Transparency Market Research has observed that the top three players operating in the global thermoform packaging market are Bemis Company, Inc., Amcor Limited, and Sonoco Products Company based on revenue. “These players are expected to expanding their product portfolio to cater to the growing needs of pharmaceutical and medical packaging sector in the coming few years,” states the lead author of this research report. Companies are also expected to focus on innovative ways of improving design using 3D modeling techniques, visual product rendering, and rapid prototyping.
According to the research report, the global thermoform packaging market is expected to reach US$57.6 bn by the end of 2024 as compared to US$36.4 bn in 2016. During the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 5.9%.
Blister Packaging becomes Preferred Choice for Companies Owing to its Advantages
The packaging types available in the global market are blister packaging, clamshell packaging, skin packaging, and others such as tubs and cups. Of these, the blister packaging type is expected to be gain a significant momentum in the coming years due to its growing adoption in sectors such as pharmaceuticals. Several pharmaceutical packaging companies are expected to make extensive use of blister packaging type as it reduces chances of contamination to the product. Analysts anticipate that the blister packaging segment will acquire a share of 41.6% by the end of 2024.
In terms of geography, the global thermoform packaging market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Of these, North America is expected to dominate the global market during the forecast period. The strengthening foothold of several retail chains such as The Kroger Co. and Walmart Stores is expected to fuel the demand for thermoform packaging in the region. By the end of 2024, the North America thermoform packaging market is expected to acquire a share of 37.9% in the overall market.
Efforts to Improve Shelf Life of Food Products Increase Uptake of Thermoform Packaging
The estimation that the global food industry is likely to be worth US$3 trillion by 2020, presents innumerable growth opportunities to the global thermoform packaging market. The stupendous rise of the food industry is expected to stir up a relentless demand for allied industries such as packaging in the coming few years. Analysts predict that booming demand for seafood, poultry, and meat is expected to augment the sales of thermoform packaging as growing number of consumers are opting for packaged food items that have a longer shelf life of the product. Additionally, increased focus on the presentation of the product and emphasis on indelible marketing tactics to outline brand differentiation is expected to up the sales of thermoform packaging in the next few years.
Inability to Support Heavy Items to Work against Growth of Global Market
Though the demand for thermoform packaging has witnessed a spike in recent years, there continues to be certain skepticism surrounding the usage of these packaging materials and types for heavy items. As several food and beverages manufacturers are planning to launch their products in significant volumes, they are reconsidering using thermoform packaging as it not the sturdiest option.
This review is based on Transparency Market Research’s report, titled “Thermoform Packaging Market - Global Industry, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global thermoform packaging market is segmented below
By Packaging Type
- Blister Packaging
- Clamshell Packaging
- Skin Packaging
- Others (tubs, cups)
- Meat Products
- Bakery & Confectionary
- Food service products
- Cosmetics & personal care
- Industrial goods
- North America
- Latin America
- Asia Pacific
- Middle East & Africa