The three leading players in the global thermoform market based on revenue are Sonoco Products Company, Amcor Limited, and Bemis Company Inc., observes Transparency Market Research (TMR) in a research report. “These companies are likely to expand their product portfolio in order to cater to the burgeoning needs of the medical packaging and pharmaceutical sector in the coming years.” says a TMR analyst. Companies are also anticipated to put emphasis on various innovative ways for improving the design by employing rapid prototyping, 3D modeling techniques, and visual product rendering.
The TMR report states that the global thermoform packaging market is expected to exhibit a 5.9% CAGR from 2016 to 2024. The market was worth US$36.4 bn in 2016 and is expected to touch a valuation of US$57.6 bn by 2024.
Advantages of Blister Packaging to Make it Popular among Consumers
The global thermoform packaging market is classified into skin packaging, clamshell packaging, blister packaging, cups, and tubs. Amongst these, the segment of blister packaging emerged dominant is further anticipated to gain momentum over the coming years owing to its rising adoption across several industries such as pharmaceuticals and medical. Many pharmaceutical companies are likely to employ blister packaging highly as it is known for reducing the chances of contamination in the product. It has been projected by the analysts that the segment will account for a share of approximately 41.6% by 2024. The applications of thermoform packaging are in electronics, industrial goods, personal care and cosmetic, pharmaceutical, and food and beverages industry. Out of these, the food and beverages industry is likely to the leading consumer of thermoform packaging owing to the growing consumption of meat and frozen and packaged food products. The pharmaceutical industry is likely to register strong growth due to rising sales of medicines across the globe.
Geographically, the market is divided into the Middle East and Africa, Europe, Latin America, and North America. Out of these, the region of North America is likely to lead the global market over the forecast period. The strong foothold of numerous retail chains and retailers such as Walmart Stores and The Kroger Co. are likely to propel the sales of thermoform packaging in the near future in the region. North America is expected to hold a share of 37.9% in the market by 2024.
Improved Shelf Life to Increase Adoption of Thermoform Packaging
The robust growth in the food industry is likely to stir the demand for associated industries such as packaging over the upcoming years. The growing demand for meat, poultry, and seafood is likely to boost the sales of thermoform packaging as consumers are likely to opt for packaged food with advanced shelf life. Moreover, the increasing focus on the presence and packaging of products and rising emphasis on strong marketing strategies to ensure brand differentiation is anticipated to bolster the sales of thermoform packaging over the next years.
Growth to be Hindered due to Inefficiency to Support Heavy Products
In spite of the strong demand for thermoform packaging across several industries, the market is expected to face challenges due to the presence of skepticism surrounding the use of these packaging to support heavy items. As many food and beverages companies are focusing on launching their products in sizeable volumes, they are also reconsidering the use of thermoform packaging as it lacks sturdiness.
This review is based on a Transparency Market Research 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
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