The global thermoform packaging market is expected to grow at a CAGR of around 4.5% during forecast period 2019 to 2026 and expected to reach over US$ 55.26 Bn by 2026.
Thermoform packaging is used to pack in various forms which include food & beverage, pharmaceuticals, personal care & cosmetics, electronics, and others. Food & Beverages packaging to enclose or wrap foods formed mainly for consumers. Thermoform packaging is mainly used to store the food items or can be stored without refrigeration for a longer time and also maintains chemical properties.
The thermoform packaging food can be differentiated into various types including food & beverages packaging market is primarily driven by the rising increase demand for convenience and quality food products, increase in urban population which increases adoption of food, increase in the consumption of processed food and packaged food for consumers across the globe, growing disposable income of eatable food and multi-functionality of food packaging. Furthermore, an increase in demand for packaged foods, innovation and development in food packaging, rising concerns about the health of consumers, and rising spending capacity of packaging food owners on food durable products is estimated to boost the market growth. Moreover, changing lifestyles of consumers across developed countries, growing pharmaceutical and food industry, humanization, and the emergence of new product development in thermoform packaging products are expected to create opportunities for the manufacturers in the global market over the forecast period. However, rigorous government regulations towards packaging food using thermoform by food quality and safety & quality concerns of products are expected to hamper the growth of the global thermoform packaging market in the future years.
Based on material type, plastic segment dominated the thermoform packaging market
Based on material type, the market has been segmented into plastic, aluminum and paper & paper board. The plastic segment accounts of the largest share in the market and are expected to grow at the highest CAGR during the forecast period.
Plastic enhances the shelf life and quality of products which grows the demand for plastic packaging in material packaging type. The major factors that are driving the growth of this segment are increasing consumption of plastic packaging products with efficient marketing styles.
The manufacturers Anchor Limited and Sonoco Products Company are mainly investing in the development of material as a thermoform packaging, which expected the lead the market in the coming years. Plastic provides high barriers, cost efficiency, durable packaging, and temperature resistance. Plastic in the form of PVC, PE, PS, PP, and PET are used largely in plastic thermoform segment.
The market research study on “Thermoform Packaging Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”,offers a detailed insight into the global thermoform packaging market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global thermoform packaging market, its material type, heat seal coating type, product type, end-user, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global pet food packaging market size and volume, and segment markets by material type, heat seal coating type, product type, end-user, and geography along with the information on companies operating in the market. The pet food packaging market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, North America dominated the regional market with a maximum market share
North America accounted for the highest market share of the thermoform packaging market and the region is also expected to maintain its dominance over the forecast period. The rapid consumption of thermoform packaging in terms of size, enhanced productivity, and better product value are the major driving factor for the region in the global market. Moreover, the increasing demand for keeping nutritional & healthy food products and increasing awareness about maintaining human’s health among the consumers are expected to enhance the market growth in the global thermoform packaging market in future. The Asia Pacific is expected to account for the second-largest in the global market during the forecast period. An increase in the packaging of goods, growing disposable income, an increase in innovation and development in thermoform packaging products are expected to enhance the regional market growth in the global thermoform packaging market during the forecast.
Asia Pacific is expected to hold the second-highest CAGR in the global market during the forecast period. The manufacturers are investing in mounting countries to meet the demand for thermoform packaging. Moreover, changing lifestyle of consumers, increase in growing GDP, and strong economic growth in countries, such as China, Korea, Thailand, Japan, and India, are expected to enhance the market growth in the global thermoform packaging market during the forecast.
The players profiled in the report include Bemis Company Inc., Sealed Air Corporation, Amcor Ltd., Somoco Products Company, DS Smith Plc., Dart Container Company, West Rock Company, D&W Fine Pack, Display Pack Inc., Tray Pack corporation, Anchor Packaging, Lacerta Group Inc.The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors.
Market By Material Type
Paper & Paperboard
Market By Product Type
Market By Heat Seal Coating Type
Market By End-User
Market By Geography
Middle East & Africa
Thermoform packaging is used to pack in various forms which include food & beverage, pharmaceuticals, personal care & cosmetics, electronics, and others.
Thermoform packaging is mainly used to store the food items or can be stored without refrigeration for a longer time and also maintains chemical properties.
Acumen Research and Consulting predict theat, The thermoform packaging market value is anticipated to be worth around US$ 55.26 billion in 2026.
The thermoform packaging market is anticipated to grow over 4.5% CAGR during the forecast period 2019 to 2026.
North America held maximum share in 2018 for thermoform packaging market.
Asia Pacific is projected to grow at a fast pace during forecast period in the thermoform packaging market.
Bemis Company Inc., Sealed Air Corporation, Amcor Ltd., Somoco Products Company, DS Smith Plc., Dart Container Company, West Rock Company, and D&W Fine Pack are the top players operating in the thermoform packaging market.