GLOBAL – The global thermoform packaging market valued at US$ 45 billion in 2023, is expected to reach a valuation of US$ 75 billion by 2033, registering a CAGR of 5.2% from 2023 to 2033, reports Fact.MR.
Thermoform packaging is a procedure that includes heating and applying pressure to create unique plastic designs.
In this procedure, a thermoplastic sheet is heated to make it flexible before being placed in a mold to cool and form an end product.
According to Fact.MR, a market research and competitive intelligence provider, expansion of the food and beverage industry is driving the worldwide thermoform packaging market.
The spike in demand for meat and poultry, and seafood, is likely to spur the demand for thermoform packaging throughout the forecast period.
The report also outlines that the rapidly growing pharmaceutical industry, increasing incidence of chronic diseases, and an aging population are the key aspects driving the demand for thermoform packaging.
In addition, pharmaceutical companies favor thermoform blisters due to their excellent unit dose packing.
Another important end-use industry is electronics, where thermoform blisters, clamshells, and containers are used for packaging various electronic products such as mobile accessories, batteries, headphones, and others.
Growing e-commerce penetration has greatly contributed to the growth of the electronics industry, which is projected to have a beneficial impact on the worldwide thermoform packaging market.
“The main factors expected to boost the global thermoform packaging market are the booming F&B and pharmaceutical sectors, growing demand for strong and durable packaging, and increasing requirements for product protection during shipping and transportation,” says a Fact.MR analyst.
“Furthermore, manufacturers are increasingly adopting eco-friendly and sustainable plastic materials in the thermoforming process to produce product packaging.”
North America is set to dominate the global thermoform packaging market during the study period due to the widespread presence of large-scale packaged food corporations and the significant penetration of the organized retail sector in the region.
The regional market growth is being supported by the existence of prominent thermoform packaging producers who are focused on offering innovative products to consumers.
Additionally, the growing demand for frozen meat and packed pastry goods, among other things, is contributing to the market growth in North America.
The forecasted period follows a turbulent period during which the Covid-19 pandemic interrupted packaging industry due to the shutdown of production plants throughout industries, particularly in the food and beverage industry.
The steep drop in global trade during the COVID-19 pandemic, exacerbated by emergency lockdowns in countries around the world, resulted in decreased demand for thermoform packaging.
Moreover, a sudden interruption in the supply chain impacted the global supply of packaging components, causing thermoform packaging manufacturing to be delayed or rescheduled globally.
Fact.MR notes that the packaging industry’s overall revenue was impeded by labor scarcity in factories throughout industries as a result of different preventive measures implemented by governments, like social distancing.
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