The United States stands as a leader in the thermoform packaging industry due to abundant opportunities and the presence of key players. In 2022, North America held a dominant 29% sales share, driven by major packaged food companies and a robust organized retail presence. The expansion was also propelled by competitive thermoform packaging producers and the high consumption of frozen meat and packaged baked goods. The USA’s thermoform packaging sector is projected to reach around US$ 26.200 million by 2033, with a 6% CAGR during the forecast period.
The thermoform packaging market is poised for substantial growth with an expected Compound Annual Growth Rate (CAGR) of 5.3% throughout the forecast period. Predicted to increase from US$ 50.390 million in 2023 to US$ 84.450 million by 2033, the market’s expansion is driven by several key factors.
Compared to alternative molding processes like injection and rotational molding, thermoforming offers distinct advantages such as cost-efficiency for smaller production volumes, rapid product development, prototyping, and lower tooling costs. Research indicates that thermoform packaging can be up to 15% more cost-effective than packaging derived from plastic injection molding, contributing to its substantial adoption potential in the forecasted period.
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Particularly in the food product packaging sector, where robust protection against oxygen/moisture barriers, physical stress, temperature fluctuations, contamination, and tampering is crucial, thermoform packaging’s attributes excel. Its durability, resilience, and tamper-resistant qualities not only safeguard products but also enhance their shelf life and accessibility. Consequently, the adoption of thermoform packaging is experiencing growth within the industry, promising a significant market presence in the coming years.
The thermoform packaging market size is projected to be valued at US$ 50.390 Mn in 2023 and it is anticipated to surpass US$ 84.450 Mn by 2033. The adoption of thermoform packaging is anticipated to rise at a CAGR of 5.3% during the forecast period.
The food and beverage industry extensively utilizes thermoform packaging for its convenience, hygiene, and attractive presentation. Additionally, the pharmaceutical, electronics, and consumer goods sectors benefit from thermoform packaging’s customizability and ability to accommodate various product shapes and sizes. As sustainability gains importance, the market has witnessed innovations in eco-friendly and recyclable thermoform packaging, further driving its widespread adoption.
Thermoforming technology has advanced to enable personalized packaging options that draw customers and raise the likelihood that they will purchase at the point of sale. It takes little time to prototype new packaging goods. The global market for thermoform packaging is also growing rapidly due to the increased demand for lightweight packaging goods. To address cost-related issues throughout the value chain, several manufacturers have started employing lightweight packaging goods.
Additionally, as an alternative to conventional petroleum-based polymers, producers are leaning toward biodegradable, bio-derived, and recyclable polymers. Therefore, it is anticipated that increased government restrictions and rising environmental concerns about the disposal of plastic packaging items would slow the growth of the worldwide market.
Key Takeaways from the Thermoform Packaging Market
- In 2022, the Polyethylene Terephthalate (PET) segment accounted for more than 51% of the market share.
- By Product, the container segment dominated the market from 2023 to 2033, with a share of 27%.
- Between 2023 and 2033, the Food & Beverage Sector had a 52% Share of the End end-user market for Thermoform Packaging.
- By 2033, the thermoform packaging market in the United States is projected to be worth over US$ 26.200 Mn, expanding at a CAGR of 6%.
- Germany’s thermoforming packaging market is anticipated to see one of the quickest rates of growth in Europe, rising at a CAGR of 5.6% during the forecast period.
- By 2033, the thermoform packaging market in China is projected to be worth US$ 15.250 Mn, expanding at a CAGR of 7%.
- Japan’s thermoform packaging market is anticipated to reach US$ 1.420 Mn in value, growing at a CAGR of 5% over the forecast period.
- By 2033, the thermoform packaging market in South Korea is anticipated to be worth US$ 14.3 Mn, growing at a CAGR of 3.3%.
Who is Winning?
Competitors have merged with and acquired other companies in the thermoforming sector, which has helped them boost their market share. Through continual research and development projects, market participants have also been able to incorporate improvements in their goods that allow them to provide sustainability to their clients.
Some of the significant participants that are included in the report are Mondi Group, Placon Corp., Display Pack, Inc., Pactiv LLC, Amcor, Sonoco Products Company, Dart Container Corp., Constantia, Tray-Pak Corp., D&W Fine Pack, Lacerta Group, Inc., RPC Group Plc, Silgan Holdings, Inc., Sinclair & Rush, Inc. Rompa Group.
Thermoform Packaging Market Report Scope
| Attribute | Details |
| Forecast period | 2023 to 2033 |
| Historical data available for | 2018 to 2022 |
| Industry analysis | US$ Million in value |
| Key regions covered |
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| Key countries covered |
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| Key companies profiled |
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| Report Coverage |
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| Customization and Pricing | Available upon request |
Recent Developments in the Thermoform Packaging Market
- In October 2019, COEXPAN unveiled CorePET, a brand-new 100% rPET sheet developed exclusively for the thermoform packaging industry.
- The Mondi Group created a polypropylene film that is 100% recyclable for use in thermoforming flexible films for modified atmosphere packaging (MAP) and vacuum packaging to extend the shelf life of products like meat and cheese. The device offers a 23% reduction in carbon footprint compared to conventional packaging and is completely recyclable in existing waste streams. The internal barrier layer accounts for less than 5% of the whole structure.
- Pactiv LLC took the lead in the market in 2020 as a result of its wide range of products, particularly for the food and beverage industry, and strong North American presence.
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Thermoform Packaging Market Segmentation by Category
By Material:
- PET
- PVC
- PS
- PP
- PE
- Others
By Product:
- Blister
- Clamshell
- Skin Packaging
- Trays & Lids
- Containers
- Others
By Heat Seal Coating:
- Hot Melt-Based
- Solvent-Based
- Water-Based
By End User:
- Food & Beverage
- Personal Care & Cosmetics
- Pharmaceuticals
- Electronics
- Homecare
- Others
- Food & Beverage
- Healthcare
- Laboratories
- Automotive
- Cosmetics
Related Reports:
Thermoformed Skin Packaging Market Size: According to Future Market Insights research, during the projected period, the global thermoformed skin packaging market is set to enjoy a market valuation of US$ 22.6 billion in 2023, and register a CAGR of 6.3% to reach US$ 41.6 billion by 2033.
Vacuum Thermoformed Packaging Market Share: Plastics have evolved into one of the most essential parts of packaging in modern times. Plastics are taking over the packaging industry. Thermoforming is the process of heating plastic sheets to make them flexible, fabricating and shaping them into the desired shape. Thermoforming is extremely sustainable when it comes to materials and manufacturing.
Packaging Laminates Market Demand: The packaging laminates market size is projected to be valued at US$ 6,274.7 million in 2022 and is expected to rise to US$ 10,410.2 million by 2033.
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