The global thermoform packaging market size is anticipated to account for USD 55.13 billion by 2025, as per a new market report by Million Insights. The market is predicted to register 4.7% CAGR over the forecast years. Increasing demand for packaging from various end-use industries such as pharmaceuticals, electronics, cosmetics and others are driving the market growth.
In addition, the emergence of innovative packaging technologies aimed at increasing the shelf-life of the product is further bolstering market growth. Thermoform packaging is light in weight, which makes it popular for various applications.
Various advantages offered by thermoform packaging include wide availability of design, lower cost in prototype development and tooling. In addition, this packaging is easily customizable and helps in reducing material wastage. These properties make it an ideal choice for packaging of food & beverage products.
Based on materials, PET segment dominated the market in 2018. However, increasing preferences for sustainable packaging materials and stringent regulations regarding the use of plastic is estimated to hamper the segment growth.
North America held the highest share in the market in 2018 and projected to retain its dominance from 2020 to 2027. Presence of a large number of foodservice outlets and thermoform packaging industries are driving the regional growth. While the Asia Pacific is estimated to witness the maximum growth from 2019 to 2025 owing to rapid growth in the e-commerce industry.
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Further key findings from the report suggest:
• PET accounted for the highest share in the thermoform packaging market in 2018 owing to rising demand for PET in food and beverage packaging.
• The containers segment is likely to register more than 4.0% CAGR over the forecast duration.
• In 2018, the pharmaceuticals segment held over 20.0% share in the market owing to the increasing use of blister packaging in the segment.
• Asia Pacific is anticipated to register 6.8% CAGR over the forecast duration owing to the rapidly increasing retail sector in countries such as India and China.
Million Insights 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)
Thermoform Packaging Product Outlook (Revenue, USD Million; 2014 - 2025)
• Blister Packaging
• Clamshell Packaging
• Skin Packaging
• Trays & Lids
Thermoform Packaging End Use Outlook (Revenue, USD Million; 2014 - 2025)
• Food & Beverage
• Personal Care & Cosmetics
Thermoform Packaging Regional Outlook (Revenue, USD Million; 2014 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia