Maintaining the Cold Chain: The Growing Importance of Temperature Controlled Packaging
The global temperature controlled packaging boxes market is anticipated to accumulate a market value of US$ 11.81 billion in 2023 and is expected to garner a valuation of US$ 30 billion by exhibiting a CAGR of 9.7% in the forecast period 2023 to 2033. The market of temperature-controlled packaging boxes market reflected growth with an 8% CAGR in the historical period 2018 to 2022.
Rising demand for temperature-controlled packaging boxes across various industries like food & beverages, pharmaceuticals, chemicals, and others are anticipated to drive the market growth during the forecast period. In the pharmaceuticals sector, these boxes are used for the transportation of medicines at a certain temperature which is necessary to protect the product from damage.
The recommended temperatures for vaccine storage include -80°C (dry ice), -60°C, -20°C, and the most common 2-8°C temperature range. Additionally, these boxes are used in the food and beverages sector to preserve the shelf life of frozen foods such as meat bakeries and others. Thus, the increasing adoption of cold chain packaging solutions in various sectors is expected to drive market growth during the assessment period.
Future Market Insights says, the increasing use of cutting-edge technologies in the pharmaceutical industry presents a potential for the expansion of the market. The digital platforms keep track of temperature, vibration, and other variables for cold chain payload transfers. The market reflects faster growth when information like flight schedules, weather, and the promise of express delivery of goods is made available.
Apart from this, the growing use of vacuum panel insulation (VPI) with stage modification materials might extend the shelf life of pharmaceutical products that are stored thereby supporting market expansion. Another significant factor for market growth is the increasing emphasis on pharmaceutical companies developing medications and treatments for uncommon illnesses.
Such medications have a limited shelf life and are made of expensive ingredients. They demand a strict temperature-controlled environment as a result. Thus, in the coming years, this factor will shape the market growth. Also, considering the growth in the e-commerce industry, insulated packaging is expected to witness high sales with smaller e-commerce and food delivery platforms across meal kits and other perishable food and beverage items.
As various packages containing fresh and frozen items need good insulation, the pandemic-led behavioral change has led to packages being left outdoors for some time which will boost the product demand even more.
On the regional end, Asia Pacific is expected to dominate the market by commanding over 40% market share by end of the forecast period. The market in this region will also grow with fastest CAGR of 9.5% during the forthcoming period. Due to the rising geriatric population, escalating demand for medicines will drive the pharmaceutical market in the Asia Pacific. This will directly create demand for cold chain packaging boxes.
How Competitive is the Market?
Recent developments and breakthroughs in technology, mergers, acquisitions, tie-ups, and partnerships within the companies involved in manufacturing temperature-controlled packaging boxes are expected to create lucrative opportunities for market growth during the forecast period.
· In March 2022, Packaging Technology Group, LLC, a leading supplier of environmentally friendly, curbside-recyclable thermal packaging materials for the life sciences sector, has been purchased by Cold Chain Technologies, LLC, a portfolio company of Aurora Capital Partners and a key provider of thermal packaging solutions for the transportation of temperature-sensitive products.
· In December 2022, Sonoco ThermoSafe, a division of Sonoco, a manufacturer of cold chain packaging solutions, is expanding its Orion Rental packaging program in the United Kingdom as the demand for eco-friendly packaging for temperature-sensitive pharmaceuticals rises.
Temperature controlled packaging boxes are used for shipping the medical products and vaccines, which are prone to get damaged caused by temperature variations. The temperature controlled packaging boxes usually have insulated inner body, which helps in maintaining the temperature of the inner contents.
Temperature Controlled Packaging Boxes Market: Regional Outlook
The worldwide temperature controlled packaging boxes market is very popular in the Asia Pacific. China holds the biggest market for cold chain development, owing to well-established infrastructure in large urban populations and growing demand of frozen products in the world. India is estimated to have a rapid transition in the temperature controlled packaging boxes market due to rapid increase in the pharmaceuticals industry.
North America is also holding a potential business market of the temperature controlled packaging boxes and is required to observe growth. Followed by Asia Pacific and North America, Europe is also expected to witness high growth in the temperature controlled packaging boxes market due to high disposable income.
On the other hand, the demand for temperature controlled packaging boxes in Middle East & Africa and Oceania is sluggish as contrasted with different areas.