The growth in the global population, especially the geriatric population, and increasing number of communicable and non-communicable diseases are playing a crucial role in propelling the pharmaceutical industry. This is increasing the demand for prescription and non-prescription drugs which are labeled as temperature-sensitive owing to their critical nature. Such factors drives the growth of the global passive temperature controlled packaging market.
PORTLAND, Ore., Jan. 31, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Passive Temperature Controlled Packaging Market by Product Type (Insulated Shippers, and Insulated Containers), Business (Warehousing, and Transportation), and Application (Food and Beverages, Pharmaceuticals, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031." According to the report, the passive temperature controlled packaging market size was valued at $10,286.1 million in 2021 and is projected to reach $24,462.0 million by 2031, registering a CAGR of 9.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
Various countries such as South Africa, South Korea, India, and others are investing heavily in life sciences R&D; thereby, increasing the demand for clinical trial supplies, lab samples, APIs, vaccines, and others. Witnessing such growth, various companies are expanding their businesses in this sector. The food & beverage and pharmaceuticals industry produce many perishable products that are sensitive to high temperatures, such as ice creams, beverages, fruits, medicines, vaccines, and others. Transporting such items require passive temperature-controlled packaging to prevent the spoilage of the goods. Thus, the rise of the above-mentioned industries that extensively use passive temperature controlled packaging is anticipated to drive the growth of the passive temperature controlled packaging market during the forecast period.
The insulated containers segment to maintain its dominance in 2021
On the basis of product type, the insulated containers segment accounted for the highest market share in 2021, owing to its large-scale usage, which is fueled by increasing international trade. The demand for insulated shipper is expected to rise owing to their critical role in maintaining conducive temperatures for a smaller volume of items during transportation.
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The transportation was largest segment based on revenue in 2021
On the basis of business, the transportation segment accounted for the highest revenue in 2021, owing to growing global trade. The export/import market has been positively affected largely due to rapid globalization. Furthermore, in the last decade, the e-commerce industry especially the sector involved in grocery, medicine, and food delivery has witnessed significant growth. Such factors drives the growth of the global passive temperature controlled packaging market.
Asia-Pacific garnered the major share in 2021-
Asia-Pacific dominated the market in 2021, accounting for the highest share, and the same is anticipated to grow at the highest CAGR during the forecast period. Major countries, such as India and China, are involved in the manufacturing of pharmaceutical drugs. In addition, according to the 'Guidelines on Good Distribution Practices for Pharmaceutical Products' set up by the Central Drugs Standard Control Organization of India, pharmaceutical products shall be stored and transported in packaging that can maintain temperature as specified by the manufacturer. Such government regulations positively affect the passive temperature controlled packaging market.
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Leading Market Players-
The report analyzes these key players in the global passive temperature controlled packaging market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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