The passive temperature-controlled packaging solutions market in North America and Europe captures around 45% of market value share, majorly driven by the food and pharmaceutical industries. On the other hand, developing regional markets such as Asia Pacific excluding Japan (APEJ) and Latin America would exhibit higher, double-digit CAGRs during latter half of forecast period. This high growth potential is owing to the exploding demand for pharmaceutical products, frozen foods, and perishable foods such as meat, seafood, and dairy products.
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Accelerating need for adequate temperature assurance during storage and transit of perishable food products continues to drive adoption of passive temperature-controlled packaging solutions. Global demand for passive temperature-controlled packaging solutions is set to push revenue growth of the global market at a CAGR of over 9% during 2019 – 2029. While food & beverages and pharmaceuticals would remain key end-use industries, a sizeable sales volume will be accounted by meat, seafood, and dairy products, says a new Future Market Insights (FMI) report.
Companies are showing high preference for passive temperature-controlled packaging solutions as a cost-effective means. Moreover, pharmaceutical products are being increasingly shipped over long distances, incorporating multi-modal supply routes. This process requires the optimal temperature handling of products. Usage of passive temperature-controlled packaging solutions in shipping pharmaceuticals and food products will thus remain the key driver for market growth over forecast period.
Key Takeaways – Passive Temperature-controlled Packaging Solutions Market Study
- Food & beverages is a significant end-use industry in the Western Europe passive temperature-controlled packaging solutions market, which is expected to account for market share of 50% during the forecast period.
- The insulated containers segment is likely to remain prominent in the global passive temperature-controlled packaging solutions market. These containers aid in maintaining the temperature of food and pharmaceutical products during transit and storage.
- Passive temperature-controlled packaging solutions are expected to be highly adopted in the pharmaceutical industry during the forecast period, as compared to other industries.
- In 2019, CSafe Global expanded its passive temperature-controlled packaging solutions portfolio with a launch of AcuTemp Plus to address the cold chain needs of cell and gene therapies, clinical trials and commercial pharma.
- In the North America region, the frozen segment of the passive temperature-controlled packaging solutions is expected to represent market share of 31% during the forecast period.
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World Health Organization (WHO) is continuously focusing on reducing vaccine wastes, worldwide. Various programs have been initiated to monitor vaccine wastage at country levels, emphasizing proper transportation and handling of vaccines. This would hold a major impact on the passive temperature-controlled packaging solutions market.
Who Is Winning?
Manufacturers of passive temperature-controlled packaging solutions are expanding their geographical reach by acquiring small players. Moreover, many passive temperature-controlled packaging solution players are focusing on new product developments and strategic partnerships with suppliers and distributors in various regions across the globe to strengthen the market reach and drive the demand for effective passive temperature-controlled packaging solutions. For instance,
In 2018, Tower Cold Chain Solutions, suppliers of passive temperature-controlled packaging solutions, strengthened its global market with its new TOWER Dublin facility, which offers enhanced services to the Ireland market. In June 2017, va-Q-tec AG announced the establishment of its Japanese subsidiary, va-Q-tec Japan G.K., which is located in Tokyo. This helps in strengthening its presence in the Asia Pacific region.
Several regional players are also offering products on a rental basis. For instance, In January 2016, Pelican Biothermal LLC, a leading provider of temperature-controlled packaging solutions catering to the healthcare industry, started offering on-demand 12-day standard rentals for its passive Credo Xtreme shippers.
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Learn More About What the Report Covers
Future Market Insights, in its new offering, offers an unbiased analysis of the global passive temperature-controlled packaging solutions market, analysing historical demand from 2014-2018 and forecast statistics for 2019-2029. The study unravels growth projections of the passive temperature-controlled packaging solutions market on the basis of product (insulated shipper, insulated containers, and others), application (frozen, chilled, and ambient) and end-use industry (food & beverages, pharmaceuticals, and others), across seven major regions.
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FREQUENTLY ASKED QUESTIONS ABOUT PASSIVE TEMPERATURE CONTROLLED PACKAGING SOLUTIONS MARKET
Which factors are at the forefront of generating demand for passive temperature-controlled packaging solutions?
Solid expanse of pharmaceutical industry and the ever-growing perishable food sector would be the key growth drivers associated with the passive temperature-controlled packaging solutions market. Gradual growth of this industry in developing regions will present opportunity to globally leading providers of passive temperature-controlled packaging solutions.
What course of growth will the adoption of these packaging solutions observe in pharma industry?
Passive temperature-controlled packaging has been a preferred economical and effective solution for shipping of pharmaceutical products. Increasing need for cost-effective shipping of vaccines, particularly to remote geographies, offers a prominent push to market growth.
Which regional markets will display above-average growth potential for manufacturers of passive temperature-controlled packaging providers?
Latin America and Asia Pacific excluding Japan (APEJ) are set to emerge as highly attractive regions in the passive temperature-controlled packaging solutions market. The latter is particularly projected to clock a CAGR of more than 10% during 2019 – 2029.
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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