FELTON, California, May 12, 2020 /PRNewswire/ -- The global temperature controlled packaging solutions market size is anticipated to reach USD 16.8 Billion by the year 2025, according to a new report by Million Insights. It is expected to grow with a CAGR of 8.3% over the forecasted period. Rising demand for fresh and frozen fruits, vegetables, meat, dairy products, beverages, and pre-cooked meals is expected to boost market growth. Also, the increasing requirement for temperature-controlled packaging to shipping vaccines, drugs, and biological samples in the developed countries of North America and Europe such as the U.S. and Germany are expected to increase the demand for such products in the upcoming years.
The region of Asia Pacific is anticipated to witness a significant growth rate for these products owing to the rise in the pharmaceutical and food and beverage industry. Further, the rising population in developing countries like China, India, and Japan is expected to surge the need for such products in the future. Moreover, a rise in the number of organized retails in these countries is expected to boost demand.
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Rapid advance and technical innovations are crucial factors for the growth of this industry. The majority of the key manufacturers are investing more in R&Ds to develop more effective products. For example, in 2018, Softbox Systems Ltd. launched the MAX range of containers that are manufactured for single use with the latest coolant barrier system. The conventional water-based model is getting replaced by an internal barrier system. Similarly, to cater to the industry of biological and pharmaceutical products, the Sonoco Products Company invented ChillTech, a wide range of reusable packaging. This type of Temperature controlled packaging solution helps to maintain temperature over a period of 2 to 6 days.
The region of North America is anticipated to hold the largest share in the temperature controlled packaging solution market owing to the increasing demand for frozen or packaged foods among the working-class population. Also, the rise of the pharmaceutical industry in this region is expected to boost the sales of such products. Thus, the market for temperature-controlled packaging solutions is expected to grow at a significant growth rate during the forecasted period.
Further key findings from the report suggest:
- The product segment of insulated shippers is anticipated to register highest CAGR of 8.7% during the forecasted period, 2019 to 2025.
- The application segment for food and beverages is held the largest share of 49.3% in the global market. Also, the segment of healthcare is expected to register highest CAGR of 8.8% from 2019 to 2025.
- According to the regional segmentation, North America occupied largest share of around 40% across the global market.
- The key manufacturers such as Cryopak Industries Inc.; Cold Chain Technologies, Inc.; Softbox Systems Ltd. and APEX Packaging Corporation are investing more into R&Ds to focus more on technical advances and product developments.
Browse 150 page research report with TOC on "Global Temperature Controlled Packaging Solutions Market" at: https://www.millioninsights.com/industry-reports/global-temperature-controlled-packaging-solutions-market
Million Insights has segmented the temperature controlled packaging solutions market on the basis of product, application, and region:
- Temperature Controlled Packaging Solutions Product Outlook (Revenue, USD Million, 2015 - 2025)
- Insulated container
- Insulated shipper
- Temperature Controlled Packaging Solutions Application Outlook (Revenue, USD Million, 2015 - 2025)
- Food & Beverage
- Temperature Controlled Packaging Solutions Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- Asia Pacific
- Central and South America
- Middle East and Africa
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