The Temperature Controlled Packaging Market size is projected to reach US$ 115.6 billion by 2031 from US$ 34.3 billion in 2023. The market is expected to register a CAGR of 16.40% in 2023–2031. As the awareness for decarbonization is growing rapidly across the world, the preference for sustainable packaging is growing notably, which is one of the trends in the industry.
Increased investments across the globe in cold packaging are one of the notable factors driving the market, especially in emerging countries. In March 2022, TemperPack announced the successful closing of US$ 140 million in funds for the development of sustainable cold chain packaging. This funding was led by Goldman Sachs Asset Management’s Sustainable Investing business along with Harbert Growth Partners, Tao Capital Partners, and Grosvenor Food & AgTech, among others. The company is using these funds to develop new sustainable packaging and expand protective materials technologies. In addition, government initiatives to increase the focus on sustainable packaging are another factor that is driving the market. The European Union is proposing the European Union Packaging and Packaging Waste Regulation, in which manufacturer will need to improve their portfolio and sourcing processes. Such above mentioned factors are projected to drive the market during the forecast period.
The temperature-controlled packaging market is projected to dominated by the North America owing to robust pharmaceutical and healthcare industry in the US. The pharmaceutical and healthcare industry is one of the sectors that have higher adoption of temperature-controlled packaging. As per the data published by the Centre for Medicare and Medicaid Services in 2023, US spending on healthcare increased by 4.1% in 2022, reaching US$ 4.5 trillion compared to 2021. In addition, as per the data published by the Harvard T.H. Chan School of Public Health, the US is a global leader in per capita drug spending that, represents approximately 40% of the global market. Such growth in the pharmaceutical industry in US is projected to drive the temperature-controlled packaging market in the North America region in the coming years.
In the past few years, the pharmaceutical and healthcare industry has witnessed strong growth owing to increased drug consumption, investments, and an increased aging population. As per the data published by the World Health Organization in 2022, in 2020, the population of 60 years and older surpassed the total population of children younger than 5 years. Such factors are increasing the need for the pharmaceutical and healthcare industry which is leading to increased demand for the temperature controlled packaging ultimately driving the market.
Companies across the globe are taking extensive development initiatives to enhance the efficiency and effectiveness of temperature controlled packaging solutions. For instance, Sofrigam Group launched iBox in 2022, a temperature-controlled box that comes with Bluetooth connection, software, devices, and sensors to generate accurate reports. In addition, many other manufacturers are integrating sensors and devices in temperature controlled packaging solutions. Such development activities are projected to drive the market in the coming few years.
Key segments that contributed to the derivation of the Temperature Controlled Packaging Market analysis are packaging type and end user.
The geographic scope of the Temperature Controlled Packaging Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Asia Pacific temperature-controlled packaging market is projected to account for the highest market growth during the forecast period. Countries such as China and India are taking various initiatives to expand their pharmaceutical industry. India is one of the fastest-growing pharmaceutical economies across the globe. As per the data published by the Indian government in 2023, the pharmaceutical industry in India is projected to reach US$ 65 billion in 2024 and US$ 130 billion by 2030. Such growth in the pharmaceutical industry in Asian countries is projected to create lucrative opportunities in the coming years.
The regional trends and factors influencing the Temperature Controlled Packaging Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Temperature Controlled Packaging Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 34.3 Billion |
| Market Size by 2031 | US$ 115.6 Billion |
| Global CAGR (2023 - 2031) | 16.40% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Packaging Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Temperature Controlled Packaging Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Temperature Controlled Packaging Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Temperature Controlled Packaging Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for temperature controlled packaging and strategies:
The “Temperature Controlled Packaging Market Size and Forecast (2021–2030)” report provides a detailed analysis of the market covering below areas: