The global thermoform packaging market has gained impetus owing to the growing emphasis of consumers on quality packaging. Numerous manufacturers are adopting attractive and innovative solutions for packaging to gain a competitive advantage over their competitors through effective campaigning. These efforts have added to the consumption of thermoform packaging in the semiconductors, electronics, pharmaceutical, beverages, and food industries.
Against the backdrop of these, the global market for thermoform packaging is expected to rise at a 5.9% CAGR form 2016 to 2024. In 2016, the market was worth US36.4 bn and is likely to touch US$57.6 bn by 2024.
How will product innovation help in the growth of the market?
The major benefit of thermoform packaging items is that they are extremely light in comparison to the traditional packaging solutions. The fact that thermoform packaging materials have competitive pricing scenario in the market, their demand is thus expected to intensify over the coming years. As several brand owners are opting for cost effective solutions, the consumption of thermoform packaging is also rising among end users. The unique selling point of thermoform packaging solutions is their sheer versatility. The shifting preferences regarding packaging of the food industry which is in dire need of innovation. The global market for thermoform packaging is also expected to benefit from the growing demand for increased shelf life of products. This demand is especially from the meat, poultry, and seafood industry.
What factor is expected to pull the market back?
In spite of thermoform packaging witnessing a hike in its sales over the last couple of years, there is a certain level of skepticism regarding their use in the packaging of heavy products and goods. With numerous food and beverages producers in the verge of launching products in high quantity, the use of thermoform in their packaging is being thoroughly reconsidered. However, a rise in research and development projects is expected to bring out solutions in order to address this problem.
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On which region should manufacturers shift their focus to?
Based on geography, the global market for thermoform packaging has been segmented into Europe, Asia Pacific, the Middle East and Africa, Latin America, and North America. At present, North America enjoys the leading position with the maximum share among all the other regions. This growth can be largely attributed to the prevalence of international retail bands in the thermoform packaging market in North America. Nevertheless, it has been anticipated that Asia Pacific will also witness strong growth over the next couple of years. The market is also expected to receive a shot in the arm in these regions owing to the changing lifestyles, increasing disposable income, and growth of the food and beverages industry.