Thermoform Packaging Market Summary

The global thermoform packaging market size was valued at USD 42.86 billion in 2020 and is projected to reach USD 64.21 billion by 2028, growing at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2028. The increasing demand for packaged food, including ready-to-eat meals, prepared food, and packaged meat and seafood products, is a major factor fueling market growth. Additionally, the rapid expansion of organized retail chains and the growing penetration of e-commerce platforms worldwide are contributing significantly to the rising consumption of thermoform packaging solutions during the forecast period.

In the thermoforming process, a thermoplastic sheet is heated until it reaches its softening point and then molded into the required shape using specialized molds. This process typically employs heat, vacuum, and pressure to achieve the desired form. Thermoforming is categorized into two main types: thin-gauge and thick-gauge. Thin-gauge thermoforming is widely utilized for producing lightweight packaging products such as trays, blisters, and clamshells, which are extensively used in sectors like food, pharmaceuticals, electronics, and home care. Thick-gauge thermoforming, on the other hand, is used for manufacturing durable packaging components and industrial parts requiring greater rigidity and strength.

Key Market Trends & Insights

• North America dominated the market with a revenue share of 27.7% in 2020, supported by the well-established packaging industry, high consumption of packaged foods, and technological advancements in material processing.
• Asia Pacific is anticipated to be the largest as well as the fastest-growing regional market from 2021 to 2028. The region’s growth is attributed to rising disposable incomes, expanding food processing industries, and increasing adoption of convenient packaging solutions driven by urbanization and lifestyle changes.
• Based on material, the Polyethylene Terephthalate (PET) segment led the market and accounted for more than 44% of the global revenue share in 2020. PET is preferred due to its high transparency, strength, recyclability, and barrier properties, making it suitable for food and beverage packaging applications.
• In terms of product type, the containers segment dominated the global market with a revenue share of over 26% in 2020. Containers are widely used for packaging food products, dairy items, and medical supplies due to their durability, lightweight design, and cost-effectiveness.
• Based on end-user, the food and beverage segment accounted for the highest revenue share of over 51% in 2020, driven by the growing consumption of ready-to-eat meals, bakery items, dairy products, and beverages that require reliable and hygienic packaging solutions.

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Market Size & Forecast

• 2020 Market Size: USD 42.86 Billion
• 2028 Projected Market Size: USD 64.21 Billion
• CAGR (2021 - 2028): 5.2%
• North America: Largest market in 2020
• Asia Pacific: Fastest growing market

Key Companies & Market Share Insights

The market is highly competitive with the presence of both public as well as private players. The market participants compete primarily on the basis of product differentiation and cost and services offered. Pactiv LLC emerged as the market leader in 2020 owing to its robust product offering, particularly for the food & beverage industry, and strong presence in North America.

Companies operating in the market offer a wide range of products made from different materials that are available in a variety of shapes and sizes. Moreover, they also offer custom packaging products to suit specific customer requirements. Acquisition emerged as a key strategy preferred by industry players to expand their product portfolio, clientele, and geographic reach. For instance, in January 2020, Sonoco Products Company completed the acquisition of Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD., which was aimed at expanding its product portfolio and clientele across the globe. 

Key Players

• Amcor
• Sonoco Products Company
• Placon Corp.
• Display Pack, Inc.
• Pactiv LLC
• 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

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Conclusion

The global thermoform packaging market is expected to witness steady growth, driven by increasing demand for convenience-based and hygienic packaging solutions across multiple industries. The food and beverage sector will continue to be the leading end-user, supported by lifestyle changes and the rising popularity of packaged products. Technological advancements in materials and manufacturing processes, coupled with the trend toward sustainable and recyclable packaging, are expected to shape the future of the industry. Additionally, rapid industrialization in emerging economies and the expansion of e-retail networks will further boost global demand, making thermoform packaging an integral part of modern product distribution systems.