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The thermoformed packaging market size is forecast to increase by USD 13.86 billion, at a CAGR of 4.85% between 2023 and 2028. The market is experiencing significant growth due to the increasing adoption of food delivery and takeaway services, which has led to a increase in demand for lightweight, cost-effective, and convenient packaging solutions. Another trend driving market growth is the emergence of tamper-proof thermoformed packaging, which offers enhanced product protection and security, particularly in the food and pharmaceutical industries. However, the market is also facing challenges, including the volatility in raw material prices, such as PVC and PET, which can impact the cost competitiveness of thermoformed packaging. Additionally, the growing awareness of sustainability and eco-friendliness is leading to a shift towards biodegradable and recyclable packaging options, which may pose a threat to the traditional thermoformed packaging market.
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The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The blister packaging segment is estimated to witness significant growth during the forecast period. The market has experienced significant growth in recent years due to the expanding food and beverage industry. High Density Polyethylene (HDPE) and Polypropylene (PP) are commonly used materials in the production of containers, trays, and clamshells for various food and beverage applications. These packaging solutions ensure product quality and protection, particularly for frozen meat products and prepared foods, including ready meals and convenience food products.
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The blister packaging segment was the largest segment and valued at USD 12.27 billion in 2018. Custom packaging designs have gained popularity in organized retail, as companies prioritize product differentiation and eco-friendly materials. Packaging trends focus on environmental sustainability, with an increasing preference for plastic molding technologies like vacuum forming and pressure forming. These methods reduce carbon emissions and minimize material waste. As nuclear families and e-retail channels continue to grow, the need for convenient, eco-friendly packaging solutions has become essential. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The Market is experiencing significant growth due to the increasing demand for Containers, Trays, and Clamshells made from High Density Polyethylene (HDPE) and Polypropylene (PP) in various industries. Food and beverage is a major end-user, where these materials ensure product quality and convenience for prepared foods, ready meals, and frozen meat products. Custom packaging solutions cater to the organized retail sector, with vacuum forming and pressure forming techniques used for creating intricate designs. Hence, such factors are driving the market in APAC during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Amcor Plc: The company offers thermoformed packaging such as trays, cups, blisters and lids which is available in variety of shapes, sizes, colors and thicknesses.
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Market structure |
Fragmented |
YoY growth 2023-2024 |
4.41 |
Thermoformed packaging is a type of plastic packaging solution that utilizes thermoplastic sheets and molds to create customized packages. This packaging is known for its lightweight construction, which extends the shelf life of packaged food, prepared food, packaged meat, seafood products, oral solid doses, and other perishable items. Thermoformed packaging offers excellent contamination protection and is suitable for various industries, including food and pharmaceuticals. Two primary methods of thermoforming are used: thin gauge thermoforming and thick gauge thermoforming. Thin gauge thermoforming is ideal for creating intricate designs and complex shapes, while thick gauge thermoforming is used for larger, more strong packages. Material selection plays a crucial role in thermoformed packaging, with eco-friendly materials gaining popularity due to their reduced environmental impact. Plastic molding technologies like vacuum forming and pressure forming are commonly used in the production of thermoformed packaging. The convenience food industry, prepared foods, ready meals, and e-retail channels have seen significant growth in the adoption of thermoformed packaging due to its ability to protect products from moisture and maintain their freshness. The recycling infrastructure for thermoformed packaging continues to evolve, ensuring the sustainability of this packaging solution. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing adoption of food delivery and takeaway services is notably driving market growth. The market is witnessing significant growth due to the increasing demand for custom packaging solutions in various industries, particularly in the food and healthcare sectors. Thermoform packaging is made using plastic sheets that are heated and formed over molds to create customizable designs. Lightweight construction, extended shelf life, and contamination protection are key benefits of thermoformed packaging.
Moreover, the use of biodegradable materials, eco-friendly products, and sustainable packaging solutions is gaining popularity due to growing environmental concerns. Thermoformed packaging offers excellent barrier properties, including water resistance and grease resistance, making it suitable for packaged food, prepared food, packaged meat, seafood products, and oral solid doses. The aging population and increasing healthcare awareness are driving the demand for modified atmosphere packaging and single serve packaging in the healthcare sector. Thus, such factors are driving the growth of the market during the forecast period.
Emergence of tamper-proof thermoformed packaging is the key trend in the market. Thermoformed packaging plays a crucial role in maintaining product integrity for various industries, including food, beverage, and healthcare. With increasing regulatory complexities and consumer demands, the need for secure and protective packaging solutions has become imperative. Thermoformed packaging offers customizable designs using plastic sheets and molds, ensuring lightweight construction, extended shelf life, and contamination protection.
Moreover, sustainable packaging solutions, such as eco-friendly products made of biodegradable materials, are gaining popularity due to the growing recycling infrastructure and concerns over environmental pollution. Thermoformed packaging's barrier properties, including water resistance and grease resistance, make it suitable for applications in the food industry, such as blister packaging for packaged food, prepared food, packaged meat, and seafood products. In the healthcare sector, thermoformed packaging is used for oral solid doses, requiring moisture protection. Thus, such trends will shape the growth of the market during the forecast period.
Volatility in raw material prices needed for thermoformed packaging is the major challenge that affects the growth of the market. Thermoformed packaging, a type of plastic packaging solution, is manufactured using custom molds and thermoplastic sheets, primarily made from ethylene, styrene, and propylene. The production cost is influenced by the price fluctuations of these raw materials in the oil and gas industry. Recently, the market has witnessed significant volatility due to factors such as the COVID-19 pandemic and the Russia-Ukraine conflict, causing crude oil prices to increase.
For instance, on March 7, 2022, WTI and Brent crude oil prices reached USD133 and USD139 per barrel, respectively. This upward trend poses challenges for the thermoformed packaging industry, as it increases the production cost and may impact the affordability of customizable designs, including lightweight and barrier properties for various applications. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Thermoformed packaging is a type of plastic packaging solution that utilizes heated plastic sheets to create custom shapes using molds. Lightweight construction, extended shelf life, and contamination protection are key benefits of thermoformed packaging. Customizable designs cater to various industries, including healthcare, foodservice, and e-commerce. Recycling infrastructure and environmental pollution are growing concerns, leading to the demand for sustainable packaging and eco-friendly products made from biodegradable materials. Plastic dominance in the packaging industry is challenged by the properties of thermoformed packaging, such as barrier properties against water, grease, and aging. Thermoforming processes include thin gauge and thick gauge methods, used for applications like blister packaging, tamper evident seals, and oral solid doses. Food industries, including packaged food, prepared food, packaged meat, and seafood products, benefit from thermoformed packaging's moisture protection and modified atmosphere properties. Urbanization and healthcare awareness drive demand in the aging population. E-commerce and the foodservice industry, including e-food delivery, also contribute to the growth of the market. Polyethylene terephthalate and polyvinyl chloride are common thermoplastic sheets used in thermoforming. Recyclability is a crucial factor, with advancements in the technology leading to more sustainable solutions.
Market Scope |
|
Report Coverage |
Details |
Page number |
209 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.85% |
Market Growth 2024-2028 |
USD 13.86 billion |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 38% |
Key countries |
US, China, India, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amcor Plc, BBC Packaging SL, Berry Global Inc., CTCI Production, Dart Container Corp., DM THERMOFORMER, Dordan Manufacturing Co., Huhtamaki Oyj, EasyPak LLC, ENVAPLASTER SA, ITC Packaging, Lacerta Group LLC, NEFAB GROUP, Placon Corp., Prent Corp., Sealed Air Corp., Silgan Holdings Inc., Sinclair and Rush Inc., Sonoco Products Co., Tekni Plex Inc., UltraPak Australia Pty Ltd., and USK Balaji Plast Pvt. Ltd. |
Market dynamics |
Parent market analysis, market trends, market research and growth, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Product Type
9 Market Segmentation by End-user
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
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