contributing to the growth of the global packaged food industry, and thereby augmenting the product demand. Moreover, the rising micro-family structure, which creates demand for single-serve packaging, is expected to favor the growth of the market.
Global electronic manufacturers are mainly focusing on the development of compact devices, as they are easy to carry, which, in turn, is expected to benefit the usage of products such as trays and containers. However, electronics and food manufacturers are gradually shifting towards sustainable products, such as molded pulp trays. This increasing availability of alternative solutions coupled with the growing awareness regarding sustainability among consumers is likely to limit the market growth over the forecast period.
Due to their effectiveness, thermoformed blisters are widely utilized for the packaging of pharmaceutical solid oral dose products, such as capsules and tablets. These benefits of blisters along with their low cost and ease of usage are attracting North American pharmaceutical companies to switch from the traditional bottle packaging for solid oral doses, thereby supporting market growth. Moreover, the rising prevalence of chronic diseases coupled with the growing aging population has been driving the global pharmaceutical industry, which in turn, is expected to increase the product application scope in the pharmaceutical industry.
Asia Pacific is estimated to be the largest as well as the fastest-growing regional market from 2021 to 2028. This growth is credited to the rapid penetration of organized and e-retail sectors coupled with increased spending on processed food and consumer products, which drive the product demand in the regional market. Market participants across the globe compete on the basis of product differentiation and services offered. Pactiv LLC emerged as the market leader in 2020 on account of its wide-scale product offerings, especially for food & beverage applications.
Related Press Release @ Thermoform Packaging Market Report
Thermoform Packaging Market Report Highlights
- The food & beverage end-user industry segment led the global market accounting for the largest revenue share of over 51% in 2020
- The segment will grow further at a steady CAGR from 2021 to 2028 owing to the rising adoption of thermoformed trays, containers, and blisters by packaged food manufacturers and meat processors
- The pharmaceutical end-user industry segment accounted for a significant revenue share in 2020 and is estimated to expand further at the fastest CAGR from 2021 to 2028
- This growth can be attributed to the extensive incorporation of thermoform blisters by the pharmaceutical companies for the unit dose packaging
- The containers product segment accounted for the highest revenue share of over 26% in 2020 owing to high product adoption in the packaging of ready meals and processed food & beverages by the food processing companies
- PET led the material segment with a revenue share of 45.0% in 2020 and is expected to witness significant growth from 2021 to 2028
- Low cost, versatility in molding, transparency, and ease of recycling offered by PET materials are the few factors responsible for the segment growth