Global thermoform packaging market to hit US$57 billion by 2024: report

The global market for thermoform packaging will reach US$57.6 billion by 2024, according to a new report by Transparency Market Research.

According to the report from the Albany, N.Y.-based research company, the global market was US$36.4 billion in 2016 and is expected to achieve a compound annual growth rate of 5.9 per cent until the end of 2024.

The packaging types available in the global market are blister packaging, clamshell packaging, skin packaging, and others such as tubs and cups. “Of these, the blister packaging type is expected to be gain a significant momentum in the coming years due to its growing adoption in sectors such as pharmaceuticals,” the report said. “Several pharmaceutical packaging companies are expected to make extensive use of blister packaging type as it reduces chances of contamination to the product.” The report anticipates that the blister packaging segment will acquire a share of 41.6 per cent by the end of 2024.

North America is expected to dominate the global market during the forecast period. “The strengthening foothold of several retail chains such as The Kroger Co. and Walmart Stores is expected to fuel the demand for thermoform packaging in the region,” the report said. “By the end of 2024, the North America thermoform packaging market is expected to acquire a share of 37.9 per cent in the overall market.”

According to the report, the three top three players operating in the global thermoform packaging market are Bemis Company Inc., Amcor Limited, and Sonoco Products Company based on revenue. “These players are expected to expanding their product portfolio to cater to the growing needs of pharmaceutical and medical packaging sector in the coming few years,” the report said.

To download a copy of the report, click on this link.