The thermoformed packaging market is also projected to reach a valuation of US$57.61 billion by the end of 2024. In 2018, the global thermoforming packaging market was valued at over US$45 billion, says TMR. In the report, titled”Thermoforming Packaging Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019-2027,”TMR states that the massive demand from food and pharmaceutical industries is anticipated to expand the global thermoforming packaging market by 1.7 times during the forecast period. It also states that the packaging industry is estimated to account for around 80% in terms of market value and is projected to show fast-paced growth owing to the high demand. A number of factors are pushing the growth, against the back of an expanding urban population in emerging economies, with a penchant for packaged food products. The thermoformed packaging market is segmented into clamshell, blister, skin, tubs, and cups. Among these, the blister packaging segment is expected to outgrow other segments, due to its high demand in the pharmaceuticals industry.
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