Thermoform Packaging Market Report

The thermoform packaging market finds a great opportunity in global frozen food market and especially in the field of ice-cream market. According to the data of American Frozen Food Institute, the demand for organic frozen food is expected to increase by achieving the compound annual growth rate of 4.3% for the forecasted period of 2020 to 2025. The demand for frozen food is primarily fuelled by the due to rising demand for quick and convenient meal solution due to the busy lifestyles. Also, according to the Natural Resources Conservation Service, the global demand for ice cream is expected to grow from US$ 70.9 billion in 2019 to US$ 91.9 billion in 2027, recording a growth of 30% compared to 2019. Thus, the rising demand for frozen food is expected to rise the demand for thermoform packaging market. The rising global demand for food services is also expected to boost the thermoform packaging market. According to the report of National Restaurant Association the global food service industry is expected to achieve the mark of US$ 1 trillion sales by the end of 2024. 

The major problem faced in the thermoform packaging market is a lack of plastic recycling facilities. Despite having so many advantages, the growth of the thermoform plastic packaging market limits the growth due to the limited availability of recycling infrastructure. This acts as a major problem for sustainability. Limited facilities for collecting, sorting, and processing thermoformed plastic waste; it mostly ends in landfills, contributing to environmental pollution. To solve this problem, a huge investment is needed, which can directly affect the end user as there may be a price rise. Thus, inadequate recycling infrastructure acts as a major problem for the thermoform packaging market. Various countries, such as India, the United States, the United Kingdom, France, etc., have already banned single-use plastic and have focused on waste management regarding problems. Various manufacturers have focused on choosing biodegradable, bio-derived polymers, and sustainable options, which are impacting the sales of thermoform packaging.

In November 2022, Amcor developed a material for thermoformed medical trays that provided the required product integrity, yet reduced the abrasion risk by combining the benefits of trays, foams, and liners into one single solution. Amcor HealthCare™ OrthoSecure® Thermoformed Trays were a simplified Class III Medical Device Packaging that provided all the necessary benefits without the extra cost. In February 2020, TEQ Thermoform Engineered Quality, a global manufacturer of thermoformed packaging, served healthcare, medical device, and consumer markets. It renamed and branded all its manufacturing locations strictly as TEQ, as announced by Sonoco, which had recently acquired the company. This included facilities across Europe, which were previously branded as Plastique. The legal name became SONOCO TEQ, with the appropriate company type dependent on the region of the facility. Sonoco completed the acquisition of Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD, (together TEQ).

North America can be considered lucrative due to the rising demand for ready-to-eat food. North America, especially the United States, is considered a promising market due to its busy lifestyle. According to the Economic Research Service, citizens of the United States spent an amount of $2.6 trillion on the food and beverage sector, where the major spending was done on the ready-to-cook sector. Also, according to medRxiv, the United States is considered a leading country for processed food, where processed food accounts for 60% of total daily caloric intake. Thus, due to the rising demand for ready-to-eat food, the demand for the thermoform packaging market is expected to rise in North America. Europe can also be considered a lucrative market for thermoform packaging due to high consumption of frozen foods. According to the report of Frozen Food Europe, the global market for frozen food was projected to be US$ 392.4 billion in 2022 and is estimated to reach the mark of US$ 613.3 billion in 2032 with a compound annual growth rate of 4.6%. Europe holds a total of 37% of the global market share, which makes them a lucrative market. According to research, the sale of frozen foods in Germany rose by 3.6%, where the volume reached the target of 3.909 million metric tons in 2022.