Thermoformed Skin Packaging Market Snapshot (2023 to 2033)
According to Future Market Insights research, during the projected period, the global thermoformed skin packaging market is set to enjoy a market valuation of US$ 22.6 billion in 2023, and register a CAGR of 6.3% to reach US$ 41.6 billion by 2033. The thermoformed skin packaging market revenues are estimated to propel with the top 5 companies projected to hold 15-20% of the global thermoformed skin packaging market by the end of 2023.
The carded segment in thermoformed skin packaging market by the product is projected to hold the major portion of the global thermoformed skin packaging market due to its benefits such as durability, lightweight, barrier resistance, cost-effectiveness, and others. The target segment is estimated to create a growth opportunity during the forecast period.
Market Size 2023
US$ 22.6 billion
Market Size 2033
US$ 41.6 billion
Value CAGR (2023 to 2033)
6.3%
Collective Value Share: Top 3 Countries (2023E)
20-25%
The global thermoformed skin packaging market reached US$ 21.3 billion for the year 2022, according to FMI analysis. The demand for thermoformed skin packaging market is estimated to bolster with the top 3 countries estimated to hold approximately 20-25% of the global thermoformed skin packaging market by the end of 2023.
The thermoformed skin packaging market is projected to witness a growth outlook during the forecastable period. A new forecast by FMI anticipates that thermoformed skin packaging market will rise from 2023 to 2033 and is anticipated to offer a growth opportunity of US$ 20.3 billion.
The changing lifestyle from person to person varies, and after post-COVID, the market is focusing on clean and hygienic food. Mostly, the end users in the food industry are focused on packed food with zero contamination. The thermoformed skin packaging market is anticipated to expand 2.0 times the current market value from 2023 to 2033.
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Historic Market Outlook for Thermoformed Skin Packaging Market
The global thermoformed skin packaging market expanded at a CAGR of 5.8% during the historic period and reached US$ 21.3 billion in 2022.
The thermoforming industry is rapidly increasing because of its numeric value, giving profitable business results, this type of packaging is light in weight, flexible, completely moisture free, and keeps food fresh and odor-free for a longer period, it is majorly used in the food industry sector to maintain the nutrient level of the food and exceeding the shelf life to the packed food, taking care of food spoilage, thermoformed packaging avoid the exposure from the environment which is harmful to food which is packed.
The fast-growing packaging industry is now taking care of the environment also along with profitable results and customer satisfaction. thermoformed skin packaging is a step ahead to solving the environmental problem, this drives the demand for the thermoformed skin packaging market.
How Thermoformed Skin Packaging Market making notable changes in the Packaging Industry?
Thermoformed skin packaging is used in bakery applications for dough preparations and for shipping bakery products to retail outlets. It can withstand the heat cycle of dishwashers offering cost savings to bakery operators as it is used for dough preparations and can be cleaned and reused for shipping baked products to retail outlets while also fulfilling the display functions as a packaging solution. Thermoformed packaging made using PP material has high heat resistance, allowing a longer packaging life span. Thermoformed skin packaging has various benefits over other packaging formats. Thermoformed skin packaging removes all air from packed food which reduces bacterial growth. It prevents food spoilage and leakage. It extended food shelf life.
Transportation is an important aspect of food service. Thermoformed skin packaging provides Convenient storage and transportation. These factors will create a positive outlook for the thermoformed skin packaging market.
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Category-wise Insights
Which Material Segment is anticipated to Generate Lucrative Demand for Thermoformed Skin Packaging Market?
Based on the material segment, the polyethylene material segment is anticipated to hold around 29.3% of the market value share during the forecast period.
Polyethylene has the characteristic to work as a natural barrier to moisture and oxygen transmission. For long period using polyethylene material to maintain the freshness of the product, are frivolous therefore, they are easy to use in packaging. The effect and scratch-proof character will result positively. Easy production of PE and now recyclable gives an extra advantage using plastic in the packaging industry, PE manufacturing also has reduced carbon dioxide radiation, solid waste generation, and pollution. PE can be reusable and easy to carry store, and clean.
Which End User offers Productive Growth Opportunity in the Global Thermoformed Skin Packaging Market?
The Meat, Poultry & Seafood industry is expected to expand 1.7x market share from 2023 to 2033. The manufacturer focuses on the quality of the food product as the penetration of water and moisture should not affect the food product. The product can be prevented through thermoformed skin packaging.
The protection is required for the safety of the product, by looking at the temperature and humidity conditions, and where a product is likely to be exposed in the supply chain or while consumption. It is essential to specify the regions and their climatic conditions for packaging a product.
Country-wise insights
How does The USA Generate High Demand for Thermoformed Skin Packaging Market?
The USA is estimated to hold a major portion of the North American thermoformed skin packaging market during the forecast period.
According to the American Frozen Food Institute (AFFI), in 2020 the sales of frozen foods increased by 21%. Also, it states that around 39% of the shoppers were core frozen food shoppers in 2020. The increasing sales of frozen food in the countries of America bolster the demand for thermoformed skin packaging market.
How India is creating lucrative opportunities for Thermoformed Skin Packaging Market?
India’s thermoformed skin packaging market is anticipated to grow at 7.0% from 2023 to 2033. According to the Agricultural & Proceed Food Products Export Development Authority (APEDA), India has exported 462.58 proceed meat worth US$ 1.42 Million from the year 2021 to 2022. These factors will create growth opportunities for thermoformed skin packaging market
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Competitive Landscape
The major players in the global thermoformed packaging market are trying to focus on expanding their production capacity by investing in their existing facilities to cater to the growing demand for the thermoformed skin packaging market. Also, the key players are focusing on developing sustainable and innovative products to meet the demand for sustainable packaging. Some of the recent developments by the players are:-
In September 2022, Ulma, take an innovative step in innovating a thermoformed-based solution with zero base scrap for LeafSkin packaging. Wastage of food can be controlled by this innovative step.
In April 2022, Klöckner Pentaplast received a Gold rating for global sustainability ratings for environmental, social, and ethical performance by Ecovadis
Scope of the Report
Attribute
Details
Growth Rate
CAGR of 6.3% from 2023 to 2033
Base Year for Estimation
2022
Historical Data
2018 to 2021
Forecast Period
2023 to 2033
Quantitative Units
Revenue in USD Billion, Volume in Tons, and CAG from 2023 to 2033
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
By Material, Thermoformed Skin Packaging Market is Segmented as:
PE
PP
PET
PVC
PS
PLA
By Product Type, Thermoformed Skin Packaging Market is Segmented as:
Carded
Non-Carded
By Application, Thermoformed Skin Packaging Market is Segmented as:
Dairy
Bakery & Confectionery
Meat Poultry & Seafood
Frozen Foods
By Region, Thermoformed Skin Packaging Market is Segmented as:
North America
Latin America
Europe
South Asia
East Asia
Middle East & Africa
Oceania
Frequently Asked Questions
In 2022, what was the worth of the global thermoformed skin packaging market?
The global thermoformed skin packaging market was valued at US$ 21.3 billion in 2022.
From 2018 to 2022, what was the growth rate of the global thermoformed skin packaging market?
From 2018 to 2022, the global thermoformed skin packaging market expanded at a CAGR of 5.8%.
What will be the value of the global thermoformed skin packaging market in 2023?
The global thermoformed skin packaging market is projected to reach US$ 22.6 billion by the end of 2023.
Which material segment is estimated to remain the leading segment for the global thermoformed skin packaging market?
The PE segment is projected to remain the major segment for the thermoformed skin packaging market
What boosts the demand for thermoformed skin packaging market?
The high preference for packed food, and maximum use of trays, among millennials, is anticipated, to boost the demand for thermoformed skin packaging market across the globe.
Who are the major players in the thermoformed skin packaging market?
The major players operating in the global rigid packaging container, are Klöckner Pentaplast (KP), Sealed Air, Clondalkin Group, Berry Global Group, Schur Flexibles Holding GesmbH, Winpak Ltd., Amcor PLC, and Plastisimo Film Co.,Ltd.
At what rate is the Indian thermoformed skin packaging market projected to grow?
The Indian thermoformed skin packaging market is anticipated to register a CAGR of 7.0% from 2023 to 2033.
