Thermoform Packaging Market size, share & Forecast 2028

 

chemical

The Thermoform Packaging Market is projected to reach USD 64,295 million by 2028, expanding at a CAGR of 5.2%, over the forecast period (2021-2028).

The factors driving growth of the Thermoform Packaging Market includes growing demand for convenience and packaged food products, rising geriatric population, favorable Government regulations, increasing focus of companies on protecting products during transportation, and improvements in the living standards. Moreover, growing adoption of advanced technologies by manufacturers, single use ban on plastics, rise in the launch of new products, increasing consumption of meat and poultry products and rapid urbanization are supporting the Thermoform Packaging Market share. In addition, the increasing investments by major companies in research and development, strategic collaborations and partnerships between key industry players and growing population growth rates, are further contributing to the market growth.

However, growth of the Thermoform Packaging Market is hindered due to disruptions in the global supply chain.

The prominent players operating in the market are Sealed Air Corporation, WestRock Company, Anchor Packaging, Sonoco Products Company, Amcor Plc, Tekni-Plex, D&W Fine Pack, Coveris, Berry Global Inc., and Display Pack among others.

Based on material, the Plastic segment is predicted to grow at a significant CAGR during the forecast period

Increasing use of plastics across end-use industries such as Food & Beverages, Electronics and Healthcare, is pushing segment’s growth.

Based on End-Use Industry, the Food & Beverage segment is projected to expand at a robust CAGR over the forecast period

Increasing use of thermoform packaging in takeaway food products, dairy products, and beverages, owing to its cost-effective features, is propelling growth of the segment.

Based on Region, the North America region is anticipated to grow at the fastest rate

Presence of the leading players such as Tekni-Plex, WestRock Company and Sealed Air Corporation, growing demand for frozen food products, rising adoption of advanced technologies by manufacturers and high per capita incomes is boosting the market growth in North America region.

 

Key Development

  • In 2020, Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD, were acquired by Sonoco Products Company.

 

 

 

 

 

Market Segmentation

Segmentation by Material

  • Plastic
  • Paper

Segmentation by Product Type

  • Blisters
  • Clamshells
  • Trays & Lids
  • Containers
  • Others

Segmentation by End-Use Industry

  • Food & Beverage
  • Pharmaceuticals
  • Personal Care
  • Consumer Electronics
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

 

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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