Insulated Shipping Packaging Market Overview
The Insulated Shipping Packaging Market growth is gradually known to reach approximately USD 3 billion by 2026 and can reach the CAGR of 5% from 2022 to 2030. vip vacuum insulated panels
The insulated shipping packaging market is growing promisingly, witnessing the rising demand for developing temperature profiles for medicinal products in distribution. A systematic evaluating process for the distribution environment is used to develop a statistically relevant temperature profile that can meet regulatory, logistics, and performance requirements.
Insulated shipping packaging plays a causal role in minimizing the effect of variable temperature and protecting the product from physical damage, maintaining product specifications by keeping them warm, frozen, or refrigerated. Growing uses of insulated packaging that can preserve the cold chain for shipping temperature-sensitive products such as food & beverage, chemical, and personal care stimulate the insulated shipping packaging market size.
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The COVID-19 outbreak severely hit the insulated shipping packaging market industry, causing huge revenue loss to end-use industries like food & beverages and eCommerce. Also, the coronavirus-driven lockdown halted the production of several key raw materials in the global market, which in turn spiked the product prices and lowered the demand for insulated packaging.
Manufacturers faced problems ranging from obtaining raw materials required for the production and deliver end products to attract workers from quarantines. However, the insulated shipping packaging market is rapidly returning to normal, witnessing the steadily increasing demand, especially from the vaccines and biologics sectors. High consumption of glass vials due to rising production activities, storing, and distributing COVID-19 vaccines is estimated to offer robust market opportunities.
The growing number of temperature-sensitive products and the need for temperature-controlled packaging impact the insulated shipping packaging market. Quality demands increase as more sensitive products face logistics complexity and a greatly expanded risk of product damage. The distribution range expands as products move further and through more climatic zones.
Besides, other major industry trends include high awareness of temperature-controlled requirements, increasing complex local, regional, and international connections that need a broad range of transport modes, and the need to optimize the total cost of ownership (TCO) led by relentless competition and margin pressures.
More sustainable and functional packaging protects temperature-sensitive drugs. Proper storage and transport temperatures for drugs, especially biologics, are essential to protect product efficacy and patient safety. As strong growth continues across the pharmaceutical industry globally, the sub-category of temperature-controlled products is surging at twice the rate of the overall industry.
The insulated shipping packaging market analysis is segmented into product, application, material, and region.
The product segment is sub-segmented into boxes and containers. Of these, the containers product segment holds the largest market share, witnessing the rising uses due to the increasing climatic changes and health issues. The segment growth is estimated to register a higher CAGR during the forecast period.
The application segment is sub-segmented into food & beverages, industrial goods, personal care, and others. Among these, the food & beverage segment holds the largest market share, witnessing the rising uses due to rising demand for packed food led by the increasing disposable income, changing lifestyle, and overall population growth. The segment growth is estimated to register a higher CAGR during the forecast period.
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The material segment is sub-segmented into plastic, wood, glass, and others (steel and timber). Among these, plastic packaging holds the largest market share, witnessing the rising uses of control pressure and temperature range. The segment growth is estimated to register a higher CAGR during the forecast period. On the other hand, glass packaging is used for cosmetics, vaccines, and beverages to maintain properties and the overall quality of these products.
The Asia Pacific region has consistently been dominating the global insulated shipping packaging market. Factors such as the growing manufacturing sector and increasing e-commerce businesses in the region drive market growth. Moreover, vast investments for developments and upgrades of packaging technology increase the region's insulated packaging market share. China and India are leading markets for insulated shipping packaging solutions in the region.
North America holds the second position in the global insulated shipping packaging market. Factors such as the growing demand from the pharmaceutical and medicine sectors drive the market growth. Additionally, the burgeoning eCommerce sector drives the demand for insulators. The US, with its growing biopharma sector, dominates the regional market.
The European insulated shipping packaging market has emerged as a profitable market globally. Increased demand from the pharmaceutical industrial goods and personal care sectors increases the region's insulated packaging market share. Furthermore, the vast adoption of insulated packaging solutions propels the market growth.
The insulated shipping packaging market is witnessing several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product launches. Leading industry players make strategic investments in research and development activities and foster their expansion plans.
For instance, recently, on Oct. 01, 2020, Packaging Technology Group, Inc (PTG), a leading thermal packaging solutions provider, launched its off-the-shelf line of pre-qualified shippers, including an earth-friendly alternative for the biopharmaceutical and life sciences sector, responding to the global pandemic. The new packaging line is pre-qualified 2-8°C shipping solutions for vaccines and biologics.
As pharmaceutical manufacturers race to respond to the global health crisis with a vaccine, the need to protect any potential vaccine's temperature tolerance remains a priority. According to the WHO (World Health Organization), up to 50% of vaccines are wasted each year, often due to inadequate temperature control in the supply chain. Any vaccine must maintain its required temperature throughout the supply chain.
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