PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1408886
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1408886
Temperature Controlled Packaging Market size was valued at USD 18,305 Million in 2023, expanding at a CAGR of 13.5% from 2024 to 2032.
The purpose of temperature-controlled packaging (TCP), often referred to as thermal or chilled packaging, is to maintain the product's temperature. This keeps temperature-sensitive items, such as food that is cold or frozen, as fresh as possible while they are being delivered. An exterior cardboard box, an insulating lining, and a coolant (such as ice packs) are frequently seen in temperature-controlled packing solutions.
The market is anticipated to develop at a rapid pace during the forecast period because of the growing need for temperature-controlled packaging across a variety of industries, including chemicals, food & beverage, pharmaceuticals, and others. These goods are used in the pharmaceutical industry to carry medications at a specific temperature, which is required to prevent damage. For vaccine storage, for instance, the suggested temperature ranges include -80°C (dry ice), -60°C, -20°C, and the more often used 2-8°C. Furthermore, the food and beverage industry uses these products to prolong the shelf life of frozen goods including meat, bread, and other items. Therefore, the rise of the worldwide temperature-controlled packaging market is driven by the increasing acceptance of temperature-controlled packaging across various industries.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the forecast period. This is a result of the country's thriving healthcare industry, which raises demand for temperature-controlled packaging options for the transportation and storage of biologics, medical equipment, medications, and vaccines that are sensitive to changes in temperature. Furthermore, with the growing popularity of online grocery shopping and food delivery, it's important to make sure that customers receive perishable goods like groceries, meal kits, and prepared dishes at the proper temperature. The integrity and safety of these items during transit depend heavily on temperature-controlled packaging solutions, such as insulated shippers and containers, which further fuel the market's expansion in the area.
The major players in the worldwide temperature-controlled packaging market are now focusing on putting these tactics into practice to strengthen their market positions. These strategies include product developments, mergers and acquisitions, joint ventures, alliances, and collaborations.
In August 2023, RecyCold climaliner solution, a paper-based, recyclable thermal liner intended for use in cold chain transportation across many industries, was introduced by Ranpak. The RecyCold chiller is designed to hold goods for up to 48 hours at the optimal temperature-frozen, chilled, or almost room temperature. The company claims it can equal the thermal performance of current technologies and fits into different box sizes and configurations since it is more flexible and thinner.
The scope of this report covers the market by its major segments, which include as follows: