The rising consumption of beverages worldwide is urges thermoformed plastic packaging for safety during transport which is anticipated to promote thermoform packaging market growth.
Newark, May 26, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global thermoform packaging market is expected to grow from USD 45.65 billion in 2021 to USD 75.05 billion by 2030, at a CAGR of 5.68% during the forecast period 2022-2030.
The growth factor pushing the thermoform packaging market development is its extending use in the food and beverages enterprise. Thermoform packaging solutions are represented by different associated benefits, including extensive product lifespan, more excellent product visibility, and better safety for products against external elements. Accordingly, this type of packaging is increasingly utilized for cheese, vegetables, baked goods, and meat.. Other aspects, such as technological advancements in the production method and the overall utilization of thermoform packaging solutions in the pharmaceutical industry, are anticipated to make a favorable outlook for the market owing to the boost in demand in the pharmaceuticals and food & and beverage industries.
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To enhance their market position in the global thermoform packaging market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
On Sept. 14, 2021- Berry Global Group, Inc. declared that it intends to grow its food service packaging manufacturing processes in North America as part of its long-run strategic growth promises. $110 million investment will boost its proprietary polypropylene thermoforming capabilities to manufacture clear drink cups and lids for quick-service coffee shops, convenience stores, other foodservice markets, and restaurants. The specific design fills an increasing need for a cup that showcases a luxury brand image and beverage look and enhances restaurant function efficiencies while presenting a more sustainable packaging choice.
Market Growth & Trends
The thermoplastic sheet in thermoforming is heated up to its adjustable temperature and then put over a mold until it chills down and carries the shape of the mold. A thin-gauge sheet, usually smaller than 0.060 inches, is mainly utilized to make stiff disposable effects, such as bowls, trays, containers, plates, etc. The thermoforming plastic molding process delivers several benefits, including lower tooling cost, less material wastage, less per-unit cost for short-run production, and injection molding. The end-use enterprises, primarily food & beverages, especially prefer thermoformed packaging products.
The packaged food industry is rapidly growing worldwide, wherein thermoformed containers, trays, and tubs are primarily utilized for packaging fruits, meat, eggs, and ready meals. Increasing urbanization and penetration of retail networks associated with changing lifestyles contribute to developing the global packaged food industry and rising product demand. Also, the rising nuclear family structure, which makes the demand for single-serve packaging, is anticipated to favour the market's growth.
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• In 2021, the blister packaging segment dominated the market with the largest market share of 36.45% and market revenue of 16.63 billion.
The product type segment is divided into clamshell packaging, blister packaging, & skin packaging. In 2021, the blister packaging segment dominated the market with the largest market share of 36.45% and market revenue of 16.63 billion. The blister packaging component gives protection against moisture and from the oxygen part present in the environment. Transporting the blisters at low expenses is alluring pharmaceuticals.
• The plastic segment dominated the market with the largest market share of 34.55% and market revenue of 15.77 billion.
The material segment is divided into aluminium, paper & paperboard & plastic. In 2021, the plastic segment accounted for the largest share of the market, with 34.55% and a market revenue of 15.77 billion. The plastic unit covers a massive segment in upcoming years. It offers increased cost efficiency, gives healthy resistance to temperature, and delivers stable packaging. Plastic is used in PE, PP, PVC, and many more.
• In 2021, the water-based heat seal coating dominated the market with the largest market share of 40.2% and market revenue of 18.35 billion.
The heat seal coating segment is divided into hot melt-based, solvent-based and water-based. In 2021, the water-based segment accounted for the largest share of the market, with 40.2% and a market revenue of 18.35 billion.
• In 2021, the food & beverage segment dominated the market with the largest market share of 31% and market revenue of 14.15 billion.
The end-user segment is divided into pharmaceuticals, electronics, food & beverage, home & personal care, and others. In 2021, food & beverage dominated the market with the largest market share of 31% and market revenue of 14.15 billion. Extensive utilization of different products, such as trays, clamshells, and containers by foodservice outlets and packaged food factories contributed to the increased percentage for this segment.
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Regional Segment Analysis of the Thermoform Packaging Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global thermoform packaging market, with a market share of around 33.4% and 15.24 billion of the market revenue in 2021. Due to several significant players in this region, North America is the greatest contributor in terms of market revenue. The Asia Pacific is expected to rise the fastest during the forecast period. Owing to some of the key players in the region, such as Sonoco Products Company, D&W Fine Pack, Anchor Packaging Inc., etc. Also, the comprehensive research & development actions have resulted in the large-scale adoption of thermoformed packaging in the north region.
Key players operating in the global thermoform packaging market are:
• Amcor Ltd.
• Anchor Packaging
• Bemis Company Inc
• D&W Fine Pack
• Dart Container Company
• Display Pack Inc
• DS Smith Plc.
• Lacerta Group Inc
• Sealed Air Corporation
• Somoco Products Company
• Tray Pack corporation
• West Rock Company
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global thermoform packaging market based on the below-mentioned segments:
Global Thermoform Packaging Market by Product Type:
• Clamshell Packaging
• Blister Packaging
• Skin Packaging
Global Thermoform Packaging Market by Material:
• Paper & Paperboard
Global Thermoform Packaging Market by Heat Seal Coating:
• Hot Melt-Based
Global Thermoform Packaging Market by End User:
• Food & Beverage
• Home & Personal Care
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About the report:
The global thermoform packaging market is analysed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.