Passive Temperature Controlled Packaging Market Expected to Reach $24.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Passive Temperature Controlled Packaging Market," The passive temperature controlled packaging market size was valued at $10.3 billion in 2021, and is estimated to reach $24.5 billion by 2031, growing at a CAGR of 9.1% from 2022 to 2031. Increased R&D activities in the life sciences industry and surge in trade & production of pharmaceuticals, food & beverages, and chemicals have driven growth in passive temperature controlled packaging market. The ability of passive temperature controlled packaging to ship temperature-sensitive goods is a major factor driving the passive temperature controlled packaging market growth.

Commonly, there are two product types of passive temperature controlled packaging available in the market, which are insulated shippers and insulated containers. Out of these, the insulated 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 basis of types of business, the market is bifurcated into warehousing and transportation. Out of these, the transportation segment accounted for highest revenue in 2021, owing to growth in global trade. Furthermore, the market is analyzed with respect to different applications of passive temperature controlled packaging in food and beverage, pharmaceuticals, 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 the rise in temperature-sensitive goods industries, the rise in the e-commerce sector, and rapid industrialization, especially in developing countries. However, the negative environmental impact of passive temperature controlled packaging, especially the one with plastic-based insulations constraints the growth of the market.

Region wise, the passive temperature controlled packaging market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA.  In 2021, Asia-Pacific dominated the global  market, in terms of revenue. Moreover, the market in Asia-Pacific is anticipated to grow with the highest CAGR, owing to growth in cold-chain logistics in the region.

Various developments in the passive temperature controlled packaging industry such as the introduction of sustainable, recyclable, and high-performing packaging, and others are expected to provide lucrative opportunities for the passive temperature controlled packaging market growth. Furthermore, key players in the passive temperature controlled packaging market adopted various strategies to sustain the harsh competition. For instance, in August 2021, Softbox Systems, a global innovator and provider of passive temperature control packaging, launched reusable Ultra-Low Temperature (ULT) shipper for Pfizer to distribute Ultra-Low Temperature vaccines and store them at Point of Use (POU) sites.

However, during the pandemic lockdown, various manufacturers and users of passive temperature controlled packaging had to stop their business in countries such as China, the U.S., and India. This break directly impacted their sales. In addition, a lack of manpower and constricted supply of raw materials for packaging negatively influenced the growth of the market. However, the need for passive temperature controlled packaging solutions for transporting various vaccines and medicines during the COVID-19 pandemic positively influenced the market. In addition, 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 analysis of the current and emerging passive temperature controlled packaging market trends and dynamics. 
• Depending on product type, the insulated container segment dominated the passive temperature controlled packaging market, in terms of revenue in 2021.
• By business type, the warehousing segment is expected to grow with a higher CAGR.
• By application, the food and beverages segment dominated the passive temperature controlled 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 passive temperature controlled packaging market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the passive temperature controlled packaging industry.
• The report provides an extensive analysis of the current trends and emerging opportunities in the market. 
• In-depth passive temperature controlled packaging market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.
• The report provides an extensive passive temperature controlled packaging market  forecast analysis of the current trends and emerging opportunities of the market.