Thermoform Packaging Market

Thermoform Packaging Market Outlook (2023-2033)

The global thermoform packaging market is valued at US$ 45 billion in 2023 and is expected to reach a valuation of US$ 75 billion by 2033, registering a CAGR of 5.2% from 2023 to 2033 (forecast period).

Thermoform packaging is a procedure that includes heating and applying pressure to create unique plastic designs. In this procedure, a thermoplastic sheet is heated to make it flexible before being placed in a mold to cool and form an end product.

This packaging approach is simpler and less expensive than other plastic molding procedures. Pharmaceutical, food and beverage, electronics, personal care, and automotive industries all make substantial use of thermoform packaging.

The outbreak of COVID-19 had a negative impact on the packaging industry due to the shutdown of production plants throughout industries, particularly in the food and beverage industry. The steep drop in global trade during the COVID-19 pandemic, exacerbated by emergency lockdowns in countries around the world, resulted in decreased demand for thermoform packaging.

Moreover, a sudden interruption in the supply chain impacted the global supply of packaging components, causing thermoform packaging manufacturing to be delayed or rescheduled globally. Furthermore, the packaging industry's overall revenue was impeded by labor scarcity in factories throughout industries as a result of different preventive measures implemented by governments, like social distancing.

However, the availability of essential items throughout online platforms, such as pharmaceuticals, personal care products, and food items, produced some revenue for the global market. With the declining COVID-19 cases globally, demand for thermoform packaging has increased due to the reopening of production facilities in industries such as automotive, cosmetics and personal care, home care, pharmaceutical, and food and beverage.

The rising demand for thermoform packaging from food and beverage, personal care and cosmetics, pharmaceuticals, and electronics, is driving the global market.

Given the stringent environmental regulations, important players in the packaging industry are focusing on decreasing plastic consumption. One of the significant market trends is the increasing usage of sustainable packaging materials by packaging manufacturing businesses to prevent plastic pollution worldwide.

Packaging makers are steadily limiting the usage of single-use plastic to reduce their carbon footprint, which plays a critical part in the growing demand for thermoform packaging. The usage of single-use plastic components in the packaging sector is a severe environmental hazard that is being investigated by government bodies around the world.

Report Attributes	Details
Market Size (2023)	US$ 45 Billion
Projected Market Value (2033)	US$ 75 Billion
Global Market Growth Rate (2023-2033)	5.2% CAGR
North America Market Share (2022)	27%
Containers Segment Growth Rate (2023-2033)	4.8% CAGR
Key Companies Profiled	Amcor Ltd G. Mondini Spa Anchor Packaging, Inc Bemis Co., Inc DS Smith PLC Constantia Flexibles Group GmbH DowDuPont, Inc Display Pack, Inc Sonoco Products Company

Which Aspects are Pushing the Demand for Thermoform Packaging Solutions?

“Burgeoning e-Commerce Industry across the World”

The explosive growth of the e-Commerce industry, particularly in developing countries such as India, is likely to increase the sales growth of thermoform packaging. Furthermore, growing e-food delivery platforms has led to a rise in the demand for packaged food, such as packaged seafood and meat items and prepared cuisine, which has considerably contributed to the increased demand for thermoform packaging.

Moreover, rapid urbanization and changing lifestyles globally, together with a rise in the number of organized and e-retail networks, are projected to raise the demand for thermoform packaging throughout the study period.

“Ongoing R&D Efforts to Create Environment-Friendly & Innovative Packaging Solutions”

Ongoing research and development efforts and increased investment from key players are likely to generate profitable opportunities for the thermoform packaging market. The growing shift from petroleum-centered polymers to bio-centered polymers among major market participants is a groundbreaking trend in the packaging sector, which is projected to have a significant beneficial impact on the global market.

Furthermore, technological improvements in packaging tools and equipment are likely to produce innovative designs and solutions for thermoform packaging.

Country-wise Insights

Why is the United States Running the Show in North America?

Demand for thermoform packaging in North America is escalating. North America accounted for 27% of the worldwide market in 2022. North America is anticipated to lead the global market throughout the forecast period.

Since the region has a strong consumer base for frozen food products, processed meats, and bakery items, the demand for thermoform packaging in the food and beverage industry is increasing. Furthermore, the existence of prominent global thermoform packaging companies in the region and their substantial investment in R&D programs for developing novel, and sustainable packaging materials propel the regional market even further.

The United States is the main market in North America due to the strong presence of organized food retail networks in the country and the expanding development of online platforms offering fresh food goods.

Which Countries are Driving Market Expansion in Asia Pacific?

Asia Pacific is expected to follow North America in terms of revenue. The massive growth of various production sites from large global pharmaceutical, personal care, and food and beverage companies is primarily driving the regional market growth. Moreover, the growing regional population and the rapid development of online food delivery services are driving up demand for thermoform packaging in the food industry.

Japan and South Korea are aiding market growth in Asia Pacific. Japan and South Korea have a solid consumer base for seafood and fresh meats, which is raising the demand for thermoform packaging.

Category-wise Insights

Why is Demand for Containers Gaining Immense Traction?

Demand for containers is projected to increase at a CAGR of 4.8% over the next ten years. This is due to the widespread usage of thermoform containers in the food service industry. Due to the rapidly increasing penetration of food delivery services, especially in emerging markets, the demand for containers will continue to grow at a steady rate in the coming years.

The blister is another well-known product that is widely utilized in the pharmaceutical, personal care, and electronics industries. A blister pack is composed of a hollow or pocket into which the product to be packed is placed, which is subsequently sealed with paperboards or other materials such as aluminum foil or plastic.

Furthermore, the demand for clamshells is also increasing. A clamshell is a container that consists of two sides joined by a hinge that allows the container to close. Clamshells are most commonly found in the food and beverage industry.

Why is Thermoform Packaging Extensively Used in the F&B Industry?

Players operating in the food and beverage industry are increasingly using thermoform packaging equipment. Food packaging necessitates good oxygen/moisture barriers, temperature, physical stress, tamper resistance, and contamination protection, all while including a novel, practical design. Due to its toughness, tamper resistance, resilience, and excellent sealing capabilities, thermoform packaging not only protects but also extends the shelf life of products.

Moreover, the demand for thermoform packaging is increasing due to the growing food retail sector, changing customer lifestyles, and increased demand for sustainable packaging materials. Furthermore, the increased use of thermoform packaging in beverages, dairy products, takeaway food products, and others due to benefits such as end-product consistency, ease of use, and cost-effectiveness is driving market expansion.

Competitive Landscape

The global market for thermoform packaging solutions is extremely competitive. Market players compete mainly based on product differentiation, cost, and services offered. Market players offer a diverse selection of items built from various materials and accessible in various shapes and sizes. They provide custom packaging products to meet unique customer needs. Furthermore, acquisitions have emerged as an integral approach used by market players to grow their customers, product variety, and geographic reach.

Moreover, many start-ups are exploring the use of bioplastics to create more environmentally friendly packaging materials.

• Aggarwal Biotech is an Indian startup specializing in agricultural compounds such as thermoplastic starch combined with several other biodegradable polymers. The compounds developed by the startup are compostable, biodegradable, and water-soluble, which aids in the reduction of marine pollution produced by plastic waste. The startup creates biopolymer compounds for use in the extrusion blowing of film for shopping bags, grocery, vegetables, fruits, and apparel packaging, as well as disposal bags, garbage bags, and agricultural films.
• Amcor plc, a prominent American-Australian worldwide packaging manufacturer, announced the opening of a new Innovative Center in Jiangyin, China, in August 2022. The center intended to provide new prospects in Asia Pacific for advanced packaging technology and more ecological packaging material solutions.
• Sonoco Products Company (Sonoco), a leading US-based packaging company, acquired Ball Metalpack, a major maker of sustainable metal packaging for food and household products and a key producer of aerosol in North America, in January 2022. The acquisition aims to extend Sonoco's operations in packaging services for industrial and consumer products.
• Fedrigoni absorbed 70% of a NewCo in August 2021. With this new arrangement, Fedrigoni now offers inner trays for gift boxes and cases for premium items made entirely of biodegradable, thermoform, and ecologically friendly cellulose instead of plastic.
• Sealed Air Corporation announced in May 2021 that it had created a thermoforming film that beats standard thermoforming films by reducing package weight by 50% and having high abrasion resistance and anti-fog lids that promote efficiency and sustainability.
• Sonoco Product Company acquired TEQ Thermoform Engineered Quality, a global maker of medical equipment and thermoform packaging catering to the healthcare and consumer markets, in February 2021. TEQ Thermoform Engineered Quality specializes in recyclable plastic packaging, molded-pulp-fiber packaging, and thermoform plastic packaging for a variety of consumer items.

Key Segments of Thermoform Packaging Industry Research

• By Type :

  • Containers
  • Blister Packaging
  • Clamshell Packaging
  • Skin Packaging
  • Other Types

• By End Use :

  • Food & Beverages
  • Pharmaceuticals
  • Home & Personal Care
  • Electronics
  • Other End Uses

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA