Market Trends of Thermoform Packaging Industry
This section covers the major market trends shaping the Thermoform Packaging Market according to our research experts:
Food & Beverage is Expected to Hold the Largest Share
- Packaging of food products requires the packaging solution to have good oxygen/moisture barriers, physical stress, temperature, contamination protection, and tamper resistance, all while incorporating the innovative, functional design.
- As thermoform packaging owing to its durability, resilience, tamper-resistance, enhanced sealing capabilities not only protects the products but also extend the product’s shelf life or allow easy access. Players in the industry are increasingly adopting thermoform packaging products.
- In October 2019, GEA s launched a FoodTray created in collaboration with the Roba Group, Schur Flexibles Germany and Van de Velde Packaging, which combines thermoforming technology with cardboard and film.
- The players in the food industry are increasingly looking for packaging solutions that enable them to reduce the carbon footprint. As thermoformed packaging are increasingly being manufactured using 100% recyclable products, the demand is expected to grow over the forecast period.
- In October 2019, Charpak Ltd. designed and launched a new thermoformed packaging tub that is 100% recyclable, tamper-evident, that can be used for ambient, chilled or frozen sectors, food, and non-food products.
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North America is Expected to Hold the Largest Share
- North America is expected to dominate the market over the forecast period, owing to the presence of some significant players in the region such as Anchor Packaging Inc., Sonoco Products Company, D&W Fine Pack, amongst others. This, coupled with the extensive research & development activities, have resulted in the wide-scale adoption of the thermoformed packaging in the region.
- In May 2018, Canada-based good natured Products Inc. signed an agreement to supply a US industry leader in thermoformed packaging. Plant-based packaging solutions for both food and general merchandise markets are covered under this agreement.
- The market in the region is witnessing mergers and acquisitions, thereby offering lucrative opportunities to the companies that enable them to boost market growth over the forecast period.
- In November 2019, Sonoco products company announced that it had signed a definitive agreement to acquire Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD, from ESCO Technologies, Inc. for approximately USD 187 million in cash.
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