Yahoo Finance Passive Temperature Controlled Packaging Market worth USD 13.85 billion by 2028, registering a CAGR of 9.65% - Report by Market Research Future (MRFR)
New York, Sept. 20, 2021 (GLOBE NEWSWIRE) -- Passive Temperature Controlled Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Passive Temperature Controlled Packaging Market Research Report, Type, Application and Region - Forecast till 2028” the market to be worth USD 13.85 billion by 2028, registering a CAGR of 9.65% during the forecast period (2021 - 2028).
Competitive Landscape
Players leading the global Passive Temperature Controlled Packaging Market profiled include –
Sonoco Products Company (US)
Pelican BioThermal LLC (US)
Cold Chain Technologies Inc.(US)
AmerisourceBergen Corporation(US)
FedEx Corporation (US)
Deutsche Post AG (Germany)
Softbox (UK)
Intelsius (UK)
Sofrigam SA Ltd. (US)
OMEGA Engineering (US)
ACH Foam Technologies (US)
WIKA Alexander Wiegand SE & Co. KG (Germany)
SKF(Germany)
ILLIG Maschinenbau GmbH & Co. KG (Germany)
Olympus Corporation (Japan).
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Highly competitive, the passive temperature controlled packaging market appears fragmented due to the presence of many notable players. To gain a larger market share and create new markets, industry players adopt strategic approaches, such as mergers and acquisitions, collaborations, and others. They make substantial R&D investments in product development and keep themselves updated with new technologies.
For instance, on Aug.03, 2021, Cathay Pacific Cargo announced that it is accentuating more on COVID 19 vaccination, navigating it with a focus on vaccine distribution and e-commerce. Airfreight digitalization and customer-centric products are at the top of the long-term strategic agenda for the company.
In April 2021, the airline company formed a global partnership with Sonoco ThermoSafe, a provider of temperature assurance packaging, to offer Pegasus ULD temperature-controlled bulk shipping containers developed by Sonoco’s. The agreement enables pharma shippers to lease Pegasus ULD containers directly from CEIV-certified Cathay Pacific.
Rapid COVID Vaccine Distribution Impacts Market Growth
Global passive temperature controlled packaging market is growing rapidly. Rapid COVID 19 vaccination drives worldwide is a major passive temperature controlled packaging market trend boosting the market demand. Besides, the vast consumption of these packaging solutions for cold chain monitoring of various temperature-sensitive products increases the passive temperature controlled packaging market value.
Vaccines and pharma products need continuous real-time monitoring of temperature control, humidity, and vibration across the supply chain. The rising demand for vaccine-specific packaging solutions substantiates the market demand. Moreover, the increased demand for expert packaging solutions for perishable items provides impetus to market growth.
Passive temperature controlled packaging demand is estimated to rise drastically by 2028, driven by rapid advances in new technologies, temperature-sensitive drugs, and the growing emphasis on food safety during distribution. Many end-user verticals are increasingly forming strategic partnerships with passive temperature controlled packaging manufacturers to meet greater cargo shipping demand.
Browse In-depth Market Research Report (190 pages) on Passive Temperature Controlled Packaging https://www.marketresearchfuture.com/reports/passive-temperature-controlled-packaging-market-10264
Recent Need to Maintain Ultra-Cold mRNA COVID Vaccine Temperatures Drives Market
Rising demand for innovative technology to monitor cold chain primarily for packaging & distribution of food & beverage, life science, and pharma products influences market growth. Passive temperature controlled packaging has tremendous potential to improve food safety and quality, increasing shelf life and convenience.
Therefore, the market witnesses rising demand from the burgeoning food & beverages and pharmaceutical industries. Furthermore, growing awareness towards health, food wastage concerns, and supply chain inefficiencies are other factors bolstering the market growth. Advancements in packaging technologies positively impact the market share, allowing manufacturers to increase their consumer strength and profit margin.
High Investment Needs Hamper Market Development
High implementation costs and R&D investment requirements impede the market growth majorly. However, manufacturers are focusing on reducing the overall production cost, which would support the market growth throughout the assessment period, minimizing costs incurred while ensuring quality.
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Segmentations
The market report is segmented into types, applications, and regions. The type segment is sub-segmented into insulated shippers, insulated containers, refrigerants, and others. The application segment is bifurcated into healthcare, food & beverage, and others.
Among these, the food & beverage segment accounts for the largest market share, witnessing significant consumption of these packaging solutions to maintain the condition and nutritional value of F&B products. By regions, the market is sub-segmented into the Asia Pacific, Americas, Europe, and rest-of-the-world.
Regional Analysis
North America dominates the global passive temperature controlled packaging market. Factors such as the significant demand for frozen food products and well-established infrastructure in large urban populations drive the market demand. Besides, the rapidly growing meat & poultry industry in the region boosts the passive temperature controlled packaging market size, reaching more than 93 billion pounds production each year.
Additionally, changing food & beverages buying & consumption patterns and increasing population in the region expand passive temperature controlled packaging market share. Rising preference for these packaging solutions for cost-effective shipping of vaccines, particularly to remote geographies, pushes the temperature-controlled packaging market growth.
Segmentation of Market covered in the research:
Passive Temperature Controlled Packaging Market Information Report by Type (Insulated shippers, Insulated Containers, Refrigerants, Others),by Application (Food and Beverages, Healthcare, Others),and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2028
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