Global Thermoform Packaging Market: Increasing demand for packaged food including prepared food and packaged meat & seafood products, coupled with rising penetration of the organized and e-retail networks worldwide.

Published Date: 16/05/2021

The global thermoform packaging market was valued at USD 32.26 Billion in 2020 and is projected to reach USD 44.55 Billion by 2021, at a CAGR of 5.61%. The base year considered for the study is 2020 and the market size is forecasted from 2016 to 2021. The primary objective of the study is to define, segment, and project the thermoform packaging market size on the basis of material, type, heat seal coating, end-use industry, and region. The study also aims at strategically analyzing micro markets with respect to individual growth trends, future prospects, and their contribution to the total market. It also provides detailed information about the main factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). In addition to this, the study analyzes competitive developments such as partnerships, agreements, contracts, and joint ventures; mergers & acquisitions; expansions; new product developments; and research & development activities in the thermoform packaging market.

The research methodology used to estimate and forecast the market size included the top-down approach. The total market size for thermoform packaging was calculated, and accordingly, the percentage was allotted to different sectors in each of the segments. This allotment and calculation were done on the basis of extensive primary interviews and secondary research. Primary research involved in this report includes extensive interviews with key people such as CEOs, VPs, directors, and executives. After arriving at the overall market size, the total market was split into several segments and subsegments.

The market ecosystem involves various stakeholders in the thermoforms packaging market. It first starts with the raw material suppliers such as WestRock Company (U.S.), Amcor Limited (Australia), Tray Pack Corporation (U.S.), and Lacerta Group, Inc. (U.S.) who provide the required raw materials to the manufacturing companies. This is followed by the regulatory bodies (such as Uniform Packaging and Labeling Regulation, Federal Food, Drug, and Cosmetic Act, and Fair Packaging and Labeling Act (FPLA)) and research & development team (such as DuPont innovation center at Geneva and Singapore) as the consumers want better and innovative solutions to their problems which are more sustainable and environment-friendly. The next level in the chain involves the manufacturing and the assembly team. This is taken care of by the manufacturers such as DS Smith Plc (U.K.), Constantia Flexibles GmbH (Austria), Sonoco Products Company (U.S.), Anchor Packaging (U.S.), Tekni-plex Inc. (U.S.), G. Mondini S.p.A (Italy), and Display Pack Inc. (U.S.). After this, the marketing and sales of the finished products takes place which is only possible if an efficient distribution channel is developed. Finally, the end products are distributed to the consumers through Novartis AG (Switzerland), BASF SE (Germany), and Archer Daniels Midland Company (U.S.).