Thermoformed Packaging Market to Grow by USD 13.86 Billion (2024-2028), Boosted by Food Delivery Demand and AI-Powered Market Evolution - Technavio

NEW YORK, Oct. 24, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global thermoformed packaging market size is estimated to grow by USD 13.86 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.85%  during the forecast period. Growing adoption of food delivery and takeaway services is driving market growth, with a trend towards emergence of tamper-proof thermoformed packaging. However, volatility in raw material prices needed for thermoformed packaging  poses a challenge - Key market players include Amcor Plc, BBC Packaging SL, Berry Inc., CTCI Production, Dart Container Corp., DM THERMOFORMER, Dordan Manufacturing Co., Huhtamaki Oyj, EasyPak LLC, ENVAPLASTER SA, ITC Packaging, Lacerta Group LLC, NEFAB GROUP, Placon Corp., Prent Corp., Sealed Air Corp., Silgan Holdings Inc., Sinclair and Rush Inc., Sonoco Products Co., Tekni Plex Inc., UltraPak Australia Pty Ltd., and USK Balaji Plast Pvt. Ltd..

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Market Driver

In various industries, including food, beverage, and healthcare, product integrity is paramount. With increasing regulatory complexity and demands, reputational risks are rising. End-users face threats from criminal damage, theft, and counterfeiting, necessitating tamper-proof thermoformed packaging. This type of packaging offers maximum protection during storage and transit of valuable or sensitive goods. Visible tamper evidence is a key feature, ensuring consumers are informed if the packaging has been breached. The demand for tamper-proof thermoformed packaging is surging, leading end-users to prioritize its adoption for product safety. In December 2022, Placon Corp. Introduced the Crystal Seal Cravings line, made from recycled PET material, as a tamper-evident packaging solution. The availability of innovative products like this may boost sales and drive the growth of the global thermoformed packaging market. 

The Thermoformed Packaging Market is experiencing significant growth, particularly in the Food and Beverage sector. Custom packaging solutions are in high demand, catering to Organized Retail and E-retail channels. Frozen meat products and Prepared Foods, including Ready Meals, are driving the market. Packaging trends prioritize Environmental Sustainability, with Plastic Molding Technology advancing through Vacuum Forming and Pressure Forming. Material selection focuses on Eco-friendly materials, Biodegradable materials, and Lightweight Construction. Product quality and Innovation are key, with long Shelf Life and Contamination Protection essential. Sustainable Packaging and Eco-friendly Products are becoming the norm, addressing Carbon Emissions and Environmental Pollution concerns. Thermoform Packaging offers Customizable designs, Recycling Infrastructure compatibility, and Barrier Properties, making it a preferred choice for Nuclear Families and Convenience Food Products. 

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Market Challenges

• The thermoformed packaging market relies heavily on raw materials such as ethylene, styrene, and propylene, primarily sourced from the oil and gas industry. Crude oil price volatility, as seen in recent years with the COVID-19 outbreak and the Russia-Ukraine War, significantly impacts the cost of these raw materials. In March 2022, WTI and Brent crude oil prices reached their highest levels since 2008, at USD133 and USD139.130 per barrel, respectively. These increases in crude oil prices lead to higher production costs for downstream products like polyethylene and propylene, negatively affecting the global thermoformed packaging market during the forecast period.
• The Thermoformed Packaging Market faces several challenges in today's business landscape. Customers demand customizable designs, longer shelf life, and superior contamination protection. Lightweight construction is essential for reducing transportation costs, but it can compromise barrier properties against water and grease. Recycling infrastructure and environmental concerns are key issues, with a shift towards sustainable and eco-friendly products using biodegradable materials. Plastic dominance in the market, especially in sectors like healthcare, food, and prepared meals, presents challenges in terms of sustainability and pollution. Aging populations, healthcare awareness, urbanization, e-commerce, and the foodservice industry drive demand for thermoformed packaging in various forms, including blister packaging, tamper-evident seals, and modified atmosphere packaging. Thermoforming processes like thin gauge and thick gauge use thermoplastic sheets and molds to create containers, trays, clamshells, and other packaging solutions for industries like pharmaceuticals, food, and e-food delivery. Materials like Polyethylene Terephthalate, Polyvinyl Chloride, High Density Polyethylene, and Polypropylene offer different benefits, such as moisture protection and recyclability.

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Segment Overview 

This thermoformed packaging market report extensively covers market segmentation by  

1. Product Type
• 1.1 Blister packaging
• 1.2 Clamshell packaging
• 1.3 Skin packaging
• 1.4 Others
2. End-user 
• 2.1 Food and beverages
• 2.2 Pharmaceuticals
• 2.3 Personal care and cosmetics
• 2.4 Others
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Blister packaging-  Blister packaging is a cost-effective solution in the pharmaceutical industry for packaging various products, particularly over-the-counter (OTC) drugs. The process involves heating plastic films like polyvinyl chloride (PVC) and polystyrene (PS) to mold them into small cavity blisters. Compared to other packaging methods, such as rigid bottles, blister packaging offers space productivity benefits. Pharmaceutical manufacturers significantly rely on packaging to maintain profitability. For instance, OTC drug packaging costs are often higher than the drugs themselves. Common packaging types include glass bottles, plastic bottles, and blister packs. Among these, blister packaging is the most economical option throughout the pharmaceutical product's supply chain, including packaging line operation, shipping, distribution, inventory, and dispensing. Moreover, blister packaging is more sustainable as it generates less landfill waste compared to plastic and bottle packages. Additionally, its manufacturing process requires less energy and carbon emissions than that of plastic and glass bottle manufacturing. These advantages are anticipated to boost the demand for blister packaging and contribute to the growth of the thermoformed packaging market in the forecast period.

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Research Analysis

Thermoformed packaging is a modern packaging solution that utilizes plastic sheets and molds to create custom, lightweight packages. This type of packaging offers excellent shelf life and contamination protection for various products, including food and pharmaceuticals. Thermoforming comes in two main types: thin gauge for delicate items and thick gauge for heavier products. Customizable designs are a key advantage, making it suitable for packaged food, prepared food, packaged meat, seafood products, oral solid doses, and more. Recycling infrastructure is essential for the sustainability of thermoformed packaging. Thermoplastic sheets and advanced molding technologies, such as vacuum forming and pressure forming, enable the creation of packages for prepared foods, ready meals, and e-retail channels. Material selection is crucial, with eco-friendly options increasingly popular. Moisture protection is another significant benefit for food products.

Market Research Overview

Thermoformed packaging is a versatile solution for various industries, offering customizable designs and excellent barrier properties. It utilizes plastic sheets that are heated and formed over molds, resulting in lightweight and protective containers, trays, and clamshells. Shelf life and contamination protection are key benefits, making it ideal for packaged food, prepared meals, and healthcare products. Recycling infrastructure and environmental concerns have led to the development of eco-friendly materials like biodegradable plastics and sustainable alternatives. Thin gauge thermoforming is popular for single-serve packaging, while thick gauge is used for containers and trays. Material selection, such as Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), High Density Polyethylene (HDPE), and Polypropylene (PP), impacts the final product's properties. Thermoforming technologies like vacuum and pressure forming cater to food and beverage, foodservice, and e-food delivery industries. Packaging trends focus on environmental sustainability, plastic molding technology, and material innovation. Urbanization, aging population, healthcare awareness, and e-commerce contribute to the market's growth. Thermoformed packaging protects and preserves products, ensuring product quality and consumer convenience.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product Type
• Blister Packaging
• Clamshell Packaging
• Skin Packaging
• Others
• End-user
• Food And Beverages
• Pharmaceuticals
• Personal Care And Cosmetics
• Others
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio