CANADA, Ottawa – According to Precedence Research, The global temperature controlled packaging solutions market size is likely to reach USD 17.8 billion by 2027 at a CAGR of 9.8% over the forecast period 2020 to 2027. The temperature controlled packaging solutions market report offers market estimates for the period 2016 to 2027, wherein 2016 is the historic period, 2020 is the base year, and 2020 to 2027 is the forecast period.
Insulated container temperature-controlled packaging solutions are commonly used because they allow any size of temperature-sensitive shipment to be transported. The Insulated shipper temperature-controlled packaging solution enables lower-cost bulk shipping. In the global temperature-controlled packaging solutions industry, Insulated container temperature-controlled packaging produced the highest revenue in 2016 and is expected to grow at the fastest rate during the forecasted period due to its reusability and advance technology.
The global temperature-controlled packaging solutions market is segmented into product type, application, and region. Based on form, it is graded into active and passive. It is bifurcated into isolated containers and isolated shippers depending on the commodity. It is classified into healthcare, food & drink, and others by end users. Because of packaging that preserves the condition and nutritional value of food & beverages under severe conditions for later use, the food & beverage industry dominated the market for temperature-controlled packaging solutions. The demand for temperature-controlled packaging solutions in North America, Europe , China, India, Japan, South East Asia, and Central and South America. Growing demand for fresh and frozen foods, combined with increasing use in the pharmaceutical industry, is expected to fuel market growth in the future. In addition, the rapid global growth of the cold-chain industry is expected to have a positive effect on business growth.
Further, rising consumer health awareness has fuelled the worldwide market for fresh fruits and vegetables. China and South Africa have seen rapid increases in fresh food over the past few years. As a result, grocery stores, including supermarkets, hypermarkets and convenience stores, have increased their investment in advanced fruit and vegetable packaging technology.
Additionally, the demand for frozen foods around the world has been boosted by evolving lifestyles and busy schedules. Owing to time constraints, customer tastes are moving towards ready to eat meals. For their shipping, these frozen and ready to cook foods need a particular temperature. Therefore, it is expected that a favourable trend in the consumption of frozen foods would benefit the scope of temperature-controlled packaging. The countries with a strong demand for frozen food are the U.S., China, India and the Philippines.
North America showed prominent growth in the global temperature controlled packaging solutions market in 2019 because of being a prior adopter of advanced technologies.
The Asia Pacific being the largest market for consumer electronics exhibits rapid growth rate over the forthcoming years
Insulated shippers the global market accounting for more than half of the total market value in 2019 and expected to grow at the fastest rate over the forthcoming years
Food & Beverages application have gained significant importance over the past few years owing to their increasing demand and opportunity in ready to eat food.
North America region is expected to gain major share among all region. China expected to generate maximum revenue in 2019 in Asia-Pacific temperature-controlled packaging solutions market.
North America is the largest temperature controlled packaging solutions market for pharmaceuticals. The market is witnessing high growth on the backdrop of burgeoning demand from healthcare sector. The demand for transportation drugs, vaccines and clinical trials in North America has triggered the temperature controlled packaging solutions growth. North America, especially the U.S. is home to many established players which are engaged in developing technologies and process necessary to develop cold chain system efficiently.
Due to the increasingly rising demand for frozen goods and well developed infrastructure in large urban populations, China is a top market for cold chain production. A rapid transition from a manufacturing and construction-led economy to a consumer-led economy is currently under way in China. In the middle class, rapid growth provides tremendous opportunities. The demand for the use of cold chain storage and transportation systems has increased in cities such as Beijing and Shanghai.
Key Players & Strategies
The Temperature Controlled Packaging Solutions industry is highly opportunistic and competitive in nature because of significant advancements and developments in the product to cater the ever-changing consumer demand.
The players profiled in the report include ACH Foam Technologies, LLC, Amerisource Bergen Corp., Cold Chain Technologies, Inc., Deutsche Post AG (DHL), FedEx Corp., ILLIG Maschinenbau GmbH & Co. KG, KIMO, Olympus Corporation, OMEGA Engineering, Pelican BioThermal LLC, SKF, Sofrigram SA Ltd., Sonoco Products Company, Tempack and Cropak., Testo SE & Co., WIKA Alexander Wieg and SE & Co. KG.