The growing emphasis on quality of packaging has lent a significant impetus to the global thermoform packaging market. To make an effective campaign for products and to gain a competitive edge, several manufacturers are looking at innovative and attractive packaging solutions. These efforts have increased the uptake of thermoform packaging in sectors such as food, beverages, pharmaceutical, electronics, and semiconductors. Against this backdrop, the global thermoform packaging market, pegged at US$36.4 bn in 2016, is expected to reach a valuation of US$57.6 bn by the end of 2024. Between the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 5.9%.
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Cost Effectiveness of Thermoform Packaging Products Raises Adoption
The biggest advantage of thermoform packaging products is that they are exceptionally light as compared to conventional packaging solutions. Competitive pricing of thermoform packaging products are also fueling its demand amongst manufacturers as it is being preferred for being a cost effective solution for several brand owners. The sheer versatility of thermoform packaging is anticipated to be its unique selling point boost sales in the coming years. The shifting market dynamics in favor of the global market can also be attributed to the accelerated pace of the food industry that is in dire need of innovative packaging solutions. The growing demand for improved packaging solutions to increase the shelf life of products is expected to fuel the growth of the overall market.
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Food Industry to be Key Consumer of Thermoform Packaging Products
On the basis of packaging type, the global thermoform packaging market is divided into blister, clamshell, skin, and others. Of these, the blister packaging is expected to witness a remarkable growth rate during the forecast period. The growth of this segment will be due to the rising usage of this packaging type in the pharmaceutical industry as it is known to prevent product contamination. Blister packaging is also being used for packaging certain food products. Thermoform packaging is being extensively used in industries such as food, beverages, pharmaceutical, cosmetic and personal care, industrial goods, and electronics. Of these, the food industry is expected to be the key consumer of thermoform packaging as it is extensively used for packaging meat, bakery and confectionary, dairy, snacks, food service, and others. Analysts anticipate that the pharmaceutical segment is also likely to register is significant growth in the forecast period due to the growing acceptance of blister packaging in the medicine and medical devices packaging.
North America to Retain Dominance in Global Market with Strong Presence of Retail Companies
In terms of geography, the global thermoform packaging market is divided into North America, Latin America, the Middle East and Africa, Asia Pacific, and Europe. Presently, North America holds a dominant share in the global market. The presence of big retail brands has been the key factor contributing towards the growth of North America thermoform packaging market. However, analysts anticipate that Asia Pacific is also expected exhibit an excellent growth rate in the global thermoform packaging market. The increasing demand for food service industry along with rising disposable incomes and changing lifestyles are expected to give thermoform packaging market a shot in the arm during the forecast years.
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Some of the leading players operating in the global thermoform packaging market are Amcor limited, Bemis Company, Inc., Sonoco Products Company, Placon Corporation, HUHTAMAKI GROUP, Tray-Pak Corporation, Display Pack Inc., PACTIV LLC, Anchor Packaging, Inc., and D&W FINE PACK etc.
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