As an ideal packaging for consumable and non-consumable products, thermoformed packaging has a broad market prospect. According to a business intelligence study released by Transparency Market Research, the demand for the global thermoformed packaging market will grow at a compound annual growth rate of 5.9% during the forecast period from 2017 to 2024. In terms of revenue, the opportunity in this market is estimated to be worth US $57.6 billion by the end of 2024.

A number of factors are providing traction for this market, but none more so than the food and beverage sector. The dramatic growth of urban populations in emerging economies is showing dietary habits that favor suppliers producing packaged foods, with thermoforming being one of their preferred methods.

" Consumers are spending an increasing amount of time at work, and those who work in offices or elsewhere prefer to eat at their desks, most of which are sold or delivered in hot packaging." "In addition, in the past few years, a large number of online food delivery apps have emerged. In order to expand their business, many food stores and restaurants are partnering with these delivery apps. This will also contribute to the demand in the global thermoformed packaging market."

In addition, the growth of pharmaceuticals, cost-effectiveness of thermoforming and ease of handling are some of the other factors driving demand. However, the need to comply with strict government regulations and restrictions on the packaging of heavy duty items are the two big factors restraining the growth of the market. However, ongoing research and development activities are expected to boost the market in the near future.

Blister packaging

Blister packaging will remain the most profitable segment until 2024.

The thermoformed packaging market is segmtioned into clamshell, Blister, body, tube and cup. Among them, the market demand for blister packaging is the most prominent, reflecting the increasing use of such packaging in the pharmaceutical industry. It's an ideal package when it comes to separating and keeping clean. Due to the exponential growth of the elderly population, the demand for medicines and medical devices is expected to expand and be profitable in the near future, which will in turn power the thermoformed packaging market.

From a regional perspective, North America and Asia Pacific are the main focus of the players in this market. The most noticeable demand is currently coming from North America, thanks to the presence of US retail brand giants. Growth is expected to be strongest in the Asia-Pacific region between 2017 and 2024. The growing demand for packaged food and beverage products from urban populations in emerging economies such as China, India and South Korea is driving the Asia-Pacific thermoplastic packaging market.

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