North America Temperature Controlled Packaging Market to Grow at a CAGR of 6.6% to reach US$ 2,208.45 million from 2022 to 2028

The North America temperature controlled packaging market is expected to grow from US$ 1,421.31 million in 2021 to US$ 2,208.45 million by 2028; it is estimated to grow at a CAGR of 6.6% from 2022 to 2028.

A rapid surge in demand from the healthcare and pharmaceutical industries propels the growth of the North America temperature controlled packaging market. As a result of the COVID-19 pandemic, transporting vaccines throughout the region at optimum temperatures was one of the highest priorities for packaging providers. Due to the pandemic, demand for COVID-19 vaccines and other flu vaccinations increased exponentially. Since cold chain technology is crucial for maintaining required temperature in the safe storage and transportation of vital vaccines, including COVID-19 vaccines, many medications must be kept at ambient temperature, refrigerated, frozen, or deep-frozen, which influences the need for temperature-controlled packaging to preserve these medications. Temperature excursions during distribution can be avoided by keeping the product within the required temperature range during transit. Cold chain transportation with temperature-controlled packaging is also required for perishable items, such as medicines and medical supplies, to protect these products from the impact of high temperature and environmental changes. Pharmaceutical businesses are well-known for the use of sophisticated temperature-control solutions. They need several cold chain systems for pallet shipping to offer the appropriate protection for their pallet carriers. Therefore, temperature-controlled packaging is critical in the pharmaceutical industry. As a result of the increasing need to transport perishable items, the rising demand for temperature-controlled packaging is driving the North America temperature controlled packaging market.

Impact of COVID-19 Pandemic on North America Temperature Controlled Packaging Market

The indirect impact on the pharmaceutical industry in North America can be seen especially in the supply chain activities, which were disrupted due to the COVID-19 pandemic. The steady growth of the pharmaceutical industry and the packaging and distribution of pharmaceuticals were further hampered by the effect of stringent lockdowns and trade restrictions across North America. Supply chain challenges that needed continuous innovative practices and agility pushed many companies to deploy teams specializing in identifying and resolving such challenges. The companies operating in the market resumed logistic delays with emphasized pharmaceutical & healthcare safeguards and planning initiatives by the US government. Since the consumption and demand for pharmaceuticals increased, the COVID-19 pandemic negatively impacted the North America temperature controlled packaging market at the end of 2020 and gradually recovered by early 2021.

Market Insights:

Rising Investments in Cold Storage Packaging

Continuous investments in the improvement of cold chain logistics and overall value chain, especially across emerging economies, cumulatively drive the North American temperature-controlled packaging market. Cold chain logistics operations, which mainly involve transporting temperature-sensitive materials and products, require a temperature-controlled packaging. Many products, such as fresh agricultural commodities or pharmaceuticals, can be transported by using temperature-controlled packaging solutions. Temperature change can hinder the quality of medicines and make them unsafe for consumption. Therefore, demand for cold chain logistics to preserve healthcare items is emerging due to the need to preserve the healthcare and biopharma items. Rise in the number of clinical studies being undertaken in North America, which involve numerous temperature-sensitive materials such as blood samples, pharmaceuticals, and tissue samples are undertaken. Given such advancements in the cold chain logistics operations are increasing the demand for the use of temperature-controlled packaging, thereby driving the North America Temperature Controlled Packaging Market.

Packaging Type Segment Insights

Based on packaging type, the North America temperature controlled packaging market is segmented into active and passive. The active segment accounted for a major share in the market in 2021. Moreover, it is expected to register a higher CAGR during the forecast period. Active containers may have built-in heating and cooling systems that use dry ice as a coolant to maintain a specified temperature.

North America Temperature Controlled Packaging market, by Packaging Type (% share)

End User Industry Segment Insights

Based on end user industry, the North America temperature controlled packaging market is segmented into pharmaceutical, healthcare, and others . The pharmaceutical segment accounted for a major share in the market in 2021. The market for the pharmaceutical segment is anticipated to grow at the fastest CAGR during the forecast period.

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North America Temperature Controlled Packaging Market: Strategic Insights

North America Temperature Controlled Packaging Market

• Market Size 2021
  US$ 1,421.31 Million
• Market Size 2028
  US$ 2,208.45 Million

Market Dynamics

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FUTURE TRENDS

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OPPORTUNITIES

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Regional Overview

• North America

Market Segmentation

Packaging Type

• Active and Passive

End User Industry

• Pharmaceutical
• Healthcare

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Companies operating in the North America temperature controlled packaging market adopt strategies such as mergers and acquisitions and market initiatives to maintain their market positions. A few of the notable developments by key players are listed below:

• In February 2021,Cryopak Industries has announced plans to expand in Montreal in 2021. The latest extension, which brings the facility's overall square footage to 170,000 square feet, follows a previous expansion in 2015 that increased the area from 30,000 to 100,000 square feet.
• In April 2021, UPS has announced the start of construction of a 40,000-square-meter built-to-suit healthcare logistics facility in Rome, Italy. The validated and GMP-compliant facility, which will contain numerous verified controlled temperature conditions, is expected to launch in July 2022.

The report segments the North America Temperature Controlled Packaging market as follows:

The North America temperature controlled packaging market, by packaging type, is segmented into active and passive. The active segment led the market with a larger share in 2021. Based on end-user industry, the North America temperature controlled packaging market is segmented into pharmaceutical, healthcare, and others. The pharmaceutical segment led the market with the largest share in 2021. By country, the market is segmented into the US, Canada, and Mexico.

North America Temperature Controlled Packaging Market – Company Profiles

• Sonoco Products Company
• AmerisourceBergen Corporation
• Cold Chain Technologies, Inc
• Inmark LLC
• Pelican Biothermal LLC
• Cryopak A TCP Company
• FedEx Corporation
• United Parcel Service
• American Aerogel Corporation
• ACH Foam Technologies, LLC.

North America Temperature Controlled Packaging Market Report Scope