The global thermoformpackaging market size was valued at USD 48.50 billion in 2022. The market is anticipated to expandfrom USD 51.96 billion in 2023 to USD88.50 billion by 2030,exhibiting a CAGR of 7.91% over the estimated period.
Thermoform packagingis a molded product. It is shaped through the process of heating a plastic
sheet until it becomes flexible and takes on the desired shape. The market is likely
to gain traction over the forecast period owing to the growing utilization of
thermoform packaging products in the food industry as well as the pharmaceutical
industry.
Fortune Business Insights™ provides this information in its research report, titled “ThermoformPackaging Market,2023-2030”.
Source:
COVID-19 Impact:
RisingFood-Delivery and Increasing Demand for Vaccines Led Market Expansion
TheCOVID-19 pandemic had a profound impact on the growth of thermoform packaging. The initial phase of thepandemic, characterized by strict lockdowns and business closures, led to
disruption in the supply chain. This disruption affected the availability of raw
materials, which made it difficult for the manufacturers to maintain their
production levels. However, the rising need for vaccines and a surge in food-delivery sales duringthe pandemic contributed significantly to the expansion of the thermoform
packaging market worldwide.
Segmentation:
PlasticSegment to Lead due to its Effective Barrier Properties
On the basis ofmaterial, the market is divided into paperand plastic. The plastic segment is likely to maintain its leadership due to theability of the plastic materials to provide a robust barrier against external
factors such as moisture, air, and temperature variations.
Food & Beverages Segment to Maintain its Leadership owing to the RisingAdoption of Thermoformed Products
In terms of application,the market is divided into pharmaceuticals, personal care & cosmetics,electrical & electronics, home care & toiletries, food & beverages,
and others. The food & beverages segment is poised to dominate the market dueto the rising adoption of thermoformed products by manufacturers for food
packaging.
On the basis ofgeography, the market has been studied across Asia Pacific, Europe, Latin
America, the Middle East & Africa, and North America.
Report Coverage:
The reportoffers an in-depth analysis of the primary factors that will contribute to
industry growth in the upcoming years. It provides insights into the most
current market trends and spotlights key developments within the industry.
Additionally, the report discusses the impact of the COVID-19 pandemic on
market growth.
Drivers and Restraints:
Rapid Expansion ofPharmaceutical Industry to Promote Market Growth
The remarkable growthof the pharmaceutical sector, particularly in emerging markets such as China,
India, and Brazil is a primary driver of market expansion. This growth stems
from the increasing need for pharmaceutical drugs. As pharmaceutical production
and distribution escalate to meet these demands, the requirement for
cost-effective and sustainable packaging solutions such as thermoformed
packaging products intensifies, supporting market growth.
Regional Insights:
North AmericaPositioned as a Key Region Due to Rising Consumption of Bakery &
Confectionery Products
North America holds aprominent thermoform packaging market share in the global market. The rising
consumption of bakery & confectionery, processed food products, and frozen
meat, adds to the growth of thermoform packaging in this region.
Europe rapidlyadvances as the fastest-growing region in the global market. The growth is
propelled by the pharmaceutical sector's expansion in major European countries.
