Thermoform Packaging Market: Overview, Data Updates, Reports...

Thermoform Packaging Market: Overview, Data Updates, Reports Analysis & Forecast | FMI

Posted 2023-08-08 21:46:11

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The thermoform packaging market has experienced remarkable growth due to its versatility and widespread applications across various industries. Thermoform packaging involves shaping plastic sheets into precise molds using heat and pressure, resulting in durable and cost-effective packaging solutions. This packaging method offers excellent product protection, extending shelf life and reducing the risk of damage during transportation.

The food and beverage industry extensively utilizes thermoform packaging for its convenience, hygiene, and attractive presentation. Additionally, the pharmaceutical, electronics, and consumer goods sectors benefit from thermoform packaging’s customizability and ability to accommodate various product shapes and sizes. As sustainability gains importance, the market has witnessed innovations in eco-friendly and recyclable thermoform packaging, further driving its widespread adoption.

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The thermoform packaging market size is projected to be valued at US$ 50.390 Mn in 2023 and it is anticipated to surpass US$ 84.450 Mn by 2033. The adoption of thermoform packaging is anticipated to rise at a CAGR of 5.3% during the forecast period.

Market growth is predicted to be fueled by a rise in the supply of prepared foods, particularly ready meals and packaged meat and fish products, as well as by the worldwide expansion of organized and e-retail channels, throughout the anticipated period. Manufacturers heat thermoplastic sheets to a temperature that causes them to soften, and then mold those using castings as part of the thermoforming process. To create the completed items, these sheets are repeatedly heated, suctioned, and compressed.

The expanding trend toward the construction of sustainable packaging is expected to push market players to produce new goods to meet the rising demand. The survey found that 52% of consumers consider the packaging’s environmental friendliness while making purchases. Companies in the food industry are increasingly looking at packaging choices that allow them to reduce their carbon impact. Demand is expected to rise during the forecasted period as 100% recyclable materials are employed in the production of thermoformed packaging more often.

Key Takeaways from Thermoform Packaging Market

In 2022, the Polyethylene Terephthalate (PET) segment accounted for more than 51% of the market share.
By Product, the Containers Segment dominated the market from 2023 to 2033, with a share of 27%.
Between 2023 and 2033, the Food & Beverage Sector had a 52% Share of the End User Market for Thermoform Packaging.
By 2033, the thermoform packaging market in the United States is projected to be worth over US$ 26.200 Mn, expanding at a CAGR of 6%.
Germany’s thermoforming packaging market is anticipated to see one of the quickest rates of growth in Europe, rising at a CAGR of 5.6% during the forecast period.
By 2033, the thermoform packaging market in China is projected to be worth US$ 15.250 Mn, expanding at a CAGR of 7%.
Japan’s thermoform packaging market is anticipated to reach US$ 1.420 Mn in value, growing at a CAGR of 5% over the forecast period.
By 2033, the thermoform packaging market in South Korea is anticipated to be worth US$ 14.3 Mn, growing at a CAGR of 3.3%.

Thermoform Packaging Market Segmentation by Category

By Material: