Many products manufactured by the food & beverage, chemical, biomedical, and healthcare industries are temperature sensitive. Any fluctuation in temperature can degrade the quality of the product. Temperature-controlled products consist of an outer protective layer, an inner insulation layer and refrigerants that surround the actual product. This addresses the problem of preservation and helps in maintaining the quality.
The global temperature-controlled packaging market reached a valuation of approximately US$ 30.9 Bn in 2020. It is estimated to register a compound annual growth rate of over 18.5% from 2021 to 2027. At this rate, the market’s expected valuation would be around US$ 97.7 Bn by the end of 2027.
Under product type, the market is segmented into – insulated containers and insulated shippers. The latter accounted for the majority of the market share due to the wide range of applications across various industries. Continuous R&D is expected to promote the augmentation of these shippers. Insulated shippers are extensively used in for the shipment of clinical and pharmaceutical products.
Insulated containers are preferred for the shipment of food and chemical products, biological materials, blood, and organs. These are considered as an integral part of the cold chain as it controls and documents the temperature of the entire distribution channel.
On the basis of application, the temperature-controlled packaging market is broadly bifurcated into – food & beverage, healthcare and others. Among these, the food & beverage industry emerged as the leading application sector capturing nearly 50% of the market share. This dominance is largely driven by the soaring demand for fresh and frozen food across the globe. International trade in the form of imports and exports are creating numerous options for the development of the market. With major economies such as U.K., Netherlands, Malaysia, U.A.E. and Saudi Arabia importing large number of fruits and vegetables, this segment is expected to maintain its lead throughout the forecast period.
The need for temperature-controlled packaging solutions in the healthcare industry is anticipated to grow at a rate of over 8% from 2020 to 2026. Stringent regulations such as those specified by the U.S. FDA for handling, transporting and storage of drugs and initiatives to reduce vaccine waste by the World Health Organization may drive the segment forward.
North America dominated the temperature-controlled packaging market and is projected to continue this trend throughout the forecast period. This lead can be attributed to the high adoption rate of temperature packaging in the healthcare industry. Moreover, technological advancement in the packaging industry is supporting the preservation of perishable goods while also maintaining nutritional value. The presence of well-established pharmaceutical companies is further boosting the market progress in the region.
Rapid urbanization, increase in disposable income, demand for packaged food items are the major contributors for the temperature controlled packaging market in the Asia – Pacific region. Additionally, rising awareness regarding the importance of nutritious food is fueling the regional market growth. Asia – Pacific is estimated to be the fastest-growing region during the forecast timeline.
The global demand for fresh fruits and vegetables has been steadily rising over the past few years. Countries such as China and South Africa have registered significant growth for fresh foods. This, in turn, has coerced supermarkets, hypermarkets, convenience stores, etc. to invest heavily in packaging technology. Temperature-controlled packaging technologies are thereby gaining ground in various regions across the globe thus aiding the growth of the temperature-controlled packaging market.
Netherlands, United Kingdom, Belgium, and many more import fresh fruits and vegetables from emerging countries. Also, the North American and European regions are the highest consumers of bananas. The temperature-controlled packaging market is projected to witness an upsurge since it resolves the issue of preservation of products during travel.
The widespread use of temperature-controlled packaging in the medical sector such as transport of medicines, donor organs, blood transfers, clinical trial distribution products, and many more are estimated to augment the market. Soaring application scope from the pharmaceutical as well as food & beverage industry will create numerous opportunities for expansion.
The manufacturing of temperature controlled packaging solutions requires huge capital investment for procuring raw materials, machinery, R&D and so on. This deters the entry of many small and medium enterprises into the business. Moreover, the maintenance of these products is expensive. As a result, the growth of the temperature controlled packaging market is heavily reliant on eliminating the investment and maintenance costs.
The key players operating in the temperature controlled packaging market are:
The research report analyses the ecosystem of temperature controlled packaging market and categorizes it to forecast the revenues and analyse the trends in each of the following below-mentioned market segments.
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.
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