During storage and transportation of various temperature-sensitive products, companies from various industries need to maintain specific temperature range. This helps them to avoid the degeneration of quality of perishable products. As a result, many companies from sectors such as food, beverages, pharmaceutical, and healthcare are utilizing temperature controlled packaging solutions. Based on product, the temperature controlled packaging solutions market is classified into refrigerants, insulated containers, insulated shippers, and others.
According to Vision Research Reports, the temperature controlled packaging solutions market size is projected to surpass around USD 18.1 billion by 2027 and expanding at a CAGR of 9.6% over the forecast period 2020 to 2027.
The global temperature-controlled packaging solutions market size was valued at USD 9.8 billion in 2019, according to a new report by Vision Research Reports.
Increasing demand for the frozen and fresh foods including fruits and vegetables, dairy products, beverages, bakery and confectionery, meat, and pre-cooked meals is expected to promote the market growth. Furthermore, increasing application of temperature controlled packaging for the shipment of drugs, vaccines, biologics, and biological samples in developed economies, including U.S. and Germany, is projected to have a strong impact on the growth.
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Growing health consciousness among consumers has boosted the demand for fresh fruits and vegetables over the world. Over the past few years, China and South Africa have witnessed significant growth for fresh foods.
Booming international trade and trade liberalization including the North America Free Trade Agreement (NAFTA) and European Union Free Trade Agreement (FTA) has boosted the logistics industry significantly. The transportation and packaging sector is a major part of this industry and it has been witnessing significant growth over the years.
Similarly, the cold chain industry is growing at a lucrative rate over the world on account of the expansion of the international trade of perishable goods. Technological development has fueled the growth of this industry and increased the demand for insulated packaging across the world.
Food and beverage emerged as the largest application segment in the temperature-controlled packaging solutions market and accounted for 49.8% share in 2019. This growth is attributed to the increasing demand for fresh and frozen foods across the world.
The product demand in the healthcare industry is expected to witness the fastest growth, at a CAGR of 9.5% from 2020 to 2027. Extensive application reach of the pharmaceutical industry is fueling the demand for the product significantly.
Insulated shippers held the largest share of 56.6% in 2019. A wide range of applications in several industries including pharmaceutical, food and beverage, and chemical, is expected to promote the utility of shippers. Constantly improving technology has been boosting the demand for the insulated shippers.
Insulated containers generated a revenue of USD 4.5 billion in 2019. These containers are majorly used for the shipment of foods, chemical, biologic materials, blood, and organs. These containers are a crucial part of the cold chain to control and document the temperature of the entire distribution channel.
The North America dominated the market with more than 40.% share in 2019. The high adoption rate of temperature packaging in the healthcare industry of the U.S. and Canada is expected to remain favorable for the industry. Furthermore, the rising importance of convenience foods among the working-class population of the U.S. is expected to upscale the requirements of temperature-controlled packaging.
Key industry participants include Cryopak Industries Inc.; DGP Intelsius; Cold Chain Technologies, Inc.; Envirotainer AB; Softbox Systems Ltd.; AmerisourceBergen Corporation; DHL International GmbH; Sonoco Products Company; Inmark Temperature Controlled Packaging; and APEX Packaging Corporation.
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