The insulated packaging materials market was valued at US$ 11,876. 04 million in 2021 and is projected to reach US$ 16,799. 84 million by 2028; it is expected to grow at a CAGR of 5. 1% from 2021 to 2028.
New York, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Insulated Packaging Materials Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material Type, Type, and End-User" - https://www.reportlinker.com/p06176789/?utm_source=GNW
Rising per capita disposable income, increasing investments in the improvement of cold chain infrastructure, growing end-user industries, and accessibility to medical facilities attribute to the growth of the insulated packaging materials market.In the past few years, the healthcare and pharmaceuticals industries have witnessed an unprecedented rise in demand for temperature-controlled/insulated packaging due to an increase in the demand and transportation of temperature-sensitive pharmaceuticals products and samples.
Temperature-sensitive products mainly belong to the food & beverages and pharmaceuticals industries.Changing consumer lifestyles, rising per capita disposable income, and adoption of convenience products increase the consumption of processed, frozen, and packaged food products.
In addition, rising consumer spending on packaged products and increasing global output of temperature-sensitive manufactured goods propel the growth of the insulated packaging materials market.
Based on type, the global insulated packaging materials market is bifurcated into single use and reusable.The reusable segment accounted for a larger market share in 2020 and is expected to register a higher CAGR during the forecast period.
Reusable packaging is intended to be used repeatedly or indefinitely for product distribution, transportation, and storage.The use of reusable packaging is increasing due to environmental issues, limited economic reasons, and government support for disposable units.
Most insulating packaging solutions are one-time use, which create tons of waste that must be managed and have an undeniable impact on the environment.However, the reusable refrigerated packaging solution is the solution of the future, which can minimize the environmental impact of transporting cold chain medical devices and reduce costs.
In addition, the manufacturers are manufacturing innovative packaging solutions. For instance, Liviri Fresh is a durable, heat-insulated, reusable transport container, and the size is very suitable for holding meal bags and perishable items, such as meat, seafood, fruits and vegetables, and juices. Thus, the growing need for environmentally friendly packaging solutions would boost the demand for reusable insulated packaging materials in the coming years.
Based on region, the insulated packaging materials market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.In 2020, Asia Pacific accounted for the largest share in the market.
The growth of the market in this region is mainly attributed to the rising demand for insulated packaging in countries such as India, China, Japan, and others .Asia-Pacific is one of the largest food and beverages industry due to the high population density and disposable income, and growth in distribution channel in the region.
Furthermore, the demand for frozen food is growing in Asia-Pacific due to busy lifestyle and schedule.The increasing consumer preference toward convenience foods indirectly propels the demand for frozen products as they require less time and effort than cooking any item from scratch.
Increasing disposable income is another aspect that has a significant impact on the frozen food market’s growth because it boosts consumers’ purchasing power. The insulated packaging materials market in Asia-Pacific is driven by an increase in disposable income and demand for frozen foods.
A few key players operating in the insulated packaging materials market are Sealed Air, FEURER Group GmbH, Sancell, The Wool Packaging Company Limited, CoolPac, Cascades Inc., ICEE Containers Pty Ltd, TemperPack, Icertech, and Insulated Products Corporation.
The overall size of the global insulated packaging materials market has been derived using both primary and secondary source.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the insulated packaging materials market.
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