New York, September 20, 2021 (GLOBE NEWSWIRE) – Temperature-Controlled Passive Packaging Market Overview: According to a Comprehensive Research Report from Market Research Future (MRFR), “Passive Temperature Controlled Packaging Market Research Report, type, application and region – Forecast to 2028 ” The market is expected to be worth USD 13.85 billion by 2028, registering a CAGR of 9.65% during the forecast period (2021 – 2028).
Key players of the Global Passive Temperature Controlled Packaging Market presented include –
- Sonoco Product Company (United States)
- Pelican BioThermal LLC (United States)
- Cold Chain Technologies Inc. (United States)
- AmerisourceBergen Corporation (United States)
- FedEx Corporation (United States)
- Deutsche Post AG (Germany)
- Softbox (UK)
- Intelsius (United Kingdom)
- Sofrigam SA Ltd. (United States)
- OMEGA Engineering (United States)
- ACH Foam Technologies (United States)
- WIKA Alexander Wiegand SE & Co. KG (Germany)
- SKF (Germany)
- ILLIG Maschinenbau GmbH & Co. KG (Germany)
- Olympus Corporation (Japan).
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Highly competitive, the temperature-controlled passive packaging market appears fragmented due to the presence of many notable players. To gain greater market share and create new markets, industry players are adopting strategic approaches, such as mergers and acquisitions, collaborations and others. They make substantial R&D investments in product development and keep abreast of new technologies.
For example, on August 03, 2021, Cathay Pacific Cargo has announced that it is placing more emphasis on COVID 19 vaccination, focusing on vaccine distribution and e-commerce. The digitization of air cargo and customer-centric products are high on the company’s long-term strategic agenda.
In April 2021, the airline formed a global partnership with Sonoco ThermoSafe, a supplier of temperature assurance packaging, to offer Pegasus ULD temperature-controlled bulk shipping containers developed by Sonoco. The agreement allows pharmaceutical shippers to lease Pegasus ULD containers directly from CEIV certified Cathay Pacific.
Rapid COVID Vaccine Distribution Impacts Market Growth
The global temperature-controlled passive packaging market is growing rapidly. Rapid COVID 19 vaccination around the world is a major trend in the temperature-controlled passive packaging market that is driving the market demand. In addition, the high consumption of these packaging solutions for cold chain monitoring of various temperature sensitive products increases the market value of temperature controlled passive packaging.
Vaccines and pharmaceuticals require continuous real-time monitoring of temperature, humidity and vibration control throughout the supply chain. The growing demand for vaccine-specific packaging solutions confirms market demand. In addition, the growing demand for expert packaging solutions for perishable goods is driving the growth of the market.
The demand for temperature-controlled passive packaging is estimated to increase dramatically by 2028, driven by rapid advancements in new technologies, heat-sensitive drugs and the growing emphasis on food safety during distribution. Many end-user verticals are increasingly forming strategic partnerships with manufacturers of temperature-controlled passive packaging to meet increased demand for freight forwarding.
Browse the In-Depth (190 Pages) Temperature Controlled Passive Packaging Market Research Report https://www.marketresearchfuture.com/reports/passive-temperature-controled-packaging-market-10264
Recent need to maintain ultra-cold temperatures of COVID mRNA vaccines is driving the market
The growing demand for innovative technologies to monitor the cold chain primarily for the packaging and distribution of food and beverage, life science, and pharmaceuticals is influencing the growth of the market. Passive temperature-controlled packaging has enormous potential to improve food safety and quality, increasing shelf life and convenience.
Hence, the market is experiencing increasing demand from the booming food and pharmaceutical industries. In addition, the growing health awareness, food waste issues, and supply chain inefficiencies are other factors that are boosting the growth of the market. Advances in packaging technologies have a positive impact on market share, allowing manufacturers to increase their consumer strength and profit margin.
High investment needs hamper market development
The high implementation costs and the need for R&D investment significantly hamper the growth of the market. However, the manufacturers are focused on reducing the overall cost of production, which would support the growth of the market throughout the evaluation period, minimizing the costs incurred while ensuring the quality.
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The market report is segmented into types, applications, and regions. The type segment is sub-segmented into insulated shippers, insulated containers, refrigerants and others. The application segment is divided into healthcare, food and beverage and others.
Of these, the food and beverage segment represents the largest market share, witnessing significant consumption of these packaging solutions to maintain the condition and nutritional value of F&B products. By regions, the market is sub-segmented to Asia-Pacific, America, Europe, and the rest of the world.
North America dominates the global temperature-controlled passive packaging market. Factors such as the large demand for frozen food products and a well-established infrastructure in large urban populations are driving market demand. In addition, the rapidly growing meat and poultry industry in the region is increasing the size of the temperature-controlled passive packaging market, reaching over 93 billion pounds of production each year.
In addition, changing food and beverage purchasing and consumption habits and increasing population in the region are increasing the market share of temperature-controlled passive packaging. The growing preference for these packaging solutions for cost-effective vaccine shipping, especially to remote areas, is driving the growth of the temperature-controlled packaging market.
Market segmentation covered by research:
Passive Temperature Controlled Packaging Market Intelligence Report By Type (Insulated Shippers, Insulated Containers, Refrigerants, Others), By Application (Food & Beverage, Healthcare, Others) and By Region (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) – Forecast to 2028
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