Ideal for packaging of both consumable and non-consumable products, and the thermoforms market is flourishing. According to a business intelligence study from Transparency Market Research (Albany, NY), the demand in the global thermoform packaging market will expand at a CAGR of 6.0 % during the forecast period of 2019 to 2026.
A number of factors are providing traction for this market, but none are bigger than the food and beverage industry. Radically expanding urban population in emerging economies is exhibiting eating habits that are advantageous for vendors who produce packaged food products, and thermoforming is among their preferred methods.
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Additionally, growth in pharmaceuticals, cost-effectiveness of thermoforming and the ease of disposal are some of the other factors driving demand. However, stringent government regulations that need to be complied with and limitations in packaging of heavy items are two restraints constraining market growth. Nevertheless, relentless research and development activities that are underway are expected to boost the market in the near future
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From a regional view, North America and Asia Pacific are the two regions of primary focus for players venturing in this market. Boosted by the presence of major retail brands in U.S., North America is currently providing for the most notable demand. Asia Pacific is projected for the strongest growth rate during the forecast period of 2017 to 2024. The Asia Pacific thermoform packaging market is driven by increasing demand for packaged food and beverage products by the urban populations in the emerging economies of China, India, and South Korea.