"The Global Temperature Controlled Packaging Market is expected to grow at a high CAGR 9.3% during the forecasting period (2021-2028)".
Temperature-controlled packaging plays a vital role in keeping safe all kinds of goods such as perishable foods to pharmaceuticals. It is made from insulating materials such as textiles, styrofoam, plastic, phase change materials such as refrigerant gel packs, along with it consists heating elements such as powered heating blankets and induction drum heaters.
Temperature-controlled packaging is a fully optimized solution with volume efficiency, simple packing, reduced inventory needs, and reduced lower distribution costs to protect valuable, critical goods such as pharmaceuticals, diagnostics/clinical trials, perishable goods, frozen foods, tissue, vaccines, and blood supplies around the world.
The global temperature-controlled packaging is driven by the rising demand for transportation of pharmaceutical medicines, drugs, and clinical trial distribution products, tissue, vaccines, donor organs, blood transfers around the globe. Further growing consumption of the frozen perishable food products with growing utilization of cold chain warehouse and transportation systems.
Growing demand for transportation of the pharmaceutical medicines, drugs, and clinical trial distribution products, tissue, vaccines, donor organs, blood transfers around the globe
The market is driven by rising demand for the transportation of pharmaceutical medicines, drugs, and clinical trial distribution products, tissue, vaccines, donor organs, blood transfers around the globe. Rising pharmaceutical spending around the globe due to the increasing prevalence of infectious and chronic ailments drives the temperature-controlled packaging market.
As per the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA) in 2017, the global pharmaceutical market reached around US$ 1,430 billion in 2020 with the highest contribution of the developed countries. It created a massive demand for the temperature-controlled packaging market for the transportation of pharma drugs.
Rising demand for perishable frozen food products with growing utilization of cold chain warehouse and transportation systems
Increasing demand for frozen food around the globe with growing utilization of cold chain warehouse and transportation systems with the surge in the global population. As per the Global Cold Chain Alliance (GCCA) in 2018, the total capacity of refrigerated warehouses around the globe was reached around 616 million cubic meters increased by 2.67% as compared to 2017. It created a massive demand for the temperature-controlled packaging market.
By TypeInsulated PalletInsulated EnvelopesBreathable Air CoverRollcage CoverInsulated ShippersInsulated ContainersRefrigerantsBy ProductActive SystemsPassive SystemsBy ApplicationPerishable Goods DeliveryCold Chain StockCold Chain AirfreightClinical Supply ChainBy End-userFood & BeverageHealthcareChemicalsBiothermalOthers
North America region holds the largest market share global Temperature Controlled Packaging market
North America region is dominating the global temperature-controlled packaging market and accounted for the largest market share in 2019, due to the presence of leading manufacturer of pharmaceutical which propels the demand for the transportation of medicines using temperature-controlled packaging followed by Europe and Asia-Pacific.
As per the IFPMA in 2018, North America accounted for around 48.9% of the world's total pharmaceutical sales compared to 23.2% of Europe. According to IQVIA (MIDAS May 2019) in between 2013-2018, around 65.2% of sales of new medicines launched on the United States market, compared with 17.7% on the European market. It created a massive demand for temperature-controlled packaging in North America and the European market followed by Asia-Pacific.
Further in Europe, demand for temperature-controlled packaging increased for frozen food. According to the Cold Chain Federation Organization, in the United Kingdom, the frozen food industry was valued at around US$ 10 billion whereas the chilled processed food industry exceeds around US$ 15 billion. It created a massive demand for temperature-controlled packaging in this region for frozen and processed food.
The temperature-controlled packaging market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include FedEx Corp., AmerisourceBergen Corp., Cold Chain Technologies, Inc., Tempack and Cropak, Testo SE & Co., Olympus Corporation, Deutsche Post AG (DHL), Sofrigram SA Ltd., ACH Foam Technologies, LLC, Pelican BioThermal LLC, Sonoco Products Company, WIKA Alexander Wiegand SE & Co. KG, ILLIG Maschinenbau GmbH & Co. KG, KIMO and among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Temperature Controlled Packaging market globally. For instance, on 9th Nov 2016, AmerisourceBergen Corp the world's leader in specialty logistics, and Courier has launched lighter, more robust thermal packaging solutions. The thermal pallet shipper reduces transport costs and maintains temperature up to 40 percent longer than comparable products.
Tags: Insulated Envelopes, packaging, Temperature Controlled Packaging Market, Temperature Controlled Packaging, Olympus Corporation, Deutsche Post AG, Insulated Pallet, FedEx Corp, AmerisourceBergen Corp, Tempack and Cropak, Testo SE & Co, Sofrigram SA, ACH Foam Technologies, Pelican BioThermal LLC, WIKA Alexander Wiegand SE, ILLIG Maschinenbau GmbH & Co
See Campaign: https://www.datamintelligence.com/research-report/temperature-controlled-packaging-marketContact Information:Sai Kiran
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