Market Highlights
Insulated Shipping Packaging Market is projected to be valued at approximately USD 3 Billion by 2027, at 5% CAGR during the forecast period, 2020–2026. Insulated shipping packaging solutions are a type of packaging used to ship temperature-sensitive products such as foods, pharmaceuticals, organs, blood, biologic materials, and chemicals. They are used as part of a cold chain to help maintain product freshness and efficacy. Ease of fabrication and transportation, cost-effectiveness, good mechanical strength, and high resistance to heat transfer are some of the features possessed by insulated shipping packaging materials, which are anticipated to boost the growth of the insulated shipping packaging market.
Drivers
Increasing Adoption for Shipping Temperature Sensitive Products to Boost Market Growth
The growing use of insulated packaging which can preserve the cold chain to ship temperature-sensitive products like personal care, chemical, and food and beverage will boost the market growth over the forecast period.
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Opportunities
Alluring Features to offer Robust Opportunities
High resistance to heat transfer, good mechanical strength, cost effectiveness, and ease of transport and fabrication are the different alluring features of insulated shipping packaging that will offer robust opportunities for the market in the forecast period.
Restraints
High Initial Cost to act as Market Restraint
The high initial cost of insulated shipping packaging coupled with lack of product awareness among manufacturers may act as market restraints in the forecast period.
Challenges
Accessibility of Substitutes to act as Market Challenge
The availability of substitutes such as flexible insulated packaging solutions may act as a market challenge over the forecast period.
COVID-19 Analysis
The COVID-19 pandemic has hit the insulated shipping packaging market severely resulting in huge revenue loss to various end use industries such as eCommerce and food and beverages. Besides the government imposed lockdown resulted in the halt of production of various key raw materials that in turn spiked the prices of products and also reduced the demand for insulated packaging. Manufacturers experienced issues such as obtaining raw materials needed for the production as well as delivering end products for attracting workers from quarantines. The market however is returning to normal experiencing the steady increase in demand particularly from the biologics sectors and vaccines. Increasing consumption of glass vials owing to growing production activities, storing and distributing COVID-19 vaccines will boost market growth.
Market Segmentation
The global insulated shipping packaging market is segmented based on material, applications, and product.
By product, the containers segment will lead the market over the forecast period for the increasing health issues and climatic changes.
By applications, the food and beverage segment will dominate the market over the forecast period for the overall growth in population, changing lifestyle, and rising disposable income of people.
By material, the insulated shipping packaging market is segmented into glass, wood, plastic, and others.
Regional Analysis
APAC to Lead Insulated Shipping Packaging Market
The APAC region will lead this market in the forecast period. Growing population, growing manufacturing sector, increasing e-commerce business, improved economic conditions and changing consumer lifestyles in China and India, growing manufacturing sector, rising e-commerce business, vast investments for developments and upgrades of packaging technology, growing industrialization, high growth in pharmaceuticals, US being the home to global players of chemical, food, and pharmaceutical sectors, and growing export of pharmaceutical products from the US to other countries are adding to the global insulated shipping packaging market growth in the region.
Key Players
Eminent players profiled in the global insulated shipping packaging market report include Amcor PLC (Australia), Cryopak (US), Davis Core & Pad Company (US), DS Smith PLC (UK), DuPont (US), Innovative Energy, Inc. (US), Marko Foam Products, Inc. (US), Providence Packaging (US), Sonoco Products Company (US), The Wool Packaging Company Limited (UK), Thermal Packaging Solutions (UK) , Insulated Products Corporation (US) and Exeltainer (Spain).
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Industry Updates
Belcampo Farms, a leading meat purveyor has announced the availability of three novel subscription meat boxes. Each box will be shipped frozen with dry ice in insulated packaging that is eco-friendly to ensure that the product that is received is eco-friendly and fresh.
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