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:
Trays & Lids Segment toDominate due to Continuous Product Innovation and Launches
Based on producttype, the market is fragmented into cups & bowls, blisters,clamshells, trays & lids, containers, films, and others. The trays &lids segment isexpected to dominate the market. The growth is due to a continuous flow of
innovative product offerings and launches by manufacturers to meet the changing
preferences of consumers.
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.
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.
However, the shifttoward biodegradable materials, heightened consumer environmental awareness,
and stringent regulations could hinder the thermoform packaging market growth.
