Global Thermoform Packaging Market Forecast to Reach US$ 57,616 Mn by 2024: Transparency Market Research

Transparency Market Research has published a new market report titled “Thermoform Packaging Market by Packaging Type (blister, clamshell, skin and others), by Material Type (PET, PVC, PP, PE, PS and others), and by Application (Foods, Beverages, Pharmaceuticals, Cosmetic & personal care, industrial goods, electronics) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024.”According to the report, the thermoform packaging market was valued at US$ 34,452.2 in 2015 and is forecast to surpass US$ 57,615.9 Mn by 2024, registering a CAGR of 5.9% between 2016 and 2024.

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Thermoform packaging defines things that are manufactured by heating plastic in a mold to construct a rigid packaging product of a distinct shape. Over the past few years there has been a change in evolution in retail business from local stores to organized retail store. Changing life styles of the people along with the per capita disposable income is attributed to the growth of organized retail sector. So, thermoform packaging is gaining popularity among brand owners due to some various properties such as light weight, visibility. Moreover, thermoform packaging solution is economical than other packaging solutions which is expected to create massive impact in the global thermoform packaging market.

Asia Pacific is expected to be the lucrative region and the region is expected to grow very fast as compare to the other region.  The region is expected to witness CAGR of 7.2% during the forecast period, followed by North America and Europe. Europe and North America are highly regulated and likely to create a substantial demand of retort packaging worth over US$ 21,234.1 Mn in 2016, approximately 5.7% higher than the previous year. Latin America and Middle East is estimated to collectively represent slightly over 4.7% of global thermoform packaging market value, translating into US$ 6,326.0 Mn in 2016.

Asia pacific region is expected to dominate the global thermoform packaging market during the forecast period and also expected to gain 250 basis points. Asia pacific region is expected to provide enormous opportunities in the near future owing to the increasing presence of developing economies such as India, China, Indonesia and ASEAN countries etc. China is expected to be the lucrative market among another countries in Asia Pacific owing to the increasing manufacturers of thermoform packaging along with the availability of cheap labor that in turn accelerates the demand of thermoform packaging. Moreover, organized retail sector is also expected to propel the demand of thermoform packaging. India is also expected to provide immense opportunities for packaging manufacturer on the back drop of the food packaging. In addition, increasing growth in food service industry is also expected to further stimulate the sales of thermoform packaging in the upcoming decade. Also, pharmaceutical companies are also adopting thermoform packaging as a packaging solution that can also create a massive impact in the thermoform packaging. ASEAN countries are also considered to be lucrative market for thermoform packaging manufacturers owing to the increasing growth of cosmetic & personal care industry.

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Some of the key players in thermoform packaging market include Amcor limited, Bemis Company, Inc., Placon Corporation, Sonoco Products Company, HUHTAMAKI GROUP, Tray-Pak Corporation, Display Pack Inc., Anchor Packaging, Inc., PACTIV LLC and  D&W FINE PACK etc.

The global thermoform packaging market are segmented as follows

By Packaging Type

  • Blister Packaging
  • Clamshell Packaging
  • Skin Packaging
  • Others (tubs, cups)

By Material

  • PET
  • PVC
  • PP
  • PE
  • PS
  • Others

By Application

  • Food
    • Meat Products
    • Bakery & Confectionary
    • Dairy
    • Snacks
    • Food service products
    • Others
  • Beverages
  • Pharmaceutical
  • Cosmetics & personal care
  • Industrial goods
  • Electronics

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa
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