The global thermoform packaging market size is estimated to be around USD 55.5 billion in 2024 and is anticipated to reach a value of USD 76.1 billion by 2034. Sales are projected to report a CAGR of 3.2% over the forecast period. Revenue generated by thermoform packaging in 2023 was of a valuation of USD 53.4 billion.
Thermoform packaging is widespread due to its strength, durability, and tamper resistance, which not only protects items but also prolongs shelf life and streamlines access. In the food product packaging sector, such distinctive and practical design is crucial for guaranteeing a durable and safe product.
The demand for thermoform packaging is augmenting as such packaging offers benefits like low production costs, rapid product development, prototyping, and lower tooling costs compared to injection and rotational molding. Thermoform packaging may be up to 15% less expensive than plastic injection molding, based on research, suggesting that the industry is going to utilize it extensively in the forthcoming decade.
Manufacturers opted for thermoforming, a plastic-forming process that involves heating inflexible materials to make them moldable. It differs from pressure forming and vacuum forming, which consists of heating plastic sheets, pushing them onto a mold, and going against it. Vacuum forming creates permanent objects like roadway signs and protection covers.
Unit dose packaging for medicines, blister packs, over-the-counter medications, health and beauty goods, and plastic trays for food-related products are just a few examples of products that are packaged using a variety of thermoforms. In the food and beverages, electronics, and pharmaceutical sectors, thermoform packaging is employed when the force applied to a plastic sheet surpasses 15 pounds per square inch.
Thermoform packaging delivers flexibility, low operational costs, and customization for large-scale production, making it ideal for last-minute orders. The thermoforming packaging market is anticipated to be operated by single-use plastic prohibition and stringent regulations to combat pliable pollution.
Sales of thermoforming packaging are projected to rise as a result of their contribution to the reduction of plastic waste. The simplicity of use and reduced resource consumption of this technology may be countered in the near future by its popularity among end-user enterprises.
| Attributes | Description |
|---|---|
| Estimated Global Thermoform Packaging Industry Size (2024E) | USD 55.5 billion |
| Projected Global Thermoform Packaging Industry Value (2034F) | USD 76.1 billion |
| Value-based CAGR (2024 to 2034) | 3.2% |
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Growing Need from the Food and Beverage Industry
The food and beverage industry uses a lot of thermoformed plastic products to package foods, including meat, dairy products, drinks, ready-to-eat cuisine, and baked goods. In addition to providing strength, adaptability, and ease of transportation, such edibles also prolong shelf life and reduce contamination.
Global evolution in the food and beverage sector necessitates packaging solutions that guard against tampering, severe temperatures, moisture, oxygen, and physical stress. Manufacturers are choosing to safeguard their products with creative and useful packaging solutions.
The sector is developing due to consumer demand for processed, ready-to-eat foods that can be consumed on the move. Thermoformed plastic packaging is becoming popular in the food service market because it has good sealing, durability, and tamper-resistant qualities.
Bespoke Beverage Packages Pushes Sales of Sustainable Packaging
The beverage industry is focusing on thermoformed plastic packaging for safety during transport, attracting consumers who prefer convenience and on-the-go drink packaging. Market players are performing several strategies to develop novel customized and sustainable packaging for drinks.
For instance, the PET Recycling Coalition, led by The Recycling Partnership, awarded grants in April 2023 to enhance PET recycling efficiency at material recovery facilities and PET reclaimers, focusing on PET thermoforms, rPET supplies, and improved PET bottle and container capture.
Biodegradable and compostable materials are becoming prevalent as the beverage sector makes a big push towards sustainable materials. With a desire for convenience and drink containers that can be carried with them wherever they go, consumers are expecting packaging solutions that respect the environment.
Stringent Usage of Raw Material to Hamper Demand
Manufacturers from emerging economies such as India and China are working to address single-use plastic pollution, focusing on waste management and awareness. However, challenges include the availability of raw materials and certain properties.
Non-sustainability packaging alternatives for thermoform products hinder the market size and the rise in plastic product development and disposal rules.
Manufacturers are shifting towards biodegradable, sustainable, and bio-derived polymers, leading to a decline in sales. The use of strong adhesives in PET complicates recycling processes and raises recycling costs, further limiting industry expansion.
The global market recorded a CAGR of 2.5% during the historical period between 2019 and 2023. Market growth of thermoform packaging was positive and reached a value of USD 53.4 billion in 2023 from USD 47.1 billion in 2019.
Sales for thermoform packaging augmented between 2019 and 2023 as a consequence of demand from the electrical, pharmaceutical, and food and beverage industries.
A number of advantages provided by thermoform packaging have helped to fuel the industry's expansion globally between 2024 and 2034. These advantages include increased use and convenience, longer shelf life and freshness retention of food, lower packaging costs for food products, no material waste, and easier customization of packages.
The food sector has found thermoform packaging to be a useful solution, offering a number of benefits that support its widespread use and ongoing expansion.
The demand for pharmaceutical drugs is propelling expansion in the pharmaceutical industry in many emerging regions, such as the Asia Pacific and Latin America. The popularity of affordable, environmentally friendly packaging options, such as thermoformed packaging goods, is being aided by the growth of the pharmaceutical industry.
The sales of thermoform packaging is estimated to reach up to USD 76.1 billion by 2034. As sustainability and cost-efficiency remain key considerations for businesses and consumers alike, thermoform packaging is well-positioned to continue its successful trajectory.
Principal Consultant
The section below discusses the country-level forecast for the thermoform packaging industry. It includes information on significant nations in North America, Asia Pacific, Europe, and other regions. The United States is estimated to remain the leader in North America, with a 2% CAGR until 2034. In South Asia and the Pacific, India is anticipated to register a CAGR of 5.5% by 2034, trailing China at 4.7%.
| Countries | CAGR 2024 to 2034 |
|---|---|
| United States | 2% |
| Canada | 1.6% |
| Germany | 1.4% |
| United Kingdom | 1.7% |
| China | 4.7% |
| India | 5.5% |
Large packaged food firms and organized retail's extensive reach were the main factors of the food service market's notable expansion in the United States in 2024. Furthermore, the growth of the industry was assisted by the existence of significant thermoform packaging producers that aimed to acquire a competitive advantage by launching novel products.
The increased consumption of frozen meat and packaged baked goods also played a significant role in shaping the regional market landscape. Looking ahead, the United States thermoform packaging industry is projected to achieve a CAGR of 2% during the forecast period spanning from 2024 to 2034.
Thermoform packaging in China is anticipated to register a CAGR of 4.7% between 2024 and 2034. Consumers are spending more and more money on online merchants.
The expansion of the thermoform packaging industry in China is being compelled by many factors, including manufacturers' changing priorities for sustainable packaging and the increasing disposable income of citizens in China.
Customers' hygiene and safety protocols are high. Additionally, customers' concerns about costs are increasing. Therefore, packaging companies would take significant steps to achieve scale in order to thrive in a competitive ecosystem in China.
India is projected to showcase a CAGR of 5.5% in the forecast period. The growing industrialization trend in the country is projected to play a significant role in pushing demand for sustainable packaging solutions such as containers and trays. Food and beverage manufacturers in the country are moving toward thermoform packaging solutions to attract consumers and retain the flavor of edibles.
In India, food packaging needs good oxygen/moisture barriers, physical stress, temperature, contamination protection, and tamper resistance. Thermoform packaging offers durability, resilience, and enhanced sealing capabilities, extending shelf life and allowing easy access, leading to increased adoption by industry players.
The section contains information about the leading segments in the industry. In terms of product type, the blister packs segment is estimated to account for a share of 36.1% through 2034. By end-use, the food packaging category is projected to dominate by holding a share of 46.4% in 2034.
| Segment | Blister Packs (Product Type) |
|---|---|
| Value Share (2024) | 36.1% |
Manufacturers utilize thermoform packaging because it is simple and economical to ship in blister packs. The two main forms of thermoforming used in food, medicine, electronics, and home care items are thin-gauge and thick-gauge. The demand for blister packs is projected to acquire a revenue share of 36.1% in 2024.
Blister packs are becoming increasingly popular due to their convenience, dosage control, and tamper-proof properties. The growing demand for pharmaceuticals due to chronic disease cases and health awareness is driving sales.
The blister packaging is transforming with the use of innovative technologies like RDFI tags and sensors, aiming to address medication adherence challenges. Since blister packaging offers better price, mobility, and resistance to moisture and oxygen, the pharmaceutical industry is moving toward it for oral solid doses. Food manufacturers also use thermoform packaging because of its aesthetic appeal, affordability, and low weight.
| Segment | Food (End Use) |
|---|---|
| Value Share (2024) | 46.4% |
The food end-user industry segment dominated the market with a sales share of 46.4% in 2024, helmed by the extensive utilization of containers, trays, and clamshells by packaged food manufacturers and food service establishments.
Because of their improved quality, longer shelf lives, and tight seals, thermoformed plastics are becoming more popular in the food packaging industry. These polyethylene and polypropylene polymers are used in food packaging, which helps fast-food chains, convenience stores, bakeries, and caterers.
The increasing consumer demand for convenient food products, influenced by changing lifestyles, is envisioned to boost the adoption of thermoform products in this sector. However, the trend towards sustainable packaging, particularly molded pulp products, may impede the segment's growth.
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Leading producers in the thermoform packaging industry are creating and introducing new goods to the market. Augmenting geographical presence and merging with other companies are the primary goals. Partnerships and collaborations for new product development with regional brands and start-up businesses are becoming more prevalent.
Due to the growing need for industrial facilities in areas with immense promise, manufacturers have made large financial investments in these facilities. These are anticipated to provide many possibilities since they provide eco-friendly ways to safeguard goods.
The start-ups have been creating packaging solutions that are zero-waste and sustainable. They have been using the pay-per-use concept, which lowers the packing expenses.
Industry Updates
The industry is segregated into blister packs, clamshells, containers, trays and lids, as well as cups and bottles.
In terms of material, the industry is divided into plastic, paper, and aluminium. The plastic material is further segmented into Polyethylene Terephthalate (PET), Polypropylene (PP), Polyethylene (PE), and other plastics.
The industry is trifurcated into vacuum, pressure, and mechanical, based on the process type.
Few of the leading end-used include food, beverages, pharmaceuticals, cosmetics and personal care, homecare and toiletries, industrial goods, electrical and electronics.
Key countries of North America, Latin America, East Asia, South Asia and Pacific, Western Europe, Eastern Europe, and the Middle East and Africa are covered.
The industry is set to witness a CAGR of 3.2% by 2034.
The industry witnessed a CAGR of 2.5% from 2019 to 2023.
In 2024, the industry is anticipated to reach USD 55.5 billion.
The United States is estimated to lead by showcasing a 2% CAGR through 2034.
The market is set to reach USD 76.1 billion by 2034.
1. Executive Summary
2. Industry Introduction, including Taxonomy and Market Definition
3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
5. Pricing Analysis
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
6.1. Material
6.2. Product
6.3. Heat Seal Coating
6.4. End User
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Material
7.1. PET
7.2. PVC
7.3. PS
7.4. PP
7.5. PE
7.6. Others
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product
8.1. Blister
8.2. Clamshell
8.3. Skin Packaging
8.4. Trays & Lids
8.5. Containers
8.6. Others
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Heat Seal Coating
9.1. Hot Melt-Based
9.2. Solvent-Based
9.3. Water-Based
10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End User
10.1. Food & Beverage
10.2. Personal Care & Cosmetics
10.3. Pharmaceuticals
10.4. Electronics
10.5. Homecare
10.6. Others
11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
11.1. North America
11.2. Latin America
11.3. Western Europe
11.4. South Asia
11.5. East Asia
11.6. Eastern Europe
11.7. Middle East & Africa
12. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
13. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
16. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
17. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
18. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
19. Sales Forecast 2024 to 2034 by Material, Product, Heat Seal Coating, and End User for 30 Countries
20. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
21. Company Profile
21.1. Sonoco Products Company
21.2. Placon Corp.
21.3. Display Pack, Inc.
21.4. Pactiv LLC
21.5. Amcor
21.6. Mondi Group
21.7. Dart Container Corp.
21.8. Constantia
21.9. Tray-Pak Corp.
21.10. D&W Fine Pack
21.11. Lacerta Group, Inc.
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Thermoform Packaging Market
