Demand for thermoform packaging to soar: Fact.MR
The versatility of thermoform products is capturing the attention of food and beverage product manufacturers to such an extent it is driving the worldwide thermoform packaging market.
According to Fact.MR, containers, clamshells, bottles, and trays, are being utilised to accommodate changing dietary habits and consumer preferences.
The spike in demand for meat and poultry, and seafood, is also spurring demand as the main benefit of thermoform packaging is that thin sheets of the correct size and shape can be created to get the desired outcomes.
The market research and competitive intelligence provider found the global thermoform packaging market is estimated to garner US$ 75 billion by 2033, expanding at a 5.2% CAGR from 2023 to 2033.
Key report takeaways:
- The global thermoform packaging market is valued at US$ 45 billion in 2023.
- The market is expected to reach US$ 75 billion by the end of 2033.
- Global demand for thermoform packaging is projected to evolve at a CAGR of 5.2% from 2023 to 2033.
- North America held 27% share of the global market in 2022.
- The containers segment is forecasted to expand at a CAGR of 4.8% during the forecast period.
“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. Furthermore, manufacturers are increasingly adopting eco-friendly and sustainable plastic materials in the thermoforming process to produce product packaging,” says a Fact.MR analyst
Regionally, 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.
Moreover, the regional market growth is being supported by the existence of prominent thermoform packaging producers who are focused on offering innovative products to consumers. Furthermore, the growing demand for frozen meat and packed pastry goods, among other things, is contributing to the market growth in North America.
