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Thermoform Packaging Market Size, Share & COVID-19 Impact Analysis, By Material (Plastic and Paper), By Product Type (Blisters, Clamshells, Trays & Lids, Containers, Films, Cups & Bowls, and Others), By Application (Food & Beverages, Pharmaceutical, Personal Care & Cosmetics, Electrical & Electronics, Homecare & Toiletries, and Others), and Regional Forecast, 2023-2030

Last Updated: July 01, 2024 | Format: PDF | Report ID: FBI108736

 

KEY MARKET INSIGHTS

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The global thermoform packaging market size was valued at USD 48.50 billion in 2022 and is projected to grow from USD 51.96 billion in 2023 to USD 88.50 billion by 2030, exhibiting a CAGR of 7.91% during the forecast period. North America dominated the thermoform packaging market with a market share of 34.1% in 2022.


Thermoform packaging is produced through the thermoforming process, which involves heating a plastic sheet until it becomes pliable and takes on a desired shape. Various products such as blisters, containers, trays, and clamshells are gaining significant importance across end-use industries due to their design flexibility and capacity to protect products from damage. The global market for thermoform packaging is expected to witness substantial growth owing to increased demand for protective and flexible packaging solutions. According to a leading thermoform product manufacturer, EasyPak costs 10% to 15% less than plastic packaging created through injection molding. These advantages are driving the market's growth on a global scale.


COVID-19 IMPACT


Progressive Growth in the Pharmaceutical Industries Contributed to Market Expansion


The emergence of COVID-19 had a devastating effect on the global market. During the initial phase of the pandemic, many supply chain disruptions were recorded due to strict lockdowns and business shutdowns. The unavailability of raw materials hindered the production of packaging products. However, the manufacturing of thermoform packaging thrived due to the increased need for pharmaceutical drugs and food & beverage items. The rising demand for vaccines and the surge in food delivery sales significantly contributed to the market's growth worldwide. Moreover, with the rapid growth in the pharmaceutical industry, the market is projected to expand rapidly during the post-pandemic phase.


LATEST TRENDS


Growing Demand for Electronics & Electricals Products is Boosting Market Growth


The demand for sustainable and cost-effective packaging for electronics and electrical products such as mobiles, batteries, electronic accessories, headphones, and others is growing. Manufacturers in this industry are increasingly turning to thermoform packaging products such as clamshells, trays, and blisters to meet this demand, thus boosting market growth.


Moreover, the extensive development of the electronics & electrical sector emerges as a key trend for the market. For instance, according to the India Brand Equity Foundation, India's consumer electronics and home appliance sector generated USD 9.84 billion in revenue in 2021 and is projected to reach USD 21.18 billion by 2025. Furthermore, the Ministry of Industry and Information Technology reported that China's electronic information manufacturing sector generated an operating income of approximately 14.1 trillion yuan (roughly USD 2.2 trillion) in 2021, marking a 14.7% increase from the previous year. This robust growth in the electronics & electricals sector played a crucial role in bolstering the thermoform packaging market growth.


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DRIVING FACTORS


Remarkable Growth in the Food & Beverage Industry to Drive Market Expansion


The food & beverage industry is experiencing significant growth globally. Food packaging requires crucial solutions that can provide barriers against oxygen, moisture, physical stress, extreme temperatures, and tampering. Due to these requirements, several food & beverage manufacturers opt for packaging with innovative and functional designs, thoroughly protecting their products. The increasing demand for on-the-go, processed, and ready-to-eat food products is driving the growth of the food & beverage industry worldwide, consequently enhancing the demand for this product. The packaging enhances the product's shelf life, providing excellent durability, sealing, and tamper-resistant properties, gaining immense traction in the food & beverage industry.


Huge Development of the Pharmaceutical Sector Contributes to Market Growth


The pharmaceutical sector is witnessing significant expansion in various developing countries, driven by the growing demand for pharmaceutical drugs. This surge in the pharmaceutical sector is encouraging the adoption of sustainable, cost-effective packaging solutions such as thermoformed packaging products. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), the pharmaceutical sectors in Brazil, China, and India experienced growth rates of 11.2%, 6.9%, and 11.1% respectively between 2014 and 2019. Moreover, Invest India states that India's pharmaceutical industry is projected to reach around USD 65 billion by 2024 and USD 120 billion by 2030. The Enterprise Ireland Organization also anticipates that the U.K. pharmaceutical sector will grow by 19.3% between 2018 and 2023.


This substantial growth in the pharmaceutical industries globally is generating significant demand for thermoform packaging, thereby driving market growth. Furthermore, the increasing sales of new medicines are contributing to the requirement for effective packaging solutions. For instance, according to IQVIA 2021, North America accounted for 49.1% of global pharmaceutical sales and 64.4% of sales of new medicines launched from 2016 to 2021.


RESTRAINING FACTORS


Stringent Government Regulations on Plastic Usage May Hinder Market Growth


The market growth is being restricted by a shift in manufacturer preferences toward biodegradable, sustainable, and bio-derived polymers instead of petroleum-based polymers. This inclination is fueled by increased consumer awareness about the environmental impact of plastics and strict government regulations limiting their use. Consequently, the market is witnessing a decline in sales. While Polyethylene terephthalate (PET) is a recyclable material, its increased use with strong adhesives complicates recycling processes, further impeding market growth. Moreover, the utilization of multiple resins in plastic production raises recycling costs, presenting another obstacle to market expansion.


SEGMENTATION


By Material Analysis


Significant Advantages Offered by Plastic Propels the Segmental Growth


Based on material, the market is segmented into plastic and paper. The plastic segment holds the largest share and is projected to witness significant growth during the projected period.


Utilizing various plastics such as polyethylene, polypropylene, polycarbonate, polyethylene terephthalate, and polystyrene presents an ideal and cost-effective solution for manufacturing packaging products. Plastics offer a broad spectrum of design options and flexibility, making them the preferred choice of several manufacturers for their product lines. Plastic materials provide a robust barrier against external factors such as moisture and air, exhibiting resistance to varying temperatures. Attributes such as high strength, low weight, and recyclability further enhance plastic's demand, contributing to the segment's expansion.


By Product Type Analysis


High Demand for Thermoformed Trays and Lids in Food & Beverage Industry to Drive Segment Growth


Based on product type, the market is segmented into blisters, clamshells, trays & lids, containers, films, cups & bowls, and others.


The trays & lids segment holds dominance within the product type category, contributing the largest share. Thermoformed trays and lids find wide application in the food industry, particularly in supermarkets, for displaying various products such as vegetables, fruits, and meat. The increasing availability of frozen meat and related products in developing nations, attributed to the rising penetration of cold chains and organized retail chains, serves as a major growth factor for the trays & lids segment. Moreover, continuous product innovations and launches by manufacturers further drive the demand for thermoformed trays & lids, especially in the packaging of consumer electronics & electrical appliances worldwide.


Containers represent the fastest-growing segment within the product type category and are expected to witness substantial growth over the forecast period. This expansion is propelled by the increasing demand for food delivery services, significantly influencing the growth of the thermoformed containers segment in the food service industry.


By Application Analysis


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Rising Usage of Thermoform Packaging Products for Food Items to Bolster Segmental Growth


Based on application, the market is segmented into food & beverages, pharmaceuticals, personal care & cosmetics, electrical & electronics, home care & toiletries, and others.


The food & beverages segment dominates the industry's application sector, holding the largest share. It's projected to exhibit remarkable growth over the forecast period due to increased usage of thermoformed products for food packaging. Evolving lifestyle trends have bolstered demand for convenient and packaged foods, driving the adoption of such packaging. Thermoformed packaging enhances the shelf life of food items and offers a barrier against physical stress, contamination, temperature, and moisture.


The pharmaceutical application segment is expected to grow significantly in the upcoming years. Factors such as the increasing prevalence of lifestyle and chronic diseases, the demand for reducing carbon footprint, and the growing geriatric population contribute to this growth. Thermoformed products, being child-resistant, versatile, and cost-effective, have gained significant popularity within pharmaceutical applications.


REGIONAL INSIGHTS


The market is analyzed across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.


North America Thermoform Packaging Market Size, 2022 (USD Billion)

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North America holds the largest thermoform packaging market share. The region's rapid market growth is attributed to the flourishing pharmaceutical sector and the presence of leading manufacturers. Additionally, increased consumption of frozen meat, bakery & confectionery, and processed food products contributes to regional growth.


Asia Pacific follows as the second-leading region. The region's growth is fueled by a rising geriatric population and the expanding food & beverage sector, particularly in countries such as India and Japan. Increased consumption of ready-to-eat food products and greater retail penetration further drives demand across the region.


Europe stands out as the fastest-growing regional market. Growth in the pharmaceutical sector in major European countries drives demand for thermoform packaging. For example, Europe accounted for 16.8% of new medicines sales during 2016-2021, reflecting an increased need for these products.


Latin America is poised for moderate to high growth due to a burgeoning food service sector and rising e-commerce sales of food products. The demand for cost-effective solutions such as thermoform packaging is bolstered by these trends.


The Middle East & Africa market is expected to grow steadily due to the region's expanding personal care and healthcare end-user industries.


KEY INDUSTRY PLAYERS


Key Participants in the Market Witnessing Significant Growth Opportunities


The market exhibits high fragmentation, with a handful of key players holding dominant positions by offering innovative packaging solutions. These leading players consistently prioritize innovation and expanding their customer base across multiple regions.


Key market players include Huhtamaki Oyj, AFG Packaging, CJK Packaging, Amcor Plc, Anchor Packaging, among others. Additionally, several other industry participants concentrate on providing advanced packaging solutions to gain a competitive edge over their rivals.


List of Key Companies Profiled:



  • Huhtamaki Oyj (Finland)

  • AFG Packaging (Italy)

  • CJK Packaging (U.S.)

  • Amcor Plc (Switzerland)

  • Anchor Packaging (U.S.)

  • Berry Global Inc. (U.S.)

  • Sealed Air Corporation (U.S.)

  • Sonoco Products Company (U.S.)

  • Du Pont (U.S.)

  • WestRock Company (U.S.)

  • EasyPak (U.S.)

  • DS Smith Plc (U.K.)

  • Tekni-Plex Inc. (U.S.)

  • Constantia Flexibles Group (Austria)

  • Display Pack Inc. (U.S.)


KEY INDUSTRY DEVELOPMENTS:



  • February 2023: Neste and ILLIG formed a strategic partnership to advance the utilization of sustainable solutions in thermoformed plastic packaging through demonstration cases. The partnership combines Neste's knowledge of recycled materials with ILLIG's expertise in developing thermoforming systems.

  • July 2021: AR Packaging declared the launch of Ecoflex mono-material, specifically for thermoform packaging applications. The material is cost-effective and performs better on existing filling and thermoforming lines.

  • May 2021: Sealed Air introduced LID830R, a thermoforming film solution that effectively reduces packaging weight by up to 50% more than standard laminates. It is suitable for various thermoforming applications such as fresh fish and seafood, smoked and processed meats, fresh meats, and cheese and ready meals.

  • April 2021: Amcor announced the development of recyclable healthcare packaging with the launch of AmSky blisters. The product is the world's first polyethylene and thermoform-based blister packaging that can be easily recycled.

  • February 2020: Sonoco acquired Thermoform Engineered Quality (TEQ), a leading global manufacturer of thermoformed packaging products for medical devices, healthcare, and consumer markets. Following the acquisition, the company was rebranded as SONOCO TEQ.


REPORT COVERAGE


An Infographic Representation of Thermoform Packaging Market

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The report provides detailed market analysis and focuses on aspects such as key players, competitive landscape, product/service types, market segmentation, Porter's five force analysis, and leading applications of the product. Besides, the report offers insights into the thermoform packaging market trends and highlights key industry developments. In addition to the above factors, the report encompasses several factors that contributed to market growth in recent years.


REPORT SCOPE & SEGMENTATION



















































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 7.91% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Material



  • Plastic

  • Paper



By Product Type



  • Blisters

  • Clamshells

  • Trays & Lids

  • Containers

  • Films

  • Cups & Bowls

  • Others



By Application



  • Food & Beverages

  • Pharmaceutical

  • Personal Care & Cosmetics

  • Electrical & Electronics

  • Homecare & Toiletries

  • Others



By Region



  • North America (By Material, Product Type, Application, and Country)

    • U.S. (By Application)

    • Canada (By Application)



  • Europe (By Material, Product Type, Application, and Country)

    • Germany (By Application)

    • U.K. (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Russia (By Application)

    • Poland (By Application)

    • Romania (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By Material, Product Type, Application, and Country)

    • China (By Application)

    • India (By Application)

    • Japan(By Application)

    • Australia (By Application)

    • South Korea (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific (By Application)



  • Latin America (By Material, Product Type, Application, and Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Argentina (By Application)

    • Rest of Latin America (By Application)



  • Middle East & Africa (By Material, Product Type, Application, and Country)

    • Saudi Arabia (By Application)

    • UAE (By Application)

    • Oman (By Application)

    • South Africa (By Application)

    • Rest of the Middle East & Africa (By Application)








Frequently Asked Questions

Fortune Business Insights study shows that the global market size was USD 48.50 billion in 2022.

The global market is projected to grow at a CAGR of 7.91% during the forecast period.

The market size of North America stood at USD 16.54 billion in 2022.

Based on material, the plastic segment dominates the global market share.

The global market size is expected to reach USD 88.50 billion by 2030.

The remarkable growth in the food & beverage industry and the huge development of the pharmaceutical sector are the key market drivers.

The top players in the market are Huhtamaki Oyj., AFG Packaging, CJK Packaging, Amcor Plc, and Anchor Packaging, among others.

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