The report published by Transparency Market Research, “Thermoforming Packaging Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 – 2027,” states that Asia Pacific thermoforming packaging market
is expected to expand in market size owing to industrialization and
increased consumer spending on processed food and consumer products.
The global thermoforming packaging market
is projected to grow at a CAGR of 6.3% during the forecast period and
expected to reach US$ 82.0 Bn by 2027. The global thermoforming
packaging market is anticipated to offer the most promising
opportunities for manufacturers, owing to the increasing demand from
pharmaceuticals, food services, and electrical & electronics
industries.
The evolving food industry and
requirement for sustainable packaging are anticipated to be the crucial
drivers for the growth of the global thermoforming packaging market.
Asia Pacific is expected to be a lucrative market place for
thermoforming packaging in terms of demand. Entry of new players in the
manufacturing stream is becoming beneficial for end-users in terms of
availability of cost-efficient and high-quality thermoforming packaging
products.
Mergers and acquisitions of potential
thermoforming packaging manufacturers by global key players create
competitive opportunity in terms product development and geographical
expansion. Pactiv LLC is anticipated to be a prominent manufacturer of
thermoforming packaging owing to its wide product portfolio and sales
channel. European and North American manufacturers of thermoforming
packaging are showing high interest in Asia Pacific and Latin America
markets due to high market opportunities.
North America is expected to house key
thermoforming packaging manufacturers, who are holding strong positions
in the global thermoforming packaging market. The North American
thermoforming packaging market includes two countries which are- the
United States and Canada. The United States is estimated to hold a
market share of nearly 22% of the global thermoforming packaging market.
Latin American thermoforming packaging market includes Brazil, Mexico,
Argentina, and Rest of Latin America. Brazil is expected to be the most
attractive country in terms of market share owing to the increased
consumer spending on retail products.
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