Booming Food Industry Extends Ample Growth Opportunities for Global Thermoform Packaging Market
The global thermoform packaging market has been displaying steadfast growth over the past couple of years. Thermoform packaging offers several advantages in terms of quality and cost not found in conventional packaging solutions. This has been significant for the uptake of thermoform packaging across several industry sectors such as food and beverages, electronics, pharmaceutical, and semiconductors. The lightweight of thermoform packaging along with its versatility are further upping the sales of thermoform packaging. The increasing importance of packaging so as to add value to products has also been instrumental for product manufacturers to develop attractive packaging solutions.
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In a recent market study published by Transparency Market Research (TMR), the global thermoform packaging market was pegged at US$36.4 bn in 2016. Displaying a CAGR of 5.9% between 2016 and 2024, the market is expected to reach a valuation of US$57.6 bn by 2024.
In this blogpost TMR analysts present answers for some of the key questions regarding the global thermoform packaging market:
Q. Which is the key end-use industry for thermoform packaging and why?
A. The exponential growth of the food industry presents innumerable growth opportunities to the global market for thermoform packaging. The global food industry estimated to be worth US$3 trillion by 2020 is benefitting several ancillary industries of which the packaging industry is a major one.
With changing lifestyle the booming demand for ready-to-eat foods is benefitting the thermoform packaging market. Consumers are opting for packaged foods that are easy to cook or ready to serve and have a longer shelf life. Additionally, increased importance on presentation of the product and efforts to create a brand image by means of differentiator packaging is anticipated to up sales of thermoform packaging over the forthcoming years.
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Q. Which is the leading regional market for thermoform packaging?
A. North America holds a dominant share in the global thermoform packaging market. The presence of major retail brands has been the major factor for the growth of this regional market. The strengthening foothold of retailers such as the Walmart Stores and the Kroger Co. is also expected to benefit the growth of the thermoform packaging market in this region.
However, analysts expect Asia Pacific to display an excellent growth rate in the global market for thermoform packaging. Changing eating habits with an increased spending on ready to eat foods is expected to spur the growth of the thermoform packaging market in this region.
Q. Which is the leading packaging type in the thermoform packaging market?
A. Of the several packaging types, the segment of blister packaging is expected to display significant momentum due to its increasing adoption in pharmaceuticals. Several pharmaceutical companies are increasingly using blister packaging as it reduces chances of product contamination. The segment of blister packaging is expected to hold a share of 41.6% of the global market by 2024.
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