Thermoform Packaging Market Size, Share Global Analysis Report, 2024 – 2032

Industry Insights

[223+ Pages Report] According to Facts and Factors, the global thermoform packaging market size was valued at USD 47.57 billion in 2023 and is predicted to surpass USD 74.69 billion by the end of 2032. The thermoform packaging industry is expected to grow by a CAGR of 5.14% between 2024 and 2032.

Market Overview

Thermoform packaging refers to the packaging process where plastic sheets are heated to mold them into a specific shape. However, the plastic in this process is heated to make it pliable and then cooled and trimmed to create the final packaging product. Thermoform is widely used for packaging solutions like cups, trays, clamshells, blister packs, containers, and others. Thermoforming offers customization of shapes and sizes, which further attracts end-user sectors.

Moreover, thermoform packaging offers the best product protection against contamination, tempering, and others. Thermoform packaging offers high visibility of products, and therefore, it is in high demand. Also, thermoform packaging is more cost-effective than other options and is sustainable in nature.

Key Insights

• As per the analysis shared by our research analyst, the global thermoform packaging market size is estimated to grow annually at a CAGR of around 5.14% over the forecast period (2024-2032).
• In terms of revenue, the global thermoform packaging market size was valued at around USD 47.57 billion in 2023 and is projected to reach USD 74.69 billion by 2032.
• Growing demand for packaged foods and beverages is driving the growth of the global thermoform packaging market.
• Based on the applications, the food & beverage segment is growing at a high rate and is projected to dominate the global market.
• Based on the product types, the blister packaging segment is projected to swipe the largest market share.
• Based on the materials, the polyethylene segment is expected to dominate the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.

Growth Drivers

• Growing demand for packaged foods and beverages is driving the growth of the global market.

The growing disposable income of people, changing lifestyles, and urbanization are boosting the demand for convenience food and beverages, which is a major reason for the high growth rate of the global thermoform packaging market.

Moreover, the continuous technological advancements in thermoforming equipment are further widening the scope of the industry. The advancements led to increased efficiency, enhanced product quality, and higher production speed, which further made it a first choice among other available alternatives in the market. Also, thermoform packaging is light in weight, which helps end users reduce transportation costs.

Additionally, the rising environmental concerns are further posing a huge demand for sustainable packaging. Solutions, like thermoform packaging, are made up of biodegradable materials and help companies align with sustainability goals. For instance, Charpak Ltd came up with an innovative 100% packaging tub, which was tamper-evident in 2019. It can effectively be used for chilled, ambient, or frozen sectors for both nonfood and food items.

Restraints

• High initial investment is likely to restrict the growth of the global market.

Installing thermoforming facilities and required machinery needs heavy investment. Therefore, it deters low-budget enterprises and limits the growth of the thermoform packaging industry. Thermoforming is ideal for some specific materials like polythene and cannot work with other materials.

Opportunities

• Brand differentiation and customization are likely to foster growth opportunities in the global market.

Thermoform packaging can be customized to cater to the different requirements of brands. This flexibility helps companies with brand differentiation which further helps them in improving the product appeal. Also, thermoform packaging offers excellent product visibility which is another major reason propelling the growth of the industry in the forthcoming years.

Therefore, such a landscape is expected to contribute significantly towards the high growth rate of the global thermoform packaging market during the forecast period.

For instance, Sonoco Product Company entered into an agreement to buy TEQ Thermoform Engineered Quality in February 2020. Latter is a global manufacturer catering to a range of end-user sectors like healthcare and consumer markets.

Challenges

• Competition from alternative packaging methods is a big challenge in the global market.

Thermoform packaging is likely to witness heavy competition from alternative packaging techniques like blow molding. The production speed, material, variety, and cost-effectiveness of other available options are also likely to limit the growth of the thermoform packaging industry. Moreover, intricate designs and complex shapes are another emerging challenge in the industry.

Segmentation Analysis

The global thermoform packaging market can be segmented into applications, product types, materials, and regions.

On the basis of applications, the market can be segmented into electronics, pharmaceutical, personal care & cosmetics, food & beverage, and others. The food & beverage segment is likely to dominate the thermoform packaging industry in the forthcoming years. The busy and fast paced lifestyle of people is a major reason for the high growth rate of the segment. People are demanding ready-to-eat and on-the-go food & beverage options. Thermoform packaging has emerged as an efficient and versatile solution for popular food options like dairy beverages, ready meals, and others.

This packaging technology facilitates a longer shelf life of food products. These solutions help companies to maintain the freshness of the products, thereby preserving the quality of the items. Vacuum packaging and modified atmosphere technology are a few of the thermoform technologies that help companies align with the growing demand for fresh and extended shelf life of products.

On the basis of the product, the market can be segmented into containers, trays & lids, skin packaging, clamshell packaging, blister packaging, and others. The blister packaging segment accounts for the largest share of the global thermoform packaging market during the forecast period. Blister packaging is of high importance in various end-user sectors, particularly the pharmaceutical industry, for packing different items like capsules, tablets, and others.

However, the growing demand for pharmaceutical products is another major reason for the high growth rate of the segment during the forecast period. Blister packaging plays an important role in the consumer goods sector because it helps in efficiently packing batteries and small electronic components.

Additionally, the rising disposable income of people is posing a huge demand for packaged products. Strict regulations regarding product safety are also accentuating the demand for blister packaging in the market. Furthermore, the advancements in packaging technology and material are expected to improve the appeal and functionality of blister packaging will also drive the growth of the segment.

On the basis of material, the market can be segmented into aluminum, paperboard, polystyrene, polyethylene, polyvinyl chloride, polyethylene, and others. Polyethylene material is the fastest-growing segment in the thermoform packaging industry. Polyethylene is in high demand because of its vitality and properties. Polyethylene can easily be converted into different forms and shapes, thereby making it ideal for a large range of applications across different end-user sectors.

Moreover, its thickness offers the best barrier properties against environmental factors like moisture and oxygen, thereby preserving the freshness of the packaged products. Furthermore, polyethylene is cost-effective when compared to other available options in the market. It is light in weight, thereby lowering transportation costs, which further attracts the end users. Polyethylene is easy to recycle which is further aligned with rules and regulations by the government. All these factors are likely to propel the growth of the global market.

Report Scope

Regional Analysis

• North America to dominate the global market.

North America is the fastest-growing region in the global thermoform packaging market because of the growing demand for convenience and sustainability in the region. The increasing focus of people in the region on thermoform packaging solutions, which use recyclable materials, is further expected to appeal to consumers in the coming years. Thermoform packaging is extensively used in the food & beverage sector in the region to pack dairy products, meat, fish products, and others.

The technological advancements in the region have further led to the growth of the market. Thermoform packaging helps companies adhere to the strict regulations in the region. Complying with regulations regarding food & safety is also likely to accentuate the market’s growth in the region. Moreover, the growing popularity of e-commerce among people in North America is also driving the growth of the regional market during the forecast period.

Asia Pacific is another major region likely to grow high in the thermoform packaging industry. The region has a large customer base because of the growing population and urbanization. The trend is likely to drive huge demand for packaged goods in consumer goods, pharmaceuticals, and food & beverage sectors, which is a major reason for the high growth rate of the regional market.

The growing disposable income of people and the economic development of the region is significantly impacting the consumer lifestyle and buying behaviors. People are nowadays opting for packaged snacks, ready-to-go meals, and convenience food, which in turn is further accentuating the demand for thermoform packaging in the region.

Moreover, the rules and regulations in the region are further likely to positively impact the regional market. Thermoform packaging is becoming a popular choice among manufacturers and end users because it is an eco-friendly solution that is easy to recycle and largely aligns with the regulatory norms of the region.

Additionally, the fast expansion of the retail sector in the region because of the increasing supermarkets, hypermarkets, convenience stores, and online platforms in the region is also contributing towards the growth of the segment. These retail channels are increasing the number of applications of thermoform packaging.

Moreover, these packaging are much in demand because they offer high consumer appeal, protection against the external environment, and boost product visibility. For instance, Sealed Air Corporation introduced a thermoforming film in May 2021, which reduces the packaging weight by 50%.

Competitive Analysis

The key players in the global thermoform packaging market include:

• Anchor Packaging Inc.
• Tekni-Plex Inc.
• Constantia Flexibles Group GmbH
• Berry Global Inc.
• Sealed Air Corporation
• Pactiv LLC
• DS Smith plc
• Bemis Company Inc.
• Sonoco Products Company
• Amcor plc.

For instance, Nefab came up with an innovative range of sustainable solutions in the plastic packaging sector, like thermoformed trays and others, in May 2022.

The global thermoform packaging market is segmented as follows:

By Applications Segment Analysis

• Electronics
• Pharmaceutical
• Personal Care & Cosmetics
• Food & Beverage
• Others

By Product Types Segment Analysis

• Containers
• Trays & Lids
• Skin Packaging
• Clamshell Packaging
• Blister Packaging
• Others

By Materials Segment Analysis

• Aluminum
• Paperboard
• Polystyrene
• Polyethylene
• Polyvinyl Chloride
• Polyethylene
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America