Insulated Shipping Packaging Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Is the Current Market Size and Trend of the Insulated Shipping Packaging Market?
The insulated shipping packaging market has witnessed strong growth in recent years. It is projected to surge from $7.39 billion in 2023 to $7.88 billion in 2024, reflecting a compound annual growth rate CAGR of 6.6%. This growth during the historic period can be attributed to the expansion of e-commerce and online retailing activities, increasing shipments of temperature-sensitive products such as food and pharmaceuticals, stringent regulations for temperature-controlled shipping and cold chain compliance, growth of the biopharmaceutical and life sciences industry, and the demand for sustainable and eco-friendly packaging solutions.
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What Does the Future Hold for the Insulated Shipping Packaging Market?
The insulated shipping packaging market is anticipated to witness strong growth in the coming years. It is projected to reach $10.43 billion in 2028, with a compound annual growth rate CAGR of 7.3%. This growth during the forecast period can be linked to the adoption of advanced phase change materials pcms for temperature control, integration of smart sensors and IoT for real-time monitoring of shipments, rising demand for personalized and customized packaging solutions, expansion of cell and gene therapy shipments in biopharmaceuticals, and research and development in next-generation insulated packaging materials. Further, the growing consumption of frozen food is a critical driver propelling market growth. For instance, the American Frozen Food Institute reported in February 2022 an 8.6% increase in the sales of frozen food, amounting to $72.2 billion. This trend is likely to fuel the demand for insulated shipping packaging.
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Who Are the Key Players in the Insulated Shipping Packaging Market?
Significant companies operating in the insulated shipping packaging market include Amcor PLC, Cryopak, Davis Core & Pad Company, DS Smith PLC, DuPont de Nemours Inc., COOL Sarl, CREOPACK, Drew Foam Companies Inc., Harwal Group, Integreon Global, Marko Foam Products Inc., Sofrigam SA, Sonoco Products Company, Topa Thermal, W.W. Grainger Inc., Deutsche Post DHL Group, Huhtamaki Oyj, Constantia Flexibles Group GmbH, Greiner Group AG, Innovia Films Limited, Winpak Ltd., Polar Tech Industries Inc., Insulated Products Corporation, Cold Ice Inc., Insulated Packaging Systems IPS, Thermal Shipping Solutions, American Aerogel Corporation, Insulated Transport Products, Cold Chain Technologies, Envirotainer AB, Pelican BioThermal LLC, Softbox Systems Ltd.
What Are the Emerging Trends in the Insulated Shipping Packaging Market?
Technological advancements are becoming increasingly popular in the insulated shipping packaging market. For instance, in September 2021, Lifoam Industries, a US-based company, launched Envirocooler insulated shippers integrated with bioffex technology. This technology leverages a proprietary manufacturing technique and plant-based raw ingredients to produce innovative foam insulation made entirely of renewable materials.
How Is the Insulated Shipping Packaging Market Segmented?
The insulated shipping packaging market is segmented as follows:
1 By Type: Pouch And Bags, Box And Containers, Other Type
2 By Material: Plastic, Wood, Glass, Other Material
3 By End User: Food And Beverages, Industrial, Pharmaceuticals, Beauty And Personal Care, Other End-User Applications
Where Is the Insulated Shipping Packaging Market Dominating?
North America was the largest region in the insulated shipping packaging market in 2023, with other regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa also contributing significantly to the market dynamics.
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