ID: MRFR/PNT/8786-HCR | June 2021 | Region: Global | 190 pages
The passive temperature-controlled packaging market will be worth around USD 13.85 billion, asserts MRFR (Market Research Future). MRFR expects the market to capture a CAGR of 9.65% from during the forecast period.
Spectacular expansion of the cold storage industry over the years has raised the demand for passive temperature-controlled packaging solutions. Also, a sizable demand for passive temperature-controlled packaging comes from food packaging and pharmaceutical. Soaring demand for temperature-sensitive pharmaceutical items worldwide spurred the growth rate of the market.
Surging preference for perishable food items, particularly meat products, bolsters the sales of passive temperature-controlled packaging solutions as well. Another reason for the mounting product demand could be owing to the booming sales of specialty products. Heightened use of packaging technology to maintain the integrity and quality of rare disease drugs will foster market growth.
Escalating Preference for Frozen Food to Provide Opportunities
The huge market for frozen food will provide robust opportunities to the top developers owing to the busy schedules of the consumers and their changing lifestyles. Consumers are more inclined towards a variety of ready-to-eat meals as they are time-pressed. The expanding female workforce and the economic growth in developing countries also offer substantial opportunities.
Need for High Investment to be a Major Restraint
Large-scale investment required and the low awareness in rural areas could be major restraints for the worldwide market.
Before the COVID pandemic, companies in the packaging industry were progressing quickly toward their sustainability goals. However, the coronavirus pandemic has negatively impacted a multitude of sectors and industries around the world, especially the packaging industry. Packaging companies around the world were coming up with innovative ideas and technologies that were friendly to the environment, reusable, and biodegradable. However, concerns regarding the hygiene and safety of reusable packaging temporarily halted the packaging industry’s progress towards a sustainable and circular supply chain. Specific areas in the packaging industry that have been affected includes therise in digital printing, e-commerce, new or heightened hygiene and consumer-safety concerns, consumer preferences, redefined sustainability, and increase of single use plastics and lifted bans.
Following the pandemic, packaging companies should rebalance sustainability objectives that fuse elevated cleanliness, standardize online business, and think about item cost. The effect of the pandemic will positively affect execution, in light of the fact that these new patterns will feature clients' necessities across the business. The (COVID-19) pandemic is causing far and wide concern and financial difficulty for shoppers, organizations and networks across the globe. Makers are confronting interesting difficulties brought about by the emergency, and bundling makers are no special case. Pulled between taking off requests for certain items (like bathroom tissue and other sterile items) and an unsure viewpoint for other people (like structure materials), organizations in the area should likewise explore the test of all the while protecting worker prosperity, overseeing possibly disturbed stockpile chains, and assessing turbulent financial and capital business sectors conditions.At a macro level, the divided idea of the stockpile side prompts industry challenges. Amounting to that will be that bundling as an item classification is unbranded. Together this makes a fair client experience with issues, for example, conflicting bundling quality and monotonous seller disclosure. For makers, this implies underutilized limits, conflicting cycles, and decreased edges. Outcome - an imperfect interest and supply framework with huge opportunity to get better.
Based on region, the Global Passive Temperature Controlled Packaging Market is segmented into Asia-Pacific, North America, Europe, the Middle East&Africa, and South America. North America dominates the marketwith the largest share in the global passive temperature-controlled packaging market owingto rapidly rising demand for frozen products and well-established infrastructure in large urban populations. Asia-Pacific is expected to grow at a fast pace with the highest CAGR globally owing to the rapid transition from a manufacturing and construction led economy to a consumer led economy. The rapid growth in middle class offers huge opportunities.The key providers of passive temperature-controlled packaging solutions in this region are augmenting their investments in new launches in an effort to gain competitive advantage over other competitors in the market. Further, the passive temperature-controlled packaging market in North America and Europe captures nearly 45% of the total market value share, majorly driven by the food and pharmaceutical industries. However, developing regional markets such as Asia Pacific and Latin America are anticipated to exhibit higherCAGRs during the forecast period. This high growth potential in these regions can be attributed to the exploding demand for pharmaceutical products, frozen foods, and perishable foods such as meat, seafood, and dairy products.
The key players operating in the Global Passive Temperature Controlled Packaging Market arePelican BioThermal LLC (US), Sonoco Products Company (US), Cold Chain Technologies, Inc.(US), FedEx Corporation (US), AmerisourceBergen Corporation(US), Deutsche Post AG (Germany), Intelsius (UK), Softbox (UK), Sofrigam SA Ltd. (US), ACH Foam Technologies (US) and many others. The other prominent players in the temperature-controlled packaging solutions market include OMEGA Engineering (US), WIKA Alexander Wiegand SE & Co. KG (Germany), Olympus Corporation (Japan), ILLIG Maschinenbau GmbH & Co. KG (Germany), and SKF(Germany).
Passive temperature-controlled packaging uses normal water-based thermal insulated containers. This type of temperature-controlled packaging systems does not rely on external power sources. The passive temperature-controlled packaging systems depend on initial and final temperatures of the product.
The global passive temperature-controlledpackaging market is driven by thegrowth in food & beverage industry, and the rapid advancement pace on innovation in technology. The passive temperature-controlled packaging is anticipated to generate the highest revenue owing to its reusability and advance level of technology. Moreover, the growth of the healthcare sector growing in emerging economies around the worldis fueling the growth of passive temperature-controlled packaging market. However, high cost of investment and maintenance and a very low incidence in rural areas acts as a restraining factor for the temperature-controlled packaging solutions market growth.
Insulated containers are the preferred passive temperature-controlled packaging solution with over 3/5th of overall sales, however, the preference for insulated shipper has also been increasing over the few years. Shippers are gaining high popularity as an advanced packaging solution, attributing to their compactness, lighter weight, reduced distribution costs, and optimum temperature ranges and refrigerant requirements.
Many logistics and packaging companies are offering rental services for shipping temperature-sensitive products so as to minimize the overall shipping costs and overcome maintenance challenges incurred in their handling.Leaders in passive temperature-controlled packaging solutions market such as Sonoco Products Inc., GEBHARDT Logistic Solutions GmbH, and ACH Foam Technologies, LLC are focusing on supply and distribution partnerships for regional stronghold. New product developments will also remain a priority.
Many key players such asSonoco Products Company, Cold Chain Technologies,Pelican Biothermal LLC, Inc., FedEx Corporation, AmerisourceBergen Corporation, Cryopak, Deutsche Post AG,among others are actively participating in the development of temperature-controlled packaging solutions. For instance, recently in 2019, Cryopak released a new version of Mirador Express: 1.2.0 which is capable of delivering real-time temperature monitoring. The special feature is user friendly and a safe method for storing and calculating data. Earlier in 2018, Cold Chain Technologies (CCT), which is a leading provider of temperature-controlled delivery systems, launched the industry’s first integrated phase change material (PCM) pallet cover device- KoolTemp GTS Enshield.FedEx Express (FedEx), a subsidiary of FedEx Corp. (NYSE: FDX), announced improved temperature-controlled shipping services using cold shipping packaging for healthcare customers in Japan. The services enable FedEx to offer customers improved convenience, rigorous temperature control throughout the entire journey, and cost advantages. Pelican BioThermal has announced a new module on its School of Cool online learning platform, with introduction to reusable and single-use shippers, including parcel and bulk shippers.Such developments in the market are anticipated to fuel the growth of the global passive temperature-controlledpackaging marketduring the forecast period.
The global temperature-controlled packaging market is segmented into type, application, and geography. Based on type, it is further segmented into insulated shippers, insulated containers, refrigerants, and others. By application, it is categorized into healthcare, food & beverage, and others. The food & beverage sector dominates the temperature-controlled packaging solutions market owing to packaging that helps maintain the condition and nutritive value of the food & beverages in extreme conditions for later consumption. Passive temperature-controlled packaging is a preferred economical and effective solution used in the pharmaceutical sector for shipping of pharmaceutical products. The rise in need for cost-effective shipping of vaccines, particularly to remote geographies, offers a prominent push to global temperature-controlled packaging market growth.
Tower Cold Chain, a pharmaceutical thermal protection developer has introduced its new system, called the KTM42D Tower Double Euro Pallet Ultra Cold, which is a reusable double-pallet temperature-controlled packaging container used for transporting and storing products for extended periods at an internal temperature ranging from -80˚C to -60˚C. The system can be used for transporting life science products, vaccines, and products that require a stable temperature environment during storage and transportation.
CSafe Global, a thermal shipping solutions company has acquired Softbox Systems, a developer of passive temperature-controlled packaging solutions for the life sciences, cold chain logistics and pharmaceutical industries.
Both the companies will be offering an extensive range of thermal shipping solutions to cater to every pharmaceutical cold chain shipping requirement, facilitating transportation of critical temperature-sensitive products such as next-generation cell and gene therapy, mRNA therapies like COVID-19 vaccine, and biologics.
|CAGR||9.6% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Pelican BioThermal LLC (US), Sonoco Products Company (US), Cold Chain Technologies, Inc.(US), FedEx Corporation (US), AmerisourceBergen Corporation(US), Deutsche Post AG (Germany), Intelsius (UK), Softbox (UK), Sofrigam SA Ltd. (US), ACH Foam Technologies (US)|
|Key Market Opportunities||Growth of the healthcare sector growing|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Passive Temperature Controlled Packaging market is predicted to grow at 9.6% through forecast period of 2022-2030
The forecast period for Passive Temperature Controlled Packaging market research report is 2022-2030.
Global Passive Temperature Controlled Packaging Market is dominated by North America region.
The global passive temperature-controlled packaging market is driven by the growth in food & beverage industry, and the rapid advancement pace on innovation in technology.