VALLEY COTTAGE, N.Y. –According to the Future Market Insights (FMI)’s report, the global market for passive temperature-controlled packaging solutions was valued at US$ 8 Bn in 2018 and is expected to register a staggering CAGR of 9% over the forecast period 2019-2029. Passive temperature-controlled packaging solutions are extensively used by various industries as they can ship temperature-sensitive shipments of any size at low cost. Owing to its reusability and integration of high level of technology, the passive temperature-controlled packaging solution is expected to grow at the fastest rate.
Rising alliance of companies contributing to the cold storage and cold chain business at the global platform is expected to fuel the demand for passive temperature-controlled packaging solutions. Moreover, passive temperature-controlled packaging solutions are considered more robust than active temperature-controlled packaging solutions. Economical nature of the product and efficient packaging capabilities are further offering tailwinds to the market growth.
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“Most of the packaging and logistics enterprises are providing rental services for shipping temperature-sensitive products in order to reduce the overall shipping costs and maintenance challenges incurred in product handling. As a result, there is an increasing preference for cost-effective passive temperature-controlled packaging solutions,” says FMI analyst.
Insulated Containers Take the Lead with 62% Revenue Share
Insulated containers will continue to lead total sales, due to their cost-effectiveness, operational efficiency, and eco-friendly nature. On the other hand, the demand for insulated shippers is also expected to grow at a significant rate. This growth is largely dependent on the reduced in-transit damage and unmatched flexibility of the insulated shippers. Expanded polystyrene (EPS) based shippers will remain top-selling category, followed by polyurethane (PUR) based shippers. However, insulated shippers will continue to represent relatively low revenue share as compared to insulated containers.
Preview Analysis Of 2019 Analysis and Review of Passive Temperature Controlled Packaging Solutions Market by Product – Insulated Container and Insulated Shipper for 2019 – 2029:https://www.futuremarketinsights.com/reports/passive-temperature-controlled-packaging-solutions-market-092017
Gains Upheld by Growing Adoption in Food & Beverage Industry
In 2018, strong sales of passive temperature controlled packaging solution witnessed in the food & beverage industry, which held 52% of the total revenue share. Growing demand for fresh and frozen foods across the world and rising product wastage control movements are leading to surge in demand for advanced temperature-controlled packaging solutions which enable longer transit time for perishable goods. The pharmaceutical sector is also projected to be one of the prominent end-users of passive temperature-controlled packaging solutions. Increasing adoption of temperature-controlled packaging solutions to transport specialty drugs and vaccines will continue to drive the market growth.
APEJ to Outpace North America’s Market by 2021
In the current scenario, North America is holding relatively high market value, driven by the adoption of passive temperature-controlled packaging solutions by food and pharmaceutical industries. Moreover, increasing importance of convenience food amongst the working population is poised to spur the need for passive temperature-controlled packaging solutions in the region. However, the requirement for temperature-controlled packaging solutions in APEJ is projected to surpass North America’s market by 2021. This high growth is attributed to the rising adoption of rental packaging solutions in the developing countries such as China and India.
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