According to the latest market study on “Insulated Packaging Materials Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material Type (Plastic, Wood, Corrugated Cardboard, and Others), Type (Single Use and Reusable), and End-User (Pharmaceutical, Food & Beverages, Cosmetic, Industrial, and Others),” the market was valued at US$ 11,876.04 million in 2021 and is projected to reach US$ 16,799.84 million by 2028; it is expected to grow at a CAGR of 5.1% from 2021 to 2028. The report highlights key driving factors and prominent market players along with their developments in the market.
The global ready-to-eat food market is expected to grow at a compound annual growth rate (CAGR) of ~7% during 2021–2026. An average individual in the US consumes around 25–28 kg of ready-to-eat meals each year, accounting for spending of nearly US$200. Similarly, as per the data by the Frozen and Refrigerated Buyer, the US registered a significant sale of frozen food amounting to US$ 9,384.88 million in 2019. Frozen food requires thermally insulated packaging, containing refrigerants, to maintain product temperature. During domestic or international transportation, the temperature-sensitive goods can go through various physical and physiological stress, such as physical pressure, humidity, and fluctuating temperature. Thus, to avoid the damage of temperature-sensitive products, such as ready-to-eat products, ready-to-cook products, frozen food, vegetables, and certain medical supplies, manufacturers/packers use insulated packaging to maintain the product’s shelf-life and quality. The rising use of insulated packaging propels the demand for insulated packaging materials. In addition, rising consumer spending on packaged products and increasing global output of temperature-sensitive manufactured goods propel the growth of the insulated packaging materials market.
The market for insulated packaging materials has been impacted due to the market for insulated packaging materials market has been negatively impacted due to COVID-19 pandemic. There has been the ineffective supply of raw materials, such as polyurethane, along with a significant impact upon the production processes. Additionally, rise in crude oil prices have led to the fluctuation in raw material prices of insulated packaging materials, creating challenges in the market growth. However, the market has witnessed a significant investment and growth due to the rapid growth of various end-use industries, such as food & beverages, e-commerce, and pharmaceuticals. With the state of economic recovery, several industrial sectors are strategically planning to invest in advanced and bio-based insulated packaging materials with the rising need for advanced insulated packaging systems across food & beverages, medical and pharmaceuticals, chemicals, and other such facilities. This is expected to provide an impetus to market growth in the coming years. Before the COVID-19 pandemic, people were less engaged in buying perishable and edible items from online retail channels. However, the situation has been altered since the pandemic as consumers are actively buying perishable products, such as frozen food products and ready-to-eat food, through online portals. This has substantially raised the demand for advanced temperature-controlled packaging, thereby promoting the demand for insulated packaging materials.
The ongoing COVID-19 pandemic has significantly increased the demand for medicines and COVID-19 vaccines across the world. The trade for such medicines and vaccines is propelling the need for a suitable packaging system, such as insulated packaging, to maintain the product quality at the desired temperature. Thus, COVID-19 pandemic has had a positive impact on the growth of the global insulated packaging materials market and is expected to continue to do so during the coming years.
Sealed Air, FEURER Group GmbH, Sancell, The Wool Packaging Company Limited, CoolPac, Cascades Inc., ICEE Containers Pty Ltd, TemperPack, Icertech, and Insulated Products Corporation are among well-established players in the global insulated packaging materials market. Companies in the market are adopting strategies such as product developments, plant expansions, and mergers and acquisitions to expand their footprint worldwide and meet the growing demand from end users. For instance, in 2020, Cascades inc. and Goodfood Market Corp. came into partnership. Goodfood Market Corp. makes the excellent use of the recyclable and insulating container northbox produced by the Cascades inc. as their mainstay delivery box to help keep the shipped groceries safe and fresh while also spreading the company’s name throughout the country.
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