Thermoform Packaging Market to Achieve US$ 75 Billion by 2033 at 5.2% CAGR by 2033, States Fact.MR
The growing retail sector and increased demand for sustainable packaging materials are expected to boost the adoption of thermoform packaging during the forecast period
Rockville, Dec. 11, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Thermoform Packaging Market is set to climb at a CAGR of 5.2% to reach a US value of $75 Bn by the end of 2033.
Thermoform packaging is a process where plastic sheets are heated and molded into specific shapes to create customized packaging for products. It stands out due to its cost-effectiveness, design flexibility, and the ability to produce lightweight yet durable packages. The packaging allows for clear visibility of the enclosed product and can be quickly produced, making it suitable for various industries. Additionally, thermoforming is versatile in material selection, reduces material waste, and is easily automated.
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Key Segments of Thermoform Packaging Industry Research Report
| By Type | By End Use | By Region |
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A growing demand for lightweight and cost-effective packaging solutions across industries is driving the market. The emphasis on sustainable and eco-friendly packaging options, coupled with the flexibility and customization capabilities of thermoforming processes, fuels market growth.
The recyclability of thermoform packaging materials presents a challenge in the industry due to the complex nature of these materials. Thermoform packaging often incorporates multilayer structures and various plastics, making it difficult to optimize recycling processes. Disruptions in the supply chain can impact the availability and pricing of materials essential for thermoform packaging.
Key Takeaways:
- The demand for thermoform packaging is on the rise in North America. The market had occupied 27% of the global market share in 2022. North America is expected to maintain its leadership in the global market throughout the entire forecast period.
- Containers demand is expected to grow at a CAGR of 4.8% over the next decade, primarily driven by the extensive adoption of thermoform containers in the food service industry.
- Following North America in terms of revenue, Asia Pacific is projected to experience substantial growth, driven primarily by the establishment of numerous production sites by major global pharmaceutical, personal care, and food and beverage companies in the region.
- Food and Beverage Industry is expected to offer lucrative opportunities during the forecast period. Players in the market are increasingly using thermoform packaging equipment. Moreover, the demand for thermoform packaging is increasing due to the growing food retail sector and changing customer lifestyles.
The Thermoform Packaging Market is driven by the increasing demand for sustainable packaging solutions, the cost-effectiveness and design flexibility of thermoforming processes, and the rising need for lightweight packaging in various industries are driving the market - Says Fact.MR Expert
Market Competition
Within this competitive market, participants provide a varied range of products crafted from different materials and available in diverse shapes and sizes. Key players in the market include Amcor PLC, Sonoco Products Company, DS Smith plc, WestRock Company, and Anchor Packaging, Inc.
- Amcor Plc, a prominent global packaging manufacturer based in the United States and Australia, unveiled plans to establish an innovative center in Jiangyin, China, in August 2022. The purpose of this center is to introduce new opportunities in the Asia Pacific region, focusing on advanced packaging technology and environmentally friendly packaging material solutions.
Winning strategies
- A successful strategy in the industry involves major companies investing in research and development to create sustainable packaging materials. This focus on eco-friendly solutions responds to the growing demand for environmentally conscious options.
- Another strategic focus involves placing increased importance on ensuring that thermoform packaging adheres to rigorous food safety regulations. This emphasis is particularly targeted at meeting the specific requirements of the food and beverage industry.
- Leading companies should use automation and robotics for more efficient and cost-effective production. By incorporating advanced technologies, companies can streamline processes, reduce labor costs, and meet the high-volume demands of thermoform packaging.
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| Report Attribute | Details |
| Value Projection (2033) | USD 75 Billion |
| Growth Rate (2023-2033) | 5.2% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
The demand for thermoform packaging is on the rise in North America, with the region contributing to 27% of the global market in 2022 and expected to maintain its leadership throughout the forecast period.
The surge in demand can be attributed to North America's robust consumer base for frozen food products, processed meats, and bakery items, particularly in the food and beverage industry. Additionally, the presence of major global thermoform packaging companies in the region, coupled with their significant investments in research and development programs to create innovative and sustainable packaging materials, further drives the growth of the regional market.
The United States stands out as the primary market in North America, driven by the well-established presence of organized food retail networks within the country and the expanding development of online platforms that offer a variety of fresh food goods.
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Biodegradable Packaging Materials Market: The global biodegradable packaging materials market is estimated at USD 88 Billion in 2022 and is forecast to surpass USD 169 Billion by 2032, growing at a CAGR of 6.8% from 2022 to 2032.
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