Insulated packaging market is projected to be worth USD 21.95 Billion by 2030, registering a CAGR of 6.8% during the forecast period (2022 - 2030)
Insulated packaging market is projected to be worth USD 21.95 Billion by 2030, registering a CAGR of 6.8% during the forecast period (2022 - 2030), The market was valued at USD 12.18 billion in 2021.
The insulated packaging market is growing rapidly with the rise in disposable income and standard of living of people. The global trade of perishable products and frozen items have grown significantly which is, in turn, generating the demand for insulated packaging materials.
Insulated packaging is vital for products of industries like pharmaceuticals, food & beverages, chemicals, cosmetics, etc. These industries need insulated packaging containers to protect their goods from thermal damage as well as physical damage while shipping. Moreover, ongoing R&D activities to develop eco-friendly and more efficient insulated packaging materials are also helping the market to expand. The global insulated packaging market is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.2 % over the forecast period ( 2021- 2030).
There are different insulated packaging forms to suit the needs of different industries. Some of the most widely used types are preformed shapes, flexible blankets, bags, container boxes, etc. The increasing demand for insulation requiring goods and the rising international trade have brought more players to the market. The Global insulated packaging market value is estimated to be worth USD 17.8 billion by the end of the current forecast period in 2030.
Covid-19 had a severe impact on the global insulated packaging market. The major blow came through the poor performance of major end-user industries like food and beverage, chemical, pharmaceutical, etc. which led to a fall in the demand for insulated packaging. Moreover, restrictions on travel and movement of goods to curb the virus spread disrupted the supply chain badly.
However, on the other hand, the growth of the e-commerce industry including food delivery services brought a huge respite to the market. The Pharmaceutical industry was also a major demand generator for insulated packaging during the pandemic period. Therefore, the market is estimated to witness a rapid recovery within a short period.
The major global companies playing a key role in the insulated packaging market are :
The rising demand for temperature-sensitive products including food & beverages, healthcare products, etc with the rise in the living standard of people is driving the growth of the global insulated packaging market. Globalization has indeed played an important role in opening the global market for FMCG goods that are highly perishable. Moreover, with the rise in disposable income of people, the demand for these goods has increased by several manifolds. The rapid growth of e-commerce industries and instant food delivery services are also generating huge demand for insulated packaging solutions.
There has been a significant achievement in the development of ideal insulation packaging materials that are low cost, have high physical strength, and have less weight. Moreover, the development of packaging containers from eco-friendly and sustainable materials like agricultural waste will likely fuel the growth of the Insulated packaging market further.
The volatile prices of the raw material and thereby increasing cost of insulating packaging materials are the major growth hindering factors. The growing environmental concern regarding the use of some less recyclable insulation materials like polystyrene and polyurethane foam is also a major restraint to the Market
Insulated packaging is a special packaging technology to protect frozen goods and perishable products from damage due to temperature changes. It works on the principle of minimizing heat transfer by the use of insulating materials. Additionally, this packaging offers protection against physical damage.
This packaging technology is mainly utilized for shipping temperature-sensitive products to maintain the product's freshness.
Products like pharmaceutical drugs, seafood, fruits, and vegetables, etc. are highly susceptible to damage by temperature change. Therefore, the materials used for making insulation packaging must-have properties like high thermal insulation, low production cost, greater mechanical strength, lightweights, etc. Insulation packaging technology makes use of insulating and cushioning materials like polyurethane, styrofoam, polystyrene foams, natural fibers like wool, cotton, hemp, etc.
The specific objectives of this market report on the global Insulated Packaging market are given below:
Segmentation of the insulated packaging market, by material
The expanded polystyrene foam (EPS) dominates the insulation packaging market. Its favorable properties like lightweight nature, cost-effectiveness, and better insulation make EPS the best choice in the market.
Segmentation of the insulated packaging market, by packaging form
The Box and Container segment is the largest sub-segment. These materials are a cost-effective method of packaging for a wide range of products. Moreover, the box and container type of packaging offers more mechanical strength and protects the goods from physical damage.
Segmentation of the insulated packaging market, by end-user industries
The Pharmaceutical segment accounts for the largest share of the Global insulated packaging market. This dominance is due to a greater need for insulated packaging for the storage of medicines and drugs which request ambient temperature.
However, the food and beverages segment is witnessing rapid growth with rising consumer demand.
However, the food and beverage industry is the fastest-growing segment. There has been a significant increase in instant food delivery services and also in the demand for frozen products which is driving the market growth.
The different regional markets for the global insulated packaging market are:
Asia-Pacific is the largest regional segment for the global insulated packaging market. There has been a significant rise in the development of the e-commerce industry, pharmaceutical industry, and food retailing business which are the major demand generators for insulated packaging. The increasing disposable income of the people is the major factor contributing to the market growth in this region.
The Americas are the fastest growing market region. High demand for packaged food products including meat, seafood, beverages, and groceries that require Insulated packaging is the major factor contributing to the market growth. Moreover, greater penetration of the e-commerce industry and growing demand for pharmaceutical items are fueling the insulated packaging market in this region.
Europe accounts for a significant share of the global insulated packaging market. High disposable income of people and therefore great demand for packaged food products are the major contributing factors to market growth in this region. Similarly, the Middle East segment is also witnessing rapid growth. The African segment is expected to grow moderately over the forecast period.
This report will be beneficial for every stakeholder of the insulated packaging market such as :
This report provides an in-depth analysis of the insulated packaging market in terms of current value and future forecast. This report also highlights the problems and prospects of the insulated packaging market. Moreover, the technological analysis section of the report will greatly help in knowing the product and its market prospects. Furthermore, this report contains a detailed analysis of every segment of the insulated packaging market for the current forecast period. This report has also identified the key players and the current developments in the insulated packaging market.
|Market Size||2030: USD 21.95 Billion|
|CAGR||6.8% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, Packaging Type, and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Deutsche Post DHL (Germany), Amcor Ltd. (Australia), E.I. Du Pont De Nemours and Co. (U.S.), Huhtamaki OYJ (Finland), Sonoco Products Company (U.S.), Exeltainer (Spain), American Aerogel Corporation (U.S.), Thermal Packaging Solutions (Australia), TemperPack (U.S.), Insulated Products Corp (U.S), and Davis Core & Pad Co.(U.S.)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||
The necessity to maintain production efficiency and performance is estimated to create a favorable push for market development.
Sonoco Products Company (U.S.), American Aerogel Corporation (U.S.), Exeltainer (Spain), Huhtamaki OYJ (Finland), TemperPack (U.S.) and Thermal Packaging Solutions (Australia) are the eminent contenders in the market.
The regional leader in the market is the APAC region.
A 6.8 % CAGR by 2030 is estimated to be gained by the market.
The market includes segments on the basis of material, packaging type, application, and region.
The rising demand for temperature-sensitive products including food & beverages, healthcare products, etc with the rise in the living standard of people is driving the growth of the global insulated packaging market.