The North America temperature controlled packaging market is expected to grow from US$ 1,421.31 million in 2021 to US$ 2,208.45 million by 2028; it is estimated to grow at a CAGR of 6.6% from 2022 to 2028.
A rapid surge in demand from the healthcare and pharmaceutical industries propels the growth of the North America temperature controlled packaging market. As a result of the COVID-19 pandemic, transporting vaccines throughout the region at optimum temperatures was one of the highest priorities for packaging providers. Due to the pandemic, demand for COVID-19 vaccines and other flu vaccinations increased exponentially. Since cold chain technology is crucial for maintaining required temperature in the safe storage and transportation of vital vaccines, including COVID-19 vaccines, many medications must be kept at ambient temperature, refrigerated, frozen, or deep-frozen, which influences the need for temperature-controlled packaging to preserve these medications. Temperature excursions during distribution can be avoided by keeping the product within the required temperature range during transit. Cold chain transportation with temperature-controlled packaging is also required for perishable items, such as medicines and medical supplies, to protect these products from the impact of high temperature and environmental changes. Pharmaceutical businesses are well-known for the use of sophisticated temperature-control solutions. They need several cold chain systems for pallet shipping to offer the appropriate protection for their pallet carriers. Therefore, temperature-controlled packaging is critical in the pharmaceutical industry. As a result of the increasing need to transport perishable items, the rising demand for temperature-controlled packaging is driving the North America temperature controlled packaging market.
Impact of COVID-19 Pandemic on North America Temperature Controlled Packaging Market
The indirect impact on the pharmaceutical industry in North America can be seen especially in the supply chain activities, which were disrupted due to the COVID-19 pandemic. The steady growth of the pharmaceutical industry and the packaging and distribution of pharmaceuticals were further hampered by the effect of stringent lockdowns and trade restrictions across North America. Supply chain challenges that needed continuous innovative practices and agility pushed many companies to deploy teams specializing in identifying and resolving such challenges. The companies operating in the market resumed logistic delays with emphasized pharmaceutical & healthcare safeguards and planning initiatives by the US government. Since the consumption and demand for pharmaceuticals increased, the COVID-19 pandemic negatively impacted the North America temperature controlled packaging market at the end of 2020 and gradually recovered by early 2021.
Market Insights:
Rising Investments in Cold Storage Packaging
Rising Investments in Cold Storage Packaging
Continuous investments in the improvement of cold chain logistics and overall value chain, especially across emerging economies, cumulatively drive the North American temperature-controlled packaging market. Cold chain logistics operations, which mainly involve transporting temperature-sensitive materials and products, require a temperature-controlled packaging. Many products, such as fresh agricultural commodities or pharmaceuticals, can be transported by using temperature-controlled packaging solutions. Temperature change can hinder the quality of medicines and make them unsafe for consumption. Therefore, demand for cold chain logistics to preserve healthcare items is emerging due to the need to preserve the healthcare and biopharma items. Rise in the number of clinical studies being undertaken in North America, which involve numerous temperature-sensitive materials such as blood samples, pharmaceuticals, and tissue samples are undertaken. Given such advancements in the cold chain logistics operations are increasing the demand for the use of temperature-controlled packaging, thereby driving the North America Temperature Controlled Packaging Market.
Packaging Type Segment Insights
Based on packaging type, the North America temperature controlled packaging market is segmented into active and passive. The active segment accounted for a major share in the market in 2021. Moreover, it is expected to register a higher CAGR during the forecast period. Active containers may have built-in heating and cooling systems that use dry ice as a coolant to maintain a specified temperature.
North America Temperature Controlled Packaging market, by Packaging Type (% share)
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
End User Industry Segment Insights
Based on end user industry, the North America temperature controlled packaging market is segmented into pharmaceutical, healthcare, and others . The pharmaceutical segment accounted for a major share in the market in 2021. The market for the pharmaceutical segment is anticipated to grow at the fastest CAGR during the forecast period.
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North America Temperature Controlled Packaging Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
North America Temperature Controlled Packaging Market: Strategic Insights
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Companies operating in the North America temperature controlled packaging market adopt strategies such as mergers and acquisitions and market initiatives to maintain their market positions. A few of the notable developments by key players are listed below:
- In February 2021,Cryopak Industries has announced plans to expand in Montreal in 2021. The latest extension, which brings the facility's overall square footage to 170,000 square feet, follows a previous expansion in 2015 that increased the area from 30,000 to 100,000 square feet.
- In April 2021, UPS has announced the start of construction of a 40,000-square-meter built-to-suit healthcare logistics facility in Rome, Italy. The validated and GMP-compliant facility, which will contain numerous verified controlled temperature conditions, is expected to launch in July 2022.
The report segments the North America Temperature Controlled Packaging market as follows:
The North America temperature controlled packaging market, by packaging type, is segmented into active and passive. The active segment led the market with a larger share in 2021. Based on end-user industry, the North America temperature controlled packaging market is segmented into pharmaceutical, healthcare, and others. The pharmaceutical segment led the market with the largest share in 2021. By country, the market is segmented into the US, Canada, and Mexico.
North America Temperature Controlled Packaging Market – Company Profiles
- Sonoco Products Company
- AmerisourceBergen Corporation
- Cold Chain Technologies, Inc
- Inmark LLC
- Pelican Biothermal LLC
- Cryopak A TCP Company
- FedEx Corporation
- United Parcel Service
- American Aerogel Corporation
- ACH Foam Technologies, LLC.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
- Sonoco Products Company
- AmerisourceBergen
- Cold Chain Technologies, Inc
- Pelican BioThermal LLC
- Cryopak A TCP Company
- FedEx Corporation
- United Parcel Service of America, Inc
- Inmark Global Holdings, LLC
- ACH Foam Technologies, LLC
- American Aerogel
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Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
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We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
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- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
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