Global Insulated Packaging Market - Segmented by Material (Plastic, Wood, Glass), Product (Bags and Pouches, Boxes and Containers), End-User, and Region - Growth, Trends and Forecast (2018 - 2023)
The global insulated packaging market was valued at USD 12.11 billion in 2017 and is expected to reach USD 16.65 billion by 2023 registering a CAGR of 5.45% during the forecast period of 2018–2023. The report explores various types of insulated packaging products and materials. Regions considered in this report include North America, Europe, and others. The study also emphasizes on growing e-commerce market and the way it moves the demand.
Thermal abuse is a primary concern during the distribution of temperature dependent goods in food, pharmaceuticals, electronics, etc. Owing to this, the demand for insulated packaging is growing as it can help maintain temperatures within an acceptable range and slow down the rate of deterioration of goods during distribution. Moreover, ease of fabrication and transportation, cost-effectiveness, good mechanical strength and high resistance to heat transfer, are some of the features possessed by these materials, which are facilitating the growth of the insulated packaging market. Also, a rise in participation by companies to sustain market interest, coupled with growing government funding is projected to drive the market over the forecast period.
Increasing Consumption of Temperature Sensitive Goods Drive the Market
The growing consumption of temperature sensitive materials, especially, food & beverages are driving the market. Moreover, a rise in demand for food products with longer shelf life in the developing countries, such as India and China, is further driving the demand for insulated packaging. Due to this, a significant number of companies are shifting their focus toward developing solutions based on thermal resistant raw materials such as polystyrene, EPS styrofoam, polyethylene, and polyurethane to supersede technological and environmental challenges. Besides, certain cosmetic products are also required to be kept at a stable temperature relative to ambient extremes, are expected to drive the demand for insulated packaging.
Pouches to Have the Highest Market Share
Pouches are considered to be one of the most affordable packaging options across major sectors fulfilling industry demands, specifications, and regulations. Also, pouches are available in a variety of forms, which include retort, stand-up, shaped, spouted, zipper, etc. With increasing consumption of products in small volumes, the consumption of sachets is witnessing higher demand. To cater to the needs of dynamic consumerism, end-user industries are looking for lightweight packaging solutions which offer durability, high strength, and insulation from the external environment. This has led to a focus on pouches being made from different raw materials, with improved protection against external barriers and fulfilling the needs of the industry. Also, with beverage industry consuming pouches and expanding the products offered in flexible pouches, the demand for pouches is expected to increase.
Asia-Pacific to be the Fastest Growing Market
Asia-Pacific is a rapidly growing market for insulated packaging owing to the trend of changing lifestyle of consumers. With the increasing population preferring packaged food and rising disposable income of people allowing them to spend more on food, the market is expected to witness a healthy growth rate during the forecast period. Moreover, rapid development in economy, the growth of global trade, and cultural exchanges fueled changes in people's lifestyle in traditional societies, like China and India. A shift has been observed in people's food consumption habits from traditional diet to westernized diet, which has seen an increase in consumption of ready-to-eat food. It is expected to play a major role, as the demand for packaging to keep food products safe for an extended period is increasing.
Key Developments in the Market