Market Analysis
The passive temperature-controlled packaging market is predicted to touch USD 11.78 billion at a 9.6% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Drivers
Increasing Adoption in Pharmaceutical Industry to Boost Market Growth
The growing adoption of Passive Temperature Controlled Packaging Market in the pharmaceutical industry will boost market growth. It is mostly used in transporting medicines, donor organs, clinical trial distribution products, blood transfers, and donor organs, and others.
Opportunities
Surge in Demand for Frozen Food to offer Robust Opportunities
The surging demand for frozen food will offer robust opportunities for the market in the forecast period owing to busy working schedule and changing lifestyle. People are inclined towards ready to eat meals for time limitations. The rising working women population and economic development is fuelling market growth.
Restraints
High Maintenance and Investment Cost to act as Market Restraints
The high investment and maintenance cost coupled with very low incidence in rural areas may act as market restraints over the forecast period.
Challenges
Strict Government Rules to act as Market Challenge
Strict regulations and rules formulated by government agencies on the use of such packaging may act as a market challenge over the forecast period.
Market Segmentation
The passive temperature controlled packaging market is bifurcated based on type and application.
By type, the insulated containers will lead the market over the forecast period as they are ideal to carry a temperature-sensitive payload of volume ranging from 4–100 liters. Such shippers are perfect for clinical trial shipments and pharmaceuticals.
COVID-19 Analysis
The COVID-19 outbreak has had a negative effect on multitude of industries and sectors across the globe, particularly the packaging industry. Packaging companies worldwide are introducing innovative technologies and ideas that are friendly to the environment, biodegradable, and reusable. But concerns regarding the safety and hygiene of reusable packaging temporarily halted the progress of the packaging industry towards a circular and sustainable supply chain. The specific areas in the packaging sector that have been affected comprise e-commerce, increase in digital printing, heightened or new hygiene and consumer-safety concerns, redefined sustainability, consumer preferences, and rise in single use plastics lifted bans.
Regional Analysis
North America to Command Passive Temperature Controlled Packaging Market
North America will command this market in the forecast period. Rapidly rising demand for frozen products, well-established infrastructure in large urban populations, rapid transition to a consumer led economy from a manufacturing led economy, rapid growth in middle class, the presence of major economies Canada and the US, and the strong presence of the healthcare sector are adding to the global passive temperature controlled packaging market growth in the region.
Key Players
Eminent players profiled in the temperature controlled packaging report include 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) and many others. Other leading 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).
Industry Updates
A global provider of passive temperature control packaging solutions for the cold chain logistics industries, life science, and pharmaceutical, Softbox is proud in supporting Pfizer to distribute COVID-19 vaccines with the supply of a high-performance temperature-controlled parcel shipper developed specially for ultra-low temperature applications.
