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Thermoform Packaging Market Size Hit US$ 55.26 Bn by 2026

/EIN News/ -- Acumen Research & Consulting, Recently Published Report On “Thermoform Packaging Market Size, Share, Sales, Growth, Trends and Forecast, 2019 to 2026”.

LOS ANGELES, Feb. 11, 2020 (GLOBE NEWSWIRE) -- The Global Thermoform Packaging Market is expected to grow at a CAGR of around 4.5% during the forecast period 2019 to 2026 and reach the market value of around US$55.26 Bn by 2026.

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North America dominated the global thermoform packaging market in the year 2018. The region has experienced the potential growth owing to the presence of thermoform packaging companies. The presence of a large customer base along with the growing demand for quality thermoform packaging food items is additionally accelerating the regional market growth. Moreover, innovation and development in thermoform packaging and growing urbanization, increase in penetration of e-commerce, and growing production packaging in the Asia Pacific and Europe are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years. The Asia Pacific region is expected to exhibit a second-largest share in the thermoform packaging market. The increasing number of private label store brands in the region is expected to contribute to the industrial market growth. Additionally, the growing adoption of packaging items that will increase demand for production and consumption of packaging food and an increase in disposable income of plastic in this region further expected to further propel the growth of the market. Furthermore, a growing number of thermoform packaging manufacturers, industrial producers, a growing number of nuclear families, growing awareness towards the humanization of food safety further grow the demand for food packaging in the region over the forecast period.

Asia-Pacific is expected to register the highest CAGR in the global thermoform packaging market during the forecast period. The growing packed food industry, high research, and development form of packaging manufacturers changing lifestyle of consumers, and growing in the number of the consumers along with rapid urbanization are primarily expected to boost the demand for thermoform packaging in the region during the forecast period. 

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Blister packaging has dominated the product type segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. An increase in demand for dry foods among humans and animals that rising life of dry food other than food type is further expected to raise the segment over the forecast period.

Plastic segment dominated the thermoform packaging market on the basis of material type in the year 2018. The plastic segment accounts of the largest share in the market and held for more in the total market popular in 2018. The major factors that are driving the growth of this segment are the rising demand for high obstacle properties, cost-efficient material, increase in awareness regarding the environment & health, and rising demand for recyclable material. This expected to enhance the dominance of the plastic segment in the global market over the forecast period.

Food & Beverages segment dominated the thermoform packaging market on the basis of end user type in the year 2018. It will be the top investment pocket in the thermoform packaging in the future global industry growth. The growing demand for high-quality foods, an increase in purchasing power of consumers, growing health awareness among consumers, and growing innovation and development from manufacturers in thermoform packaging further expected to raise the segment during the forecast period. The major factors that are driving the growth of this segment are the rising demand for functionality and used for marketing as rising demand for flexible packaging. This is expected to enhance the dominance of the segment in the global market over the forecast period.

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Some of the leading competitors are Bemis Company Inc., Sealed Air Corporation, Amcor Ltd., Somoco Products Company, DS Smith Plc., Dart Container Company, West Rock Company, D&W Fine Pack, Display Pack Inc., Tray Pack corporation, Anchor Packaging, Lacerta Group Inc.

Some of the key observations regarding thermoform packaging industry include:

  • In 2019, MUTLIVAC innovate new x-line machine generation at Fackpack in Nuremburg, Germany. In addition to its labelling and market innovation, including a new generation of cross labelers by Traysealer Inn.
  • In October 2019, Nestle and flexible packaging supplier Emsuer in Argentina have raised the sustainability bar in the Chilean yogurt market with the introduction of removable label.
  • In January 2019, Amcor Limited focuses on development of recyclable packaging products and recyclable packaging materials. This new product development and enhancement of new products further increase the new product in food packaging and enhance its customer base.

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