Report : Temperature Controlled Packaging Market to 2027 - Global Analysis and Forecasts by Packaging Type (Active, and Passive); End-user (Pharmaceutical, Healthcare, and Others)
Surge in demand form healthcare and pharmacueitcal industry to drive the temperature controlled packaging market in the coming years
Latest market study on "Temperature Controlled Packaging Market to 2027 by Packaging Type (Active, and Passive); End-user (Pharmaceutical, Healthcare, and Others); - Global Analysis and Forecast", the global temperature controlled packaging market is estimated to reach US$ 8.71 Bn by 2027 from US$ 5.18 Bn in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
The industries in North America are already working toward implementing a temperature controlled packaging systems for storage and transportation of temperature-sensitive products at a controlled temperature environment. Temperature controlled packaging systems comprises of designed packaging containers and shippers that maintain a controlled temperature environment to limit exposure of the product to low or high temperatures during shipment. Demand for transporting products from various industries in the North America region has considerably risen due to the need for packaging and logistics solutions. Hence, this factor is fuelling the demand for temperature controlled packaging solutions in the region.
In the North America region, the U.S. is witnessing a rapid rise due to wide demand for shipments of perishable goods, and pharmaceutical and healthcare products in bulk. Furthermore, companies in the region are highly focused on product and service launch strategies to survive in the global market. For instance, In Sept 2018, Softbox Systems Ltd., US-based temperature controlled packaging provider has launched a green recycling service for its life science customers in the U.S. and Canada. The company provides packaging solutions that lessen waste and its impact on the environment. With the help of this service company’s U.S. and Canada, customers can potentially reduce the cost of non-sustainable waste.
The healthcare end-use industry segment is anticipated to grow at a substantial rate during the forecast period. Owing to the growing usage of temperature controlled packaging systems to ship specialty drugs and vaccines. The active type segment is anticipated to grow at a higher CAGR due to the rising adoption of cost-effective active packaging systems by the healthcare industry. Temperature control during shipment is critical to avoid any damage to the healthcare materials. Several companies operating in the global market provides temperature controlled boxes and cooling packs to maintain the temperature required from pickup to delivery for the healthcare industry.
Companies across the globe are inclined towards expanding its shipping services to gain customers all over the world. For instance, in August 2019, FedEx Express, a U.S based company, would deliver its healthcare customers in Japan an enhanced temperature controlled shipping services using cold shipping packaging solutions. The service would provide improved convenience, severe temperature control throughout the entire shipment, and cost advantages. Furthermore, numerous healthcare companies choose temperature controlled packaging to ship biological materials, such as blood and platelets, vaccines, semen, cells, DNA, and pathogens. Hence, there is global growth in the healthcare industry, which acts as a key factor in boosting the growth of the market across the world
Packaging type of temperature controlled packaging includes active and passive types which are used in the various sectors such as pharmaceutical, healthcare, and other markets. Active packaging includes pallet shippers and refrigerated boxes, which function through a power source such as lithium battery. Passive packaging depends on insulated packaging together with a refrigerant, such as dry or wet ice, phase change materials, and others. Demand for active packaging is increasingly propelled by the food processing companies to keep food fresh for a longer period and to lessen food waste and stimulate more convenient packaging for the consumers. The passive packaging type market is also observing swift innovation in advanced temperature monitoring tools with a growing ability to monitor the temperature in real-time through the transit period. The active packaging systems range from a size of parcel to reefer systems or full trailer and these systems offer cooling, heating, or both functionalities. The deployment of dedicated active solution offers the advantages of high thermal stability that is able to be tailored to the required temperature range. The range can be anywhere between -20C and +15 to +25C. The active packaging systems are high in cost and the usage efficiency may be restricted unless there is full load. A substitute for the active thermal protection solution is temperature controlled group age.
Source: The Insight Partners Analysis
The report segments the global temperature controlled packaging market as follows:
Global Temperature Controlled Packaging Market - By Packaging Type
Global Temperature Controlled Packaging Market - By End-user
Global Temperature Controlled Packaging Market - By Geography