Increase in demand for food & beverages, pharmaceutical, and personal care products drive the global insulated shipping packaging market. By region, Asia-Pacific would maintain its dominance in terms of revenue and LAMEA would manifest the fastest CAGR during the forecast period.
PORTLAND, Ore. , Dec. 1, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Insulated Shipping Packaging Market by Product type (Boxes, Containers), by Business (Warehousing, Transportation), by Application (Food and Beverages, Industrial Goods, Personal Care, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global insulated shipping packaging industry generated $7.4 billion in 2021, and is estimated to reach $13.7 billion by 2031, witnessing a CAGR of 6.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. Stainless Steel Box
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Increase in demand for food & beverages, pharmaceutical, and personal care products drive the growth of the global insulated shipping packaging market. However, the negative environmental impact of insulated shipping packaging hampers the market growth. On the other hand, favorable guidelines introduced by governments of various nations, especially in the developing countries to support the growth of the domestic industry, provide new opportunities for the market in the coming years.
The outbreak of the COVID-19 pandemic affected various industries around the globe including the insulated shipping packaging market. During lockdowns, various manufacturers of insulated shipping packaging had to stop their business in countries such as China , the U.S., and India , which affected their sales.
Moreover, dearth of human workforce and unavailability of raw materials for packaging negatively influenced the market growth.
However, with the introduction of vaccinations, the severity of the pandemic reduced significantly and companies in the industry gradually resumed their normal operations.
The boxes segment to rule the roost during the forecast period
Based on product type, the boxes segment was the largest market in 2021, contributing to nearly four-fifths of the global insulated shipping packaging market, and is expected to maintain its leadership status during the forecast period. The demand for box type insulated shipping packaging is growing because it plays a critical role in maintaining conducive temperature for smaller volume of items. On the other hand, the containers segment is projected to witness the fastest CAGR of 7.1% from 2022 to 2031, owing to its large-scale usage due to the increase in international trade. The report also mentions the fully electric and plug-in-hybrid segments.
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The transportation segment to maintain a progressive revenue growth during the forecast period
Based on business, the transportation segment was the largest market in 2021, contributing to nearly 90% of the global insulated shipping packaging market, and is expected to maintain its leadership status during the forecast period. Rapid globalization has positively affected the export/import market. Moreover, in the last decade, the e-commerce industry witnessed significant growth. In addition, to transport perishable goods such as groceries, vaccines, medicines, and other such items, temperature-controlled containers are required. Such factors are anticipated to drive demand for insulated shipping packaging in transportation. On the other hand, the warehousing segment is projected to witness the fastest CAGR of 7.7% from 2022 to 2031, owing to growth in the global trade.
The food and beverages segment to maintain dominance during the forecast period
Based on application, the food and beverages segment held the largest market share of more than half of the global insulated shipping packaging market in 2021, and is expected to maintain its dominance during the forecast period. This is due to the increasing demand for food and beverages, rising disposable income of consumers, and their fast-paced life. However, the industrial goods segment is projected to witness the highest CAGR of 8.0% from 2022 to 2031. Smaller quantities and the lab samples of industrial temperature-sensitive goods are typically shipped using sealed insulated shipping packaging.
Asia-Pacific to maintain its dominance in terms of revenue by 2031
Based on region, Asia-Pacific was the largest market in 2021, capturing more than two-fifths of the global insulated shipping packaging market, and is expected to lead the trail during the forecast period. This is due to the growth in population, disposable income of masses, and the growth of the pharmaceutical and food & beverage industries in the region. However, the market in LAMEA is projected to manifest the fastest CAGR of 7.3% during the forecast period, owing to the increased use of insulated shipping packaging in pharmaceutical and food & beverage industries in the region. The report also analyzes the North America and Europe region.
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