The global temperature controlled packaging solutions market is estimated to be valued at US$ 8,771.8 million in 2020, according to Global Temperature Controlled Packaging Solutions Market Report, by Product (Insulated Shippers, Insulated Containers, and Others), by Application (Frozen, Chilled, and Ambient), by End-use (Healthcare, Food & Beverages, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East and Africa) published by Coherent Market Insights.
The global temperature controlled packaging solutions market is expected to surpass US$ 17,882.7 Million by 2028, exhibiting a CAGR of 9.3% during the forecast period (2021-2028). Temperature controlled packaging solutions consists of specially designed packaging shippers and containers that maintain a controlled temperature environment to limit exposure of the packed product to high or low temperatures during transit. In F&B industry perishable food products particularly meat, fish, dairy products, specialized foods, etc. require strict temperature control to maintain the product quality. An insulated container coupled with coolants or a refrigerated truck is widely incorporated for the purpose of inter/intra city transportation of these products. Due to this factor is expected to drive the growth of Temperature controlled packaging solutions market during forecast period.
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Global Temperature Controlled Packaging Solutions Market - Impact of Coronavirus (COVID-19) Pandemic
COVID-19 is affecting the global economy in three major ways such as by directly affecting production and demand for all necessary commodities, by negatively impacting the supply chain and market disruption, and also through its financial impact on firms and financial markets. After a vaccine is introduced, the government must implement vaccine distribution programmes. The major challenge with the introduction of a vaccine would be related to its distribution across all parts of the globe. Vaccines are highly temperature sensitive and therefore ensuring that the vaccines are provided across the health distribution system of all countries would be a major challenge. Furthermore, the COVID-19 pandemic has changed the buying pattern of consumers. Measures such as nationwide lockdown have led to panic buying of food and hygiene products. Kraft Heinz Company’s net sales increased by 3.3% in first quarter of 2020 compared to first quarter of 2019, primarily due to the increase in demand for packaged food due to the pandemic. These factors are driving demand for temperature controlled packaging solutions. The Kraft Heinz Company is the food and beverage company in North America. Company provides high quality, great taste and nutrition for all eating occasions whether at home, in restaurants or on the go.
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