The global thermoformpackaging market size was valued atUSD 48.50 billion in 2022. Themarket is anticipated to expand from USD 51.96 billion in 2023 to USD 88.50 billion by 2030,exhibiting a CAGR of 7.91% over the estimated period.
Thermoform packaging provides a protective barrier around the product,safeguarding it from external factors such as physical damage. The market is expectedto ramp up due to the rising demand for sustainable and cost-effective
packaging for electronics and electrical products such as batteries, electronic
accessories, headphones, and mobiles.
Fortune Business Insights™ provides this information in its research report, titled “ThermoformPackaging Market,2023-2030”.
COVID-19 Impact:
SurgedDemand for Food & Beverage Products and Pharmaceutical Drugs SupportedMarket Growth
TheCOVID-19 pandemic had a significant impact on the thermoform packaging marketgrowth. In the initial phase of thepandemic, strict lockdowns and business closures caused widespread supply chain
disruptions led to shortages of raw materials and production bottlenecks in the
packaging sector. However, thermoform product manufacturing experienced growth, primarily due to theheightened demand for food & beverage products and pharmaceutical drugs.
Segmentation:
Paper Segmentto Dominate Due to its vast Array of Designs Options and Flexibility
In terms of material,the market is fragmented into plastic andpaper. The plastic segment is expected to dominate as it offers an extensivearray of design possibilities and flexibility. It helps manufacturers to choose
the most suitable plastic-type based on the specific requirements of their
products. This adaptability makes it a preferred choice, catering to a wide
range of industries and applications.
Report Coverage:
The reportdelivers a comprehensive analysis of the key drivers poised to propel industry
growth in the forthcoming years. It provides valuable insights into the latest
market trends and underscores significant industry developments. Furthermore,
the report assesses the impact of the COVID-19 pandemic on market growth.
Drivers and Restraints:
Surging Demand for ProcessedFood to Propel Market Growth
Therising demand forready-to-eat, on-the-go, and processed food products is a crucial driver of food
and beverage industry growth. Thermoform packaging aligns seamlessly with this
trend, offering a packaging solution that ensures product freshness and
provides tamper resistance. Such features are likely to promote the growth of
the market.
