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Thermoform Packaging Market To Grab Immense Growth Worth USD 55.13 Billion By 2025 |Grand View Research, Inc.

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Thermoform Packaging Market To Grab Immense Growth Worth USD 55.13 Billion By 2025 |Grand View Research, Inc.

February 23
02:04 2020
Thermoform Packaging Market To Grab Immense Growth Worth USD 55.13 Billion By 2025 |Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc. the global thermoform packaging market size was estimated at USD 39.86 billion in 2018, growing at a CAGR of 4.7% over the forecast period. Rising demand for packaged food, such as prepared food and packaged meat & seafood products, coupled with growing penetration of the retail sector, is expected to drive the market growth during the forecast period.

The global thermoform packaging market size is expected to reach USD 55.13 billion by 2025, growing at a CAGR of 4.7% over the forecast period. according to a new report by Grand View Research, Inc. Factors including increasing demand for electronics, pharmaceuticals, and personal care & cosmetics products, on account of growing penetration of retail sector and rising disposable income, have been driving the demand for thermoform packaging over the past few years.

Increasing incorporation of novel packaging technologies such as modified atmosphere packaging by food manufacturers, to extend the shelf life of packaged food products, is anticipated to fuel the demand for thermoform packaging over the coming years. Moreover, the lower weight of the thermoform packaging has also been the key factor for their wide-scale adoption by the food & beverage and pharmaceutical industries.

Prominent players of the industry include Bemis Company, Inc., DS Smith Plc, Amcor Limited, Sonoco Products Company, Placon Corporation, Display Pack Inc., WestRock Company, Pactiv LLC, Dart Container Corporation, Constantia Flexibles GmbH, Huhtamaki Group, Tray-Pak Corporation, D&W Fine Pack, Anchor Packaging, Inc., and Lacerta Group, Inc.

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Thermoform plastic molding process offers multiple advantages, including lower tooling and prototype development cost and extensive design options over the other processes such as rotational and injection molding. Besides, the thermoforming reduces the wastage of material, and thermoform packages are also easier to customize; due to this, food & beverage manufacturers primarily prefer to thermoform packaging.

Further key findings from the report suggest:

  • Among material categories, PET dominated the market with a revenue share of nearly 45% in 2018, attributable to the increasing demand for thermoformed PET packaging solutions in the food & beverage sector worldwide
  • The containers product segment is expected to dominate the overall market, projected to grow at a CAGR of over 4%, during the forecast period
  • The pharmaceuticals sector accounted for a share of 20.7% in terms of revenue in 2018, owing to large incorporation of thermoform blisters by the pharmaceutical companies for unit dose packaging
  • The food & beverage application segment is anticipated to grow at a CAGR of 4.6% from 2019 to 2025 owing to wide scale adoption of thermoform packages by prepared and packaged food manufacturers
  • Asia-Pacific market is estimated to grow at a CAGR of 6.8% from 2019 to 2025 on account of rapid penetration of retail and coupled with increased spending on processed food and consumer products
  • Market participants across the globe compete principally based on product differentiation and services offered. Pactiv LLC emerged as the market leader in the thermoform packaging market in 2018 on account of its wide scale offerings, especially, for food & beverage industry.

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An increasingly aging population, especially in the European countries, has been fueling the pharmaceutical industry from the past few years. This trend has resulted in increased demand for pharmaceutical blisters, hence driving the market growth in the region. Moreover, growth of the global pharmaceutical industry, on account of the rising prevalence of chronic diseases and lifestyle-driven health disorders, is expected to propel the demand further for thermoform packaging in the pharmaceutical end-user industry over the coming few years.

The thermoforming process offers several advantages such as lower tooling costs, quick product development and prototyping, and low production cost for smaller production quantities, over other plastic molding processes such as injection and rotational molding. Increasing focus on the development of sustainable packaging is expected to negatively impact the demand for plastic-based cups, trays, and lids. Thus, it may act as a restraint for the global market.

Access complete  Thermoform Packaging Report Portfolio By Grand View research, Inc.

Increasing the adoption of novel technologies such as modified atmosphere technologies by the food manufacturers to extend the shelf life of packaged food is expected to benefit the global market. Foodservice outlets commonly use thermoform packaging products such as containers, trays, and cups for the table offering as well as for the parcel packaging.

Rising trend towards consumption of on-the-go, single-serve, ready to eat food products is expected to be the key factor driving the market. The growing demand from foodservice operators for thermoformed products such as clamshells, trays, and containers are anticipated to further enhance the market growth. However, stringent regulations concerning plastics may hamper the market growth over the forecast period.

Grand View Research has segmented the global thermoform packaging market on the basis of material, product, end use, and region:

Thermoform Packaging Material Outlook (Revenue, USD Million; 2014 – 2025)

  • PET
  • PVC
  • PS
  • PP
  • PE
  • Others

Thermoform Packaging Product Outlook (Revenue, USD Million; 2014 – 2025)

  • Blister Packaging
  • Clamshell Packaging
  • Skin Packaging
  • Trays & Lids
  • Containers
  • Others

Thermoform Packaging End Use Outlook (Revenue, USD Million; 2014 – 2025)

  • Food & Beverage
  • Personal Care & Cosmetics
  • Pharmaceuticals
  • Electronics
  • Homecare
  • Others

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PE material segment is expected to grow at the fastest CAGR in the coming years on account of its increasing demand for skin packaging. PE includes LDPE and HDPE, LDPE is majorly incorporated for the packaging of meat and seafood products whereas HDPE material is primarily used for manufacturing of industrial packaging trays and robust foodservice trays. Increasing retail penetration, coupled with the growing frozen meat industry across the globe, is anticipated to benefit the segment over the next few years.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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