Ideal for packaging of both consumable and non-consumable products, and the thermoforms market is flourishing. According to a business intelligence study from Transparency Market Research (Albany, NY), the demand in the global thermoform packaging market will expand at a CAGR of 5.9% during the forecast period of 2017 to 2024. Revenue-wise, the opportunities in this market are estimated to be worth $57.6 billion by the end of 2024.
A number of factors are providing traction for this market, but none are bigger than the food and beverage industry. Radically expanding urban population in emerging economies is exhibiting eating habits that are advantageous for vendors who produce packaged food products, and thermoforming is among their preferred methods.
“Consumers are spending more time at work and those working in offices and elsewhere prefer to eat food at their desk, much of which is sold or delivered in thermoform packaging,” Moiz Adenwala, Digital Marketing, Transparency Market Research, tells PlasticsToday. “Also, a large number of online food delivery apps have emerged in the last few years. To expand their business, many food outlets and restaurants are partnering with these delivery applications. This will also contributed to demand in the global thermoform packaging market.”
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Additionally, growth in pharmaceuticals, cost-effectiveness of thermoforming and the ease of disposal are some of the other factors driving demand. However, stringent government regulations that need to be complied with and limitations in packaging of heavy items are two restraints constraining market growth. Nevertheless, relentless research and development activities that are underway are expected to boost the market in the near future
Blister packaging to remain most profitable segment until 2024
The thermoform packaging market is segmented into clamshell, blister, skin, tubs, and cups. Among these, the blister packaging segment is now providing for the most prominent portion of demand, reflective of increasing use of this packaging in the pharmaceutical industry. It is ideal when it comes to compartmentalization and maintaining cleanliness. Owing to multiplying geriatric population, the demand for medicines and medical equipment is anticipated to expand profitably in the near future and it will in turn provide traction to the thermoform packaging market.
From a regional view, North America and Asia Pacific are the two regions of primary focus for players venturing in this market. Boosted by the presence of major retail brands in U.S., North America is currently providing for the most notable demand. Asia Pacific is projected for the strongest growth rate during the forecast period of 2017 to 2024. The Asia Pacific thermoform packaging market is driven by increasing demand for packaged food and beverage products by the urban populations in the emerging economies of China, India, and South Korea.
This is the link to the report page at the Transparency Market Research website.