Temperature Controlled Packaging Solutions Market Worth $16.8 Billion By 2025
The global temperature controlled packaging solutions market size is expected to reach USD 16.8 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.3% over the forecast period. 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.
Asia Pacific is expected to witness significant growth in the upcoming years due to expansion of the pharmaceutical and food and beverage industries in emerging economies, including China and India. Furthermore, increasing number of organized retail has augmented the demand for food packaging in the abovementioned countries.
Innovation has been a crucial part of the industry. Over the past few years, manufacturers have been emphasizing on R&D of the products. For instance, in 2018, Softbox Systems Ltd introduced MAX range containers. The Tempcell MAX range containers are for single-use with improved coolant barrier system. The water-based model has been replaced by an internal barrier film to enhance thermal retention. However, Silverpod MAX is a recyclable coolant system with a solar barrier film. Similarly, in July 2017, Sonoco Products Company launched a new range of reusable packaging, ChillTech, for the shipment of pharmaceutical and biological products. It provides temperature control from 2 to 6 days.
Further key findings from the report suggest:
- On the basis of product, insulated shippers are expected to witness the fastest growth and register a CAGR of 8.7% from 2019 to 2025
- Food and beverage accounted for 49.3% share in the global temperature controlled packaging solutions market in 2018. The healthcare application segment is expected to witness the fastest growth and expand at a CAGR of 8.8% from 2019 to 2025
- North America held the largest share of more than 40% in terms of revenue in 2018. This is attributed to highadoption rate of temperature packaging in the healthcare industry of U.S. and Canada
- Key competitors in this industry include Cold Chain Technologies, Inc.; Cryopak Industries Inc.; Softbox Systems Ltd.; DGP Intelsius; AmerisourceBergen Corporation; DHL International GmbH; Envirotainer AB; Sonoco Products Company; APEX Packaging Corporation; and Inmark Temperature Controlled Packaging. Product innovation is expected to remain one of the key strategies adopted by industry participants over the next few years.