The Thermoform packaging is plastic packaging that is acquired by the thermoforming procedure. The thermoforming procedure involves the molding of plastics into the desired shape by heating it and smearing pressure on it. It has a wide variety of applications in several industries such as food & beverage, electronics, personal care, pharmaceuticals and automotive, etc. owing to inherent possessions such as lightweight, protective attributes, reusability, and cost-effectiveness.
According to the report analysis, ‘Global Thermoform Packaging Market to reach USD 59.66 billion by 2027’ states that the thermoform packaging is obtaining wide range of application in food & beverage industries owing to its flexibility in the design along with the low production cost equated to injection and rotational molding. Also, it safeguards the food from contamination. Therefore, speedy growth in the food and beverage industry around the globe is propelling the growth of the market over the review years.
For instance: as per the India Brand Equity Foundation (IBEF), the food processing industry across India was USD 258 billion during 2015 and augmented up to USD 400 billion throughout 2019. Similarly, as per Statistics unconfined by Alberta Highlights, the food and beverage manufacturing sale across Canada reached USD 14.4 billion during 2017, augmented with 8.4% from 2016. In addition, the effective increase in the demand for thermoform packaging from pharmaceutical industries is also the aspect propelling the growth of the market over the review years. However, restrictions on the packaging of heavy items and rigorous regulations regarding the utilization of plastic packaging are the aspects limiting the growth of the market over the review years. Also, the worldwide outbreak of COVID-19 unpleasantly affected the sale and supply chain of several industries. As numerous economies publicized lockdown for safeguarding the spread of viruses among individuals and avoid social gatherings. Owing to such aspects requirement of thermoforms packaging in several end-use industries such as electronics and automotive is expected to be limited. Whereas, the requirement of thermoform packaging in indispensable end-use industries such as food & beverage and healthcare even in lockdown timeframe are projected to generate a worthwhile opportunity for market growth.
The worldwide Thermoform Packaging Market is valued nearly USD 42.6 billion during 2019 and is projected to grow with a vigorous growth rate of more than 4.30% over the forecast period of 2020-2027. The regional analysis of the worldwide Thermoform Packaging market is measured for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region around the world in terms of market share due to the speedy growth in healthcare industries. Whereas, the Asia-Pacific is also projected to exhibit the greatest growth rate / CAGR over the review period of 2020-2027. Aspects such as growing growth in the food & beverage industries would generate lucrative growth prospects for the Thermoform Packaging market around the Asia-Pacific region. Therefore, in the near years, it is anticipated that the market of thermoform packaging will increase around the globe more positively over the forthcoming years.
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Ankur Gupta, Head Marketing & Communications