The global temperature controlled packaging solutions market was valued at US$ 9.8 billion in 2019 and is expected to reach US$ 17.8 billion by 2027, with at a compound annual growth rate (CAGR) of 9.8% during the forecast period 2020 to 2027.
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 favorable 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.
The insulated shippers are expected to gain highest share of 55.2% in 2019. The convenience of shippers is expected to be promoted by a wide variety of applications in many industries including pharmaceutical, food and beverage, and chemical. The demand for insulated shippers has been increased constantly by developing technology. The introduction of phase change materials (PCMs) and vacuum insulated panels (VIP) technology, for example, has enabled insulated shippers to offer a low-distribution temperature range. The shipping of medicinal and pharmaceutical products has gained considerable utility from these products.
In 2019, insulated containers produced an income of USD 4.5 billion. These containers are used mainly to transport food, chemicals, biological materials, blood, and organs. To monitor and log the temperature of the entire distribution system, these containers are a vital part of the cold chain.
The temperature-controlled packaging solutions industry is divided into food & beverages, healthcare, and others (chemical and biothermal) depending on the type of end consumer. With the aid of a temperature-controlled packaging solution, the food & beverage business includes the transport of temperature-sensitive items from one place to another. During transportation, foods such as beef, dairy goods, frozen foods, and beverages such as cold drinks, milk, and others need temperature-controlled packaging solution.
The logistics industry has been substantially boosted by booming international trade and trade liberalization, including the North American Free Trade Agreement (NAFTA) and the European Union Free Trade Agreement (FTA). A big part of this industry is the transportation and packaging sector, and over the years it has seen tremendous growth.
Similarly, due to the globalization of foreign trade in perishable products, the cold-chain industry is rising at a lucrative pace worldwide. The advancement of technology has fuelled this industry's growth and increased demand for insulated packaging around the world.
However, dielectric materials have gained significant importance over the past few years owing to their increasing demand and opportunity in applications such as food & beverages, healthcare, and others.
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 Companies & Market Share Insights
The global Temperature Controlled Packaging Solutions market seeks intense competition among the market players owing to rapid changing consumer preference. Further, the industry participants are prominently adopting inorganic as well as organic growth strategies that include partnership, collaboration, merger & acquisition, and many others to maintain their competitive edge in the global market. Apart from this, they invest prominently in the R&D activity for new product development & advancements.
Some of the prominent players in the Temperature Controlled Packaging Solutions market include:
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of material, application, and region:
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