The abrupt rise in coronavirus cases globally, proliferated the demand for medical supplies and vaccines thereby accelerating the demand for temperature controlled packaging
The global temperature controlled packaging market was valued at US$ 11,051.2 Mn in 2020 and expected to reach US$ 23,252 Mn by 2027 and is expanding at a CAGR of 11.2% during the forecast period
The demand for temperature controlled packaging has witnessed a surge in the past two years primarily due to the occurrence of COVID-19. The rise in clinical trials worldwide owing to the growth in diseases is another contributing factor for the market growth. Clinical trials require samples to be stored and transported at prescribed temperatures to maintain the integrity of products. The countries such as U.S., U.K., Germany, and Canada among others support a number of clinical trials with high R&D expenditure. In 2018, the Medicines and Healthcare products Regulatory Agency (MHRA) have received 955 requests for clinical trials. The growing healthcare and R&D expenditure is driving the demand for temperature controlled packaging market.
The well-established cold chain across North America and Europe for the food & beverage industry is accelerating the temperature controlled market growth. Rise in the on-the-go healthy snacking with the rising awareness regarding health and well-being from developed nations is soaring the demand for food packaging. Moreover, packaged food ensures easy handling, cooking, and consumption while preventing external tempering. These features are very attractive to the urban customers that prefer ready-to-eat and convenient meal to suit their fast-paced and evolving lifestyle. The excellent growth in the consumption of frozen and packaged food is accentuating the demand for temperature controlled packaging across the globe.
The rising innovations and product developments along with growing partnerships and joint ventures among the market players are increasing the revenue generated in the temperature controlled packaging market. For instance, in February 2021, Godrej Appliances launched state-of-art ultra-low temperature freezers (ULTF) to preserve medical supplies such as mRNA-based vaccines, below -80°C to support the drive against coronavirus. Similarly, in July 2018, Clariant AG, a multinational specialty chemicals company introduced a temperature controlled packaging solution that controls moisture and prevents degradation of pharmaceutical products.
In terms of region, the Asia Pacific region is growing at a CARG of 15.9% during the forecast period, which is the highest among all the regions. The growth in the demand is attributed to the presence of the world’s largest densely populated countries, China and India that generates huge demand for food as well as healthcare supplies. In addition to this, the rising awareness and consumption of packaged food by the people across these countries is supporting the demand for temperature controlled packaging to maintain product quality.
Furthermore, the share of the population aged over 65 years and over 80 in the Asia Pacific region is anticipated to more than double in the next four decades with major growth from middle- and low-income countries. The large prevalence of chronic diseases with the increasing aging population is accelerating the need for medication and other healthcare services. This, in turn, is proliferating the demand for temperature controlled packaging in the Asia Pacific region
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