The global thermoform packaging market size was valued at USD 48.50 billion in 2022. The market 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 is 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 “Thermoform Packaging Market, 2023-2030”.
Source:
https://www.fortunebusinessinsights.com/thermoform-packaging-market-108736
COVID-19 Impact:
Rising Food-Delivery and Increasing Demand for Vaccines Led Market Expansion
The COVID-19 pandemic had a profound impact on the growth of thermoform packaging. The initial phase of the pandemic, 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 during the pandemic contributed significantly to the expansion of the thermoform packaging market worldwide.
Segmentation:
Plastic Segment to Lead due to its Effective Barrier Properties
On the basis of material, the market is divided into paper and plastic. The plastic segment is likely to maintain its leadership due to the ability 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 Rising Adoption 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 due to the rising adoption of thermoformed products by manufacturers for food packaging.
On the basis of geography, the market has been studied across Asia Pacific, Europe, Latin America, the Middle East & Africa, and North America.
Report Coverage:
The report offers 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 of Pharmaceutical Industry to Promote Market Growth
The remarkable growth of 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 America Positioned as a Key Region Due to Rising Consumption of Bakery & Confectionery Products
North America holds a prominent 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 rapidly advances as the fastest-growing region in the global market. The growth is propelled by the pharmaceutical sector's expansion in major European countries.