North America Temperature Controlled Packaging Markets, 2021-2022 & 2028: Opportunities in Specializing in Niche Market Offerings Along with Competitively Priced Solutions - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "North America Temperature Controlled Packaging Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Packaging Type and End User Industry" report has been added to ResearchAndMarkets.com's offering.
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.
Increasing companies operating in the temperature controlled packaging market along with limited scope for sustainable packaging solutions has attributed in the competitive to the growth in the market.
Additionally, the low market entry barriers and strong demand for functional packaging solutions from end-user industries have led to the competition among a significant number of players existing in the market. As a result, the scope for specializing in niche business offerings along with competitively priced packaging solutions is expected to provide a significant opportunity for the players operating in the North America temperature controlled packaging market for a long-term period.
The North America region has one of the world's largest economies and is one of the world's wealthiest economies. The North American market is home to small- and medium-sized European companies offering temperature-controlled packaging products and solutions.
North America has experienced a high adoption rate of advanced technologies and solutions in cold chain logistics sector. Countries such as US and Mexico also have a high presence of the worlds' biggest supply chain solution providers with a high rate of adoption of advanced technologies. Cold storage suppliers in the US have the potential to enter developing markets such as food & beverages and the market for COVID-19 vaccines.
This is one of the driving factors for the temperature controlled packaging solutions market in US. While online grocery shopping has surged post COVID-19, the demand for medications and other pharma has drastically increased. Huge pharmaceutical companies now require temperature controlled packaging for their vaccine transportations. Some of the market trends in US include custom packaging solutions.
Businesses are utilizing such solutions to prevent their operators from damaging temperature-sensitive products as well as serve the customer demands. Some of these trends include sterile barrier packaging solutions for biological samples and medical devices, as well as battery-operated, portable, programmable heating and cooling devices. These systems can also be incorporated into freight management platforms, allowing logistics organizations to better monitor and optimize their supply chains.
To meet the cold chain needs of Canadian markets, several manufacturers are expanding their footprints across the country. They are also providing transcontinental manufacturing with additional production capacity, to offer a variety of sizes that suit various performance requirements, when dealing with clients' various packaging needs. In the past few years, commercial cold storage has rapidly evolved in Canada.
Logistics providers are using a combination of artificial intelligence and robotics that can assist with selection, packaging, and mobility throughout the country. Few logistics providers are also focusing on energy-efficient tools and technologies. Moreover, one of Canada's most inventive businesses is the pharmaceutical industry. It is made up of companies that develop and manufacture novel medicines, generic pharmaceuticals, and over-the-counter medications.
The industry is divided into sub-sectors that cater to distinct market segments. This provides plentiful opportunities for manufacturers of temperature controlled packaging solutions.
The market for temperature-controlled packaging solutions is recovering remarkably from the impact of the COVID-19 pandemic. With surging consumer demands, more such products and solutions are coming up in the market. A surging e-commerce trend has encouraged manufacturers to adopt more such solutions to serve the ever-increasing need.
After the onset of the COVID-19 outbreak, high-quality cold transport containers have become increasingly important in the pharmaceutical transportation process. Pharmaceutical companies have overcome numerous shipping challenges, and container manufacturers adhere to strict regulatory guidelines for the benefit of the public. This factor hampered the growth of North America temperature controlled packaging market in the region.
Key Industry Dynamics
- Surge in Demand from Healthcare and Pharmaceuticals Industries
- Rising Investments in cold storage packaging
- High Investment and material cost
- Specializing in niche market offerings along with competitively priced solutions
- Providing hybrid temperature-controlled packaging solutions
- Sonoco Products Company
- Cold Chain Technologies, Inc
- Pelican BioThermal LLC
- Cryopak A TCP Company
- FedEx Corporation
- United Parcel Service of America, Inc
- Inmark Global Holdings, LLC
- ACH Foam Technologies, LLC
For more information about this report visit https://www.researchandmarkets.com/r/y1pvhh
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