The global insulated packaging market size was valued at USD 15.21 billion in 2023. The market is anticipated to expand from USD 16.01 billion in 2024 to USD 25.95 billion by 2032, exhibiting a CAGR of 6.22% during the forecast period.
Insulated packaging, a specialized solution, aims to safeguard products from temperature shifts and uphold specific temperature requirements. Integration of Phase Change Materials (PCMs), smart temperature-monitoring devices, and vacuum insulation panels are reshaping the market. These innovations significantly enhance the efficiency of maintaining specific temperature conditions during transportation and storage.
Various industries worldwide, including the insulated packaging market, bear the brunt of the COVID-19 pandemic. The pandemic introduced a spectrum of challenges and disruptions, altering production processes, supply chain dynamics, demand patterns, and the overall operational landscape of this sector. Fortune Business Insights™ provides this information in its research report, titled “Insulated Packaging Market, 2024-2032”.
Segmentation:
Plastic Segment Dominates the Market Owing to Lightweight Nature
In terms of material, the market is divided into plastic, paper & paperboard, metal, and others. The plastic segment asserts dominance in the market. Plastic, especially in the forms of EPS and polyurethane, is favored in insulated packaging due to its lightweight nature. This ensures efficient thermal insulation and reduces overall shipping costs, establishing plastic as a cost-effective and practical choice.
Boxes & ContainerSegment Holds the Largest Market Share Owing to Versatility Across Industries
By product type, the market is segmented into wraps & liners, pouches & envelopes, boxes & containers, and others. The boxes & container segment commands the largest market share due to its diverse applications, providing a customizable and robust solution for preserving temperature-sensitive goods, such as perishable foods, vaccines, and pharmaceuticals, across diverse industries.
Foods SegmentDominates the Market due to Surging Demand for Fresh Products
On the basis of application, the market is segmented into foods, beverages, healthcare & pharmaceuticals, chemicals, and others. The foods segment takes the lead as the market’s largest share, driven by a substantial surge in demand for ready-to-eat and fresh food products. Insulated packaging emerges as a critical facilitator, preserving the freshness and quality of these items and significantly bolstering the growth of the segment.
In terms of region, the market is categorized into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The market research report offers a comprehensive view encompassing leading companies, competitive landscape, product/service types, Porter’s five forces analysis, and prominent end-use industries. Additionally, it sheds light on crucial market trends and recent growth-contributing factors.
Drivers and Restraints:
Expansion of Cold Chain Logistics to Propel Market Growth
The expansion of cold chain networks is a pivotal factor shaping the market. With companies focusing on efficient temperature-sensitive product transport, the demand for packaging solutions with thermal insulating properties continues to surge, contributing significantly to insulated packaging market growth.
However, expensive components such as advanced foams and vacuum panels hinder product adoption, leading to significant cost challenges for manufacturers.
Source- https://www.fortunebusinessinsights.com/insulated-packaging-market-109828
Regional Insights:
Asia Pacific Holds the Largest Market Share Owing to Booming Pharmaceutical and Healthcare Industries
Asia Pacific captures the largest insulated packaging market share, propelled by the rapid expansion of pharmaceutical and healthcare sectors, fostering a heightened demand for convenient and insulated packaging solutions.
Economic progress in Latin America is spurred by the rise in urbanization, evolving consumer lifestyles, and a growing demand for convenience.
Competitive Landscape:
Industry Participants Focus on Innovative Solutions to Expand their Customer Base
The global market is characterized by intense competition and fragmentation. Key players such as Sancell Pty Ltd., Cold Chain Technologies, and Mondi dominate by offering innovative solutions, emphasizing regional expansion, and relentless focus on customer growth.
Key Industry Development:
July 2023- CSafe introduced a groundbreaking program for Krystal Biotech, providing a cold chain solution for Vyjuvek gene therapy. The custom thermal shipper maintained -20°C, ensuring safe delivery to clinicians and patients.
List of Key Players Mentioned in the Report:
Sancell Pty Ltd. (Australia), Cold Chain Technologies (U.S.), Mondi (U.K.), Smurfit Kappa (Ireland), Peli BioThermal Limited (U.S.), Insulated Products Corporation (U.S.), Cryopak (U.S.), Polar Tech Industries Inc. (U.S.), CSafe Global, LLC (U.S.), Ranpak (U.S.), Snyder Industries, LLC (U.S.), COMBITHERM A/S (Denmark), EMBALL’ISO (France), Sonoco ThermoSafe (U.S.), Stora Enso (Finland), EPG INDUSTRIES (U.S.), Huhtamaki Inc. (Finland), DGP INTELSIUS LTD (U.K.), Zhejiang Pengyuan New Material Co. Ltd. (China), Suzhou Star New Material Co. Ltd. (China)