The global thermoforming packaging market is projected to grow at a CAGR of 6.3% during the forecast period and expected to reach US$ 82.0 Bn by 2027. The global thermoforming packaging market is anticipated to offer the most promising opportunities for manufacturers, owing to the increasing demand from pharmaceuticals, food services, and electrical & electronics industries.
The evolving food industry and requirement for sustainable packaging are anticipated to be the crucial drivers for the growth of the global thermoforming packaging market. Asia Pacific is expected to be a lucrative market place for thermoforming packaging in terms of demand. Entry of new players in the manufacturing stream is becoming beneficial for end-users in terms of availability of cost-efficient and high-quality thermoforming packaging products.
Mergers and acquisitions of potential thermoforming packaging manufacturers by global key players create competitive opportunity in terms product development and geographical expansion. Pactiv LLC is anticipated to be a prominent manufacturer of thermoforming packaging owing to its wide product portfolio and sales channel. European and North American manufacturers of thermoforming packaging are showing high interest in Asia Pacific and Latin America markets due to high market opportunities.
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North America is expected to house key thermoforming packaging manufacturers, who are holding strong positions in the global thermoforming packaging market. The North American thermoforming packaging market includes two countries which are- the United States and Canada. The United States is estimated to hold a market share of nearly 22% of the global thermoforming packaging market. Latin American thermoforming packaging market includes Brazil, Mexico, Argentina, and Rest of Latin America. Brazil is expected to be the most attractive country in terms of market share owing to the increased consumer spending on retail products.
The growing usage of thermoforming packaging for dairy and fresh produce by Mexican food companies is expected to be responsible for fast-paced growth of the thermoforming packaging market in Mexico. European thermoforming packaging market includes countries such as Germany, United Kingdom, Italy, France, Spain, Russia, Benelux, and Rest of Europe. In the European thermoforming packaging market, the cumulative market share of top three countries is estimated to account for more than 50% in 2019. Germany is projected to register fast-paced growth during the forecast period. Intolerance of single-use plastic and adoption of paper & moulded pulp for packaging are threatening the growth of the European thermoforming packaging market.
Asia Pacific is estimated to be the largest consumer of thermoforming packaging and was pegged at around 38% of the global market volume in 2018. Urbanization and impressive growth of the retail industry in India and China is anticipated to boost the demand for thermoforming packaging products. Rapid growth of food delivery services and outlets in emerging countries of Asia Pacific is expected to boost the demand for thermoform packaging trays and lids. The availability of cost-efficient thermoforming machines and low setup cost are factors expected to increase the suppliers of thermoforming packaging products in the Asia Pacific market.
Middle East & Africa is expected to witness sluggish growth during the forecast period owing to slow retail and food industry growth observed in the past few years. GCC Countries are anticipated to have an attractive thermoforming packaging market owing to the entries of global food giants and retail chains.