SEATTLE, Feb. 24, 2022 /PRNewswire/ -- The global temperature controlled packaging solutions market was valued at US$ 8,771.8 million in 2020 and is expected to exhibit a CAGR of 9.3% during the forecast period (2021-2028).
Key Trends and Analysis of the global temperature controlled packaging solutions market:
The rising demand for better handling of temperature sensitive pharmaceutical products has resulted in increased research for more advanced temperature controlled packaging insulation solutions such as vacuum insulated panels (VIP). VIP-based insulation offers major advantages over conventional expanded polystyrene (EPS) and polyurethane insulated shippers. Shippers implementing VIP are comparatively smaller and lighter in weight, they provide wider temperature ranges, reduce refrigerant requirements, and in turn cut distribution costs.
Rising demand for better handling of temperature sensitive pharmaceutical products has resulted in increased research for more advanced temperature controlled packaging insulation solutions such as vacuum insulated panels (VIP). VIP-based insulation offers major advantages over conventional expanded polystyrene (EPS) and polyurethane insulated shippers. Shippers implementing VIP are comparatively smaller and lighter in weight, they provide wider temperature ranges, reduces refrigerant requirements and in turn cuts distribution costs.
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Key Market Takeaways
The global temperature controlled packaging solutions market is expected to exhibit a CAGR of 9.3% over the forecast period (2021-2028). Various food and pharma companies opt to lease or rent temperature-controlled shippers/containers as per requirement. On the other hand, shipper/container manufacturers achieve reduced cost of ownership and increased return on investment, hence increases profits. However, unless a company has closed loop system, this solution remain uneconomical. Success in the business requires establishment of depots at various geographical locations. For instance, CSafe's REPAQ program allows the user to reuse its VIP Shippers, after a six step inspection process, at a minimal additional charge, enabling the customer to save up to 30-40% on supply chain cost. CSafe's is manufacturer and provider of Temperature control logistics services and also offers cold chain equipment, active air cargo solutions, mobile refrigeration units etc.
Major players operating in the global temperature controlled packaging solutions market include Envirotainer AB, Intelsius, Pelican Biothermal LLC, Sofrigam, Softbox Systems Limited, Tempack, Packaging Solutions, S.L., Entropy Solutions, Honeywell International Inc., Outlast Technologies LLC, and Pluss Advanced Technologies Pvt. Ltd.
Major players are opting strategies such as mergers, acquisitions, and capacity expansion, owing to rising demand for the temperature controlled packaging solutions. For instance, in February 2020, Pelican BioThermal LLC acquired NanoCool, a Mexico-based manufacturer of temperature-controlled packaging solutions. This acquisition would help the company in expanding its access to laboratories and patients and several players who are engaged in distribution of life sciences materials and collection of patient laboratory samples. Pelican BioThermal LLC offers the widest range of temperature controlled, thermally-protected packaging and service solutions to the global life science industry.
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Detailed Segmentation:
Global Temperature Controlled Packaging Solutions Market, By Product:
- Insulated Shippers
- Insulated Containers
- Others
Global Temperature Controlled Packaging Solutions Market, By Application:
- Frozen
- Chilled
- Ambient
Global Temperature Controlled Packaging Solutions Market, By End-use:
- Healthcare
- Food & Beverages
- Others
Global Temperature Controlled Packaging Solutions Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- Europe
- By Country:
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- By Country:
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- By Country:
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
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