Thermoform Packaging Market Expected to Reach $75.6 Billion by 2033

According to a new report published by Allied Market Research, titled, “Thermoform Packaging Market," The thermoform packaging market was valued at $49.5 billion in 2023, and is estimated to reach $75.6 billion by 2033, growing at a CAGR of 4.5% from 2024 to 2033.

Introduction

Thermoform packaging is a manufacturing process where a plastic sheet is heated to a pliable state, then shaped into a specific form using a mold, and cooled to create a durable, solid packaging product. This versatile method is commonly used to produce containers such as trays, clamshells, blisters, and cups, which are widely used across industries such as food and beverage, healthcare, electronics, and consumer goods. Thermoform packaging is valued for its ability to provide lightweight, customizable, and protective packaging solutions that are transparent, allowing for easy product visibility. The process is efficient, cost-effective for high-volume production, and offers the flexibility to create packaging in various shapes and sizes to suit different product requirements.

Market Dynamics

Thermoform packaging offers several advantages for pharmaceutical and medical device manufacturers. It is highly customizable, allowing for the creation of blister packs, trays, and containers that fit the exact specifications of the products being packaged. The transparent nature of thermoform packaging also allows healthcare professionals and consumers to easily view the contents, ensuring product visibility and ease of use. In addition, thermoforming packaging has complex shapes that provides tailored packaging which securely holds products in place, minimizing the risk of damage. All these factors are expected to increase the demand for the  thermoform packaging market during the forecast period.

However, high tooling costs lead to slower innovation and adaptability in product designs. For companies aiming to frequently refresh or diversify their product lines such costs make it less viable to produce new or niche packaging solutions quickly. Moreover, businesses adopt alternative and more cost-effective packaging options that offer similar benefits but require lower initial investments.  All these factors hamper the thermoform packaging market growth.

Digital advancements such as computer-aided design (CAD) and rapid prototyping have streamlined the development of thermoform molds, reducing lead times and enabling faster product launches. By incorporating these technologies, companies bring innovative packaging designs to market more quickly, responding to evolving consumer demands and market trends. Moreover, automation and smart manufacturing play a role in reducing labor costs and improving consistency and quality control during production that drive the appeal and competitiveness of thermoform packaging solutions. All these factors are anticipated to offer new growth opportunities for the thermoform packaging market during the forecast period.

Segments Overview

The thermoform packaging market is segmented on the basis of material, type, heat sealing coating, end-use industry, and region. On the basis of material, the market is classified into plastics, aluminum, and paper & paperboard. On the basis of type, the market is segmented into clamshell packaging, blister packaging, skin packaging, and others. On the basis of heat sealing coating, the market is classified into water-based, solvent-based, and hot melt-based. On the basis of end-use industry, the market is segmented into food & beverage, electronics, personal care & cosmetics, pharmaceuticals, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of material, the market is classified into plastics, aluminum, and paper & paperboard. The paper & paperboard segment is anticipated to grow at the fastest CAGR of 4.7% during the forecast period. Advancements in material science have significantly enhanced the performance capabilities of paper and paperboard used in thermoform packaging. These materials offer improved barrier properties, structural integrity, and durability, enabling them to compete effectively with conventional plastic solutions. Innovations in coatings and laminations have addressed moisture resistance and extended product shelf life that makes them viable options across various sectors such as food, beverage, and personal care packaging. This technological evolution meets the demands of companies that need strong, reliable packaging while remaining committed to sustainable practices.

On the basis of type, the market is segmented into clamshell packaging, blister packaging, skin packaging, and others. The skin packaging segment is anticipated to grow at the fastest CAGR of 4.9% during the forecast period. Skin packaging compatibility with sustainable practices is driving its adoption. As consumer awareness of environmental issues continues to rise, businesses are seeking packaging solutions that minimize their environmental impact. Skin packaging solutions use recyclable films or reduce the overall packaging material, which aligns with sustainability goals and regulatory requirements. This reduction in packaging waste appeals to eco-conscious consumers and helps companies meet stricter environmental regulations.

On the basis of heat sealing coating, the market is classified into water-based, solvent-based, and hot melt-based. The hot melt-based segment is anticipated to grow at the fastest CAGR of 4.8% during the forecast period. Hot melt-based heat sealing coatings eliminate the need for solvents that make them more environmentally friendly compared to solvent-based alternatives. This aligns with consumer preferences and regulatory demands for reducing packaging waste and minimizing environmental impact. In addition, hot melt formulations are compatible with recyclable materials that support a circular economy.

On the basis of end-use industry, the market is segmented into food & beverage, electronics, personal care & cosmetics, pharmaceuticals, and others. The pharmaceuticals segment is anticipated to grow at the fastest CAGR of 5.0% during the forecast period. The increase in adoption of child-resistant and senior-friendly packaging fuels demand for thermoform packaging in pharmaceutical industry. As medications are made more accessible and safer for vulnerable populations through compliant packaging, thermoform solutions enable the industry to meet these dual objectives effectively. Moreover, the global rise in chronic illnesses and the aging population have led to increased demand for medications that increase the production of unit-dose packages that rely on thermoforming technology for its reliability and adaptability.

Regional Analysis

Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific is anticipated to grow at the fastest CAGR of 4.8% during the forecast period. The healthcare and pharmaceutical industries in Asia-Pacific are seeing rapid growth, driven by an aging population, increasing health awareness, and advancements in medical technology. Thermoform packaging provides an ideal solution for packaging pharmaceutical products, medical devices, and diagnostic kits, offering both protection and compliance with stringent regulations. The versatility of thermoform packaging in creating custom-shaped, sterile, and secure containers plays a significant role in supporting the growth of this sector.

Key players in the thermoform packaging market include Amcor Ltd., Placon Corporation, Display Pack Inc., Anchor Packaging Inc., Tamarack Packaging, Ltd., Sonoco Products Company, D&W Fine Pack LLC, Sinclair & Rush Inc., Berry Global Inc., and Winpak LTD.

Key Findings

• By material, plastic was the highest revenue contributor to the market accounting for more than two-thirds of global thermoform packaging market share in 2023.
• On the basis of type, the blister packaging segment was the highest revenue contributor to the global thermoform packaging market share in 2023.
• On the basis of heat sealing coating, the solvent-based segment was the highest revenue contributor to the market accounting for more than half of the global thermoform packaging market share in 2023.
• On the basis of end-use industry, the food & beverage segment was the highest revenue contributor to the global thermoform packaging market share in 2023.
• Region-wise, Asia-Pacific was the highest revenue contributor of global thermoform packaging market share in 2023.