Temperature Controlled Packaging Market Size, Share and Forecast 2027
Posted by mahesh on October 14th, 2022
According to the new research report published by The Insight Partners, titled “Temperature Controlled Packaging Market — Global Analysis and Forecast to 2027”, the global temperature controlled packaging market was valued US$ 5.12 Bn in 2018 and is expected to reach US$ 8.71 Bn by 2027 with a CAGR growth rate of 6.1% in the forecast period from 2019 to 2027.
In 2018, the U.S. held the largest market share in North America temperature controlled packaging market, growing at a CAGR of 5.4%.
The packaging industry in the region has increased significantly from the past few years due to factors such as robust logistics industry and the use of advanced technologies, etc. According to Plastics Europe, a trade association based in Europe, over 50% of all European goods are packaged in plastics, and they account for 17% of the total packaging weight on the market. Additionally, this weight has been lowered by 28% over the past ten years. Lightweight packaging helps to reduce transportation energy, lessening emissions, and lower shipping costs. It also helps lessen the amount of waste generated. The region is highly focused on temperature controlled packaging systems, which hygienically protects and preserves products for a longer period of time. Temperature controlled packaging protects against contamination of medicine and foods and helps prevent the spreading of germs during manufacture and distribution. Hence, such factors expected to drive the temperature controlled packaging market in the region during the forecast period (2019-2021).
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In Europe, numerous companies are expanding their market reach and extending their existing customer engagements. Enhancement in technology provides ample growth opportunities to the businesses to further nurture their business organization through product development, geographical expansion, and others. Adoption of temperature controlled packaging systems enables to enhance business productivity by transporting the products effectively. Additionally, increasing strength of competition among prominent companies in the major countries such as the U.K. and Germany is growing the adoption of the temperature controlled packaging systems to enhance competitive strength.
The growing digitization of business processes across numerous industries such as pharmaceutical, healthcare, and others are boosting the demand for temperature controlled packaging systems in the Europe region. Industries are adopting temperature controlled packaging systems to support their strategies around reducing cost, improving customer experience, and increasing the bottom line of their businesses. This allows companies to focus on their core capabilities and give their full potential in increasing their market share and growth in the market as well as the region.
Temperature controlled packaging solutions are designed to maintain better and protect temperature-sensitive products to confidently ship it over extended logistics cycles. This enables to deviate from costly shipping methods used to ship goods in the end-use industry. The packaging solutions as a simple instrument for marketing is changing to match the needs of various industry. New types of temperature controlled packaging have been and will be developed to meet the needs of the end-use industry. Apart from features of safety, quality, and distribution already outlined, temperature controlled packaging act as a potential marketing tool. The use of one or more types of temperature controlled packaging would increase the shelf-life of the product. Nevertheless, the development and implementation of packaging would depend on the acceptance and cost-effectiveness for the industry. Further, growth in globalization and the emergence of new technology drive the temperature controlled packaging market.
The List of Companies -
Key findings of the study:
End-users such as pharmaceutical, healthcare, food & beverage, government, aerospace & defense, and chemical industries primarily have products and goods that are temperature sensitive. Subsequently, their seamless transportation as well as packaging generally require specialized packaging materials that prevent their spoilage during transit. As a result, the functional demand for efficient storage and transportation of temperature-sensitive commodities during transit has created numerous business opportunities for the temperature-controlled based packaging solutions across different end-users. Currently, the companies provide a broad range of products such as insulated shippers and refrigerated containers along with specialized packaging solutions for enabling temperature-controlled packaging of the products.
The prominent market players in the temperature controlled packaging market are Sonoco Products Company, Sofrigram Sa Ltd., Softbox Systems Ltd, Pelican Biothermal LLC among others. Market leaders are involved in taking up various market initiatives such as geographical expansion, product innovations by implementing advanced technologies, partnerships, expansion, contracts, joint ventures, funding, and inaugurating new offices across the world to maintain brand name in North America & Europe. For instance, Pelican BioThermal LLC launches network station & service enter in Dublin, Ireland. The company is well known for its temperature-controlled packaging, it opened its new network station and service center in Dublin, Ireland with an official opening ceremony. The facility is dedicated to refurbish, service, repair, and condition company’s reusable Crēdo reusable passive thermal parcel shippers..
Many well-known, as well as small local companies, are present in the market to provide temperature controlled packaging to their customers. The larger firms are adopting the strategy of partnerships, contractual alliances for the deployment of temperature controlled packaging to enhance their customer portfolio and expand footprint in different geographies.
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About the Authormahesh
Joined: September 20th, 2022
Articles Posted: 71
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