Growth in food & beverage sector, increase in the use of canned food, emergence of new technology, globalisation, and rise product wastage control movements drive the temperature-controlled packaging solutions market. In addition, growth in the emerging economies, such as Asia-Pacific and LAMEA and in the healthcare sector create opportunities in the global temperature-controlled packaging solutions market. However, high investment and maintenance cost and low incidence in rural areas restraint the temperature-controlled packaging solutions market growth.
Seattle, WA -- (SBWIRE) -- 12/10/2019 -- Industry Insights
Rising demand for fresh and frozen food, coupled with increasing application in the pharmaceutical industry, is expected to propel growth of the market in future. Furthermore, rapid growth of the cold chain industry on a global level is expected to have a positive impact on the market growth.
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Temperature Controlled Packaging Solutions Market Share Insights
Key industry participants include Cryopak Industries Inc.; DGP Intelsius; Cold Chain Technologies, Inc.; Envirotainer AB; Softbox Systems Ltd.; AmerisourceBergen Corporation; DHL International GmbH; Sonoco Products Company; Inmark Temperature Controlled Packaging; and APEX Packaging Corporation.
Changing lifestyle and busy schedule have fueled the demand for frozen foods across the globe. Consumer preferences are shifting towards ready to eat meals due to time constraint. These frozen and ready to cook foods require specific temperature for their shipment. Therefore, favorable trend of the consumption of frozen foods is expected to promote the scope of temperature-controlled packaging. U.S., China, India, and Philippines are the countries with high demand for frozen food. Rising purchasing power of the South Asian countries including Bangladesh, Pakistan, and India has also been increasing the demand for convenient meals. Furthermore, over the past few years, increasing participant rate of women in workforce has promoted the scope of processed foods.
Product Insights
Insulated shippers held the largest share of 56.3% in 2018. Wide range of the applications in several industries including pharmaceutical, food and beverage, and chemical, is expected to promote the utility of shippers. Constantly improving technology has been boosting the demand for the insulated shippers. For instance, implementation of phase change materials (PCMs) and vacuum insulated panels (VIP) technology has enabled the insulated shippers to offer a range of temperature with low distribution cost. These products have gained significant utility for the shipment of clinical and pharmaceutical products.
Regional Insights
As of 2018, North America dominated the market with more than 40.0% share. High adoption rate of temperature packaging in the healthcare industry of U.S. and Canada is expected to remain favourable for the industry. Increasing demand for fresh fruits and vegetables is also driving the market in this economy. Technological improvement of the packaging industry not only ensures a long shelf life of fruits and vegetables but also maintains the nutritional value of the finished goods. North America dominates the pharmaceutical industry in the world. Multinational companies including Johnson & Johnson; Merck &Co; and Pfizer Inc. hold a significant part of this industry.
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