Insulated Shipping Packaging Market Expected to Reach $13.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Insulated Shipping Packaging Market," The insulated shipping packaging market size was valued at $7.4 billion in 2021, and is estimated to reach $13.7 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031. 

Increasing domestic and global trade, and e-commerce have driven growth in the shipping industry. The ability of insulated shipping packaging to ship temperature-sensitive goods is a major factor driving the insulated shipping packaging market growth.

Typically, there are two product types of insulated shipping packaging; containers, and boxes. Out of these, the container segment accounted for the highest market share in 2021, owing to its large-scale usage which is fueled by increasing international trade. On the types of business, the market is analyzed on the basis of warehousing, and transportation. Among these, the warehousing segment is expected to grow with a higher CAGR, owing to growing global trade. Furthermore, the market is analyzed with respect to different applications of insulated shipping packaging in food and beverage, industrial goods, personal care, and other industries. Among these, the food and beverages segment registered higher revenue in 2021, owing to increasing demand for food and beverages. The market is mainly driven by rise in temperature-sensitive goods industries, and rise in e-commerce. However, the negative environmental impact of insulated shipping packaging constraints the growth of the market.

In 2021, Asia-Pacific dominated the global insulated shipping packaging market share, in terms of revenue, followed by North America and Europe. Moreover, the market in LAMEA is anticipated to grow with the highest CAGR, owing to growth in the use of insulated shipping packaging for the pharmaceutical and food & beverage industries.

The favorable guidelines introduced by the governments of their respective countries, especially in developing nations to support the growth of the domestic industry are expected to provide lucrative opportunities for the growth of the insulated shipping packaging market.

Furthermore, key players in the insulated shipping packaging market adopted various strategies to sustain the harsh competition. For instance, in November 2020, Sonoco ThermoSafe, a unit of Sonoco Products Company and the leading global provider of temperature assurance packaging for life sciences and healthcare, announced the launch of its new EOS line of fully curbside recyclable temperature-controlled packaging in the U.S. This will assist the company in achieving its sustainability goals.

However, during the pandemic lockdown, various manufacturers of insulated shipping packaging had to stop their business in countries such as China, the U.S., and India. This break directly impacted their sales. In addition, lack of manpower and constricted supply of raw materials for packaging have negatively influenced the growth of the market. However, after two years of the COVID-19 outbreak and the introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.

Key Findings Of The Study

• The report provides an extensive insulated shipping packaging market analysis of the current and emerging insulated shipping packaging market trends and dynamics. 
• Depending on product type, the container segment dominated the insulated shipping packaging market, in terms of revenue in 2021.
• By business type, warehousing industry is expected to grow with a higher CAGR.
• By application, food and beverages segment dominated the insulated shipping packaging market, in terms of revenue in 2021.
• Asia-Pacific  is projected to register the highest growth rate in the coming years.
• The key players within the insulated shipping packaging market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the insulated shipping packaging industry.
• The report provides an extensive analysis of the current trends and emerging opportunities in the market. 
• In-depth insulated shipping packaging market forecast analysis is conducted by constructing estimations for the key segments between 2022 and 2031.