A container for holding food or beverages includes an inner thermoformed sleeve and a molded insulating foam support layer. The inner sleeve and foam support layer each have a circumferential wall extending from a bottom wall. The foam layer is bonded to the thermoformed sleeve on the outside or inside of the sleeve. The container can also include an outer sleeve bonded to an outer surface of the foam support layer. The inner sleeve may be made of thermoformed polystyrene. The outer sleeve may be a paper label.