Insulated Shipping Packaging Market growing at a CAGR of 6.3% & projected to reach $13.7 billion by 2031

insulated shipping packaging market size was valued at $7.4 billion in 2021, and is projected to reach $13.7 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031. Insulated shipping packaging market overview includes thermally insulated packaging used for shipping temperature-sensitive goods from across the industries such as food & beverages, pharmaceuticals, chemicals, and other temperature-sensitive industrial goods. Insulated shipping packaging typically includes a small box or a large shipping container having inner walls covered with thermal blankets made of organic or inorganic wool, expanded polystyrene, aluminum foil, and kraft paper. Insulated shipping packaging helps in maintaining a conducive temperature for the temperature-sensitive product to prevent it from spoiling during transportation.

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Insulated Shipping Packaging Market

Food and beverages industry is witnessing growth owing to factors such as rise in disposable income of people, especially in developed & developing nations, growth of online food retail, and rise in the trend of dining out, especially in developing nations. The food & beverage industry produces many perishable products that are sensitive to high temperatures, such as ice-creams, beverages, fruits, and vegetables. Thus, transporting such items requires insulated shipping packaging. Furthermore, growth in the global population, especially the geriatric population is increasing the demand for prescription and non-prescription drugs which are labeled as temperature-sensitive owing to their critical nature. Thus, the pharmaceutical industry is playing an important role in propelling demand for insulated shipping packaging. In addition to this, the personal care and cosmetics products industry uses insulated shipping packaging to prevent the spoilage of its temperature sensitive goods. Thus, the rise in all the above-mentioned industries that extensively uses insulated shipping packaging is anticipated to drive the demand in insulated shipping packaging market during the forecast period.

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Insulated Shipping Packaging Market by Product type

On the basis of product type, the container segment accounted for the highest market share in 2021, owing to its large-scale usage fueled by increasing international trade. The insulated shipping containers are widely used for transporting goods across the world, mostly for shipping vegetables, fruits, essential goods such as pharmaceutical drugs and medicines, and other temperature sensitive products over greater distances such as across the oceans.Such factor are expected to drive demand for container type insulated shipping packaging.

Major players in the industry adopted product launche and other strategies as their key developmental strategies to sustain the competition and the improve their product portfolio to remain competitive in the insulated shipping packaging market. For instance, in May 2020, Softbox, a subsidiary of Csafe, a provider of insulated shipping packaging and other solutions for cold chain logistics, introduced a new plastic-free 100% kerbside-recyclable cardboard insulated shipper to deliver chilled food. Other companies such as COOL Sarl, CREOPACK, Drew Foam Companies, Inc., including others offer a wide range of insulated shipping packaging.

Insulated Shipping Packaging Market by Application

On the basis of application, the food and beverages segment registered higher revenue in 2021, owing to increasing demand for food and beverages. Food and beverages are shipped in insulated shipping packaging, as food and beverages are perishable goods, which lose their quality, color, and nutrition due to high temperature; resulting in increased insulated shipping packaging market growth.

The novel coronavirus had rapidly spread across various countries and regions, causing an enormous impact on the lives of people and the overall community. It began as a human health condition and later became a significant threat to global trade, economy, and finance. The COVID-19 pandemic had halted the manufacturing process of insulated shipping packaging due to lockdown. The economic slowdown initially resulted in reduced production in various end-user industries of insulated shipping packaging. However, owing to the introduction of various vaccines, the severity of COVID-19 pandemic has significantly reduced. As of mid-2022, the number of COVID-19 cases have diminished significantly. This has led to the reopening of insulated shipping packaging manufacturing companies at their full-scale capacities. Furthermore, it has been more than two years since the outbreak of this pandemic, and many companies have already shown notable signs of recovery.

Moreover, rapid industrialization in developing countries, owing to favorable government guidelines plays an important role in driving industrialization. This is expected to provide lucrative opportunities in the insulated shipping packaging market growth.

The insulated shipping packaging market is segmented into Product type, Business and Application. By product type, the market is bifurcated into containers, and boxes. By business, the market is categorized into warehousing, and transportation. On the basis of application, it is categorized into food & beverage, industrial goods, personal care, and others.

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Insulated Shipping Packaging Market by Region

Region wise, the insulated shipping packaging market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market in 2021, accounting for the highest share. LAMEA is anticipated to grow with the highest CAGR throughout the forecast period. This is attributed to increasing population and improving economic condition in the region which is driving demand for food and beverages, and pharmaceuticals.

Competition Analysis

Key companies profiled in the insulated shipping packaging market report include COOL Sarl, CREOPACK, Drew Foam Companies, Inc., Harwal Group, Integreon Global (Cryopak), Marko Foam Products, Sofrigam, Sonoco Products Company, Topa Thermal, and W.W. Grainger, Inc.

Key Benefits For Stakeholders

The report provides an extensive analysis of the current and emerging insulated shipping packaging market trends and dynamics.
In-depth insulated shipping packaging market analysis is conducted by constructing market estimations for key market segments between 2021 and 2031.
Extensive analysis of the insulated shipping packaging market outlook is conducted by following key product positioning and monitoring of top competitors within the market framework.
A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
The global insulated shipping packaging market forecast analysis from 2022 to 2031 is included in the report.
The key players within the insulated shipping packaging market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the insulated shipping packaging industry.

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