Thermoform Packaging Market Development Plans and Future Growth Forecast 2030

The global thermoform packaging market size was valued at USD 48.50 billion in 2022. The market is anticipated to expand from USD 51.96 billion in 2023 to USD 88.50 billion by 2030, exhibiting a CAGR of 7.91% over the estimated period.

Thermoform packaging is a molded product. It is shaped through the process of heating a plastic sheet until it becomes flexible and takes on the desired shape. The market is likely to gain traction over the forecast period owing to the growing utilization of thermoform packaging products in the food industry as well as the pharmaceutical industry.

Fortune Business Insights™ provides this information in its research report, titled “Thermoform Packaging Market, 2023-2030”.

COVID-19 Impact:

Rising Food-Delivery and Increasing Demand for Vaccines Led Market Expansion

The COVID-19 pandemic had a profound impact on the growth of thermoform packaging. The initial phase of the pandemic, characterized by strict lockdowns and business closures, led to disruption in the supply chain. This disruption affected the availability of raw materials, which made it difficult for the manufacturers to maintain their production levels. However, the rising need for vaccines and a surge in food-delivery sales during the pandemic contributed significantly to the expansion of the thermoform packaging market worldwide.

Source: https://www.fortunebusinessinsights.com/thermoform-packaging-market-108736