NEW YORK, May 08, 2018 (GLOBE NEWSWIRE) -- The global insulated packaging market is projected to witness a CAGR of 4.8% over the forecast period. The market is likely to expand from USD 12.0 billion in 2017 to USD 16.8 billion by 2024. The growth can be primarily attributed to the increasing use of insulated packaging in the food and beverage sector in order to prevent spoilage and extend the shelf life of perishable products. Also, it keeps the products refrigerated, frozen, as well as warm so as to minimize the impact of variable temperature. Moreover, the expanding use of insulated packaging in pharmaceutical application has promoted market growth over the coming years.
In addition, surge in the urban population, primarily in the emerging economies has improved the lifestyle of the people and thereby fueled the demand for insulated packaging. Furthermore, the technological advancements in the industry have led to the evolution of environmental friendly packaging solutions while using agricultural waste, mycelium and mushrooms instead of plastics and metals. These packaging solutions are high performing, naturally aesthetic, as well as more cost effective than most fabricated plastic foams.
Food & beverage segment accounted for the major share of the market owing to high use
Insulated packaging is significant for several applications across a diverse range of industries. Its growing use in food, pharmaceutical, cosmetics as well as various industrial applications has fostered market growth.
However, the food and beverage segment is expected to hold the major share of the market as insulated packaging helps retain the original taste and preserve nutritional value of multiple perishable items such as fruits, vegetables, drinks, dairy products and more. Therefore, there is an augmenting use of insulated packaging for food products on account of temperature changes that may alter their physical properties and render them inconsumable.
Browse full research report with TOC on “Global Insulated Packaging Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024” at: https://www.energiasmarketresearch.com/global...et-report/
Insulated Packaging Market - Regional insight
Asia Pacific emerged as the leading regional market on account of growing urban population and food safety concerns. Rise in the income level has not only improved the living standard of people but also increased the demand for personal care products and cosmetics. The aforementioned factors have propelled market growth over the next coming years. Also, the region is expected to emerge as the fastest growing over the forecast period.
Key findings from the report:
- The global insulated packaging market is likely to reach USD 16.8 billion by 2024
- Rigid packaging segment accounted for the major share of the market in 2017, and the trend is expected to continue over the forecast period
- Food and beverage emerged as the largest application segment, depicting significant growth from 2018 to 2024
- Asia Pacific is projected to witness the highest CAGR over the forecasted period, while holding the maximum share of the global market
- Some of the key companies operating in the industry include Deutsche Post AG, DowDuPont Inc., Amcor Limited, Sonocco Products Company, Huhtamaki Group, Constantia, Sofrigam, Cold Ice, Inc., Ecovative, Innovative Energy Inc., among others.
- As of May 2017, Plasticos Team S.A.S., a leading food producer in Colombia was acquired by Amcor Ltd. from Team Foods Colombia S.A., so as to expand its specialty container business in the Latin American region.
The report segments insulated packaging market on the basis of material type, type, application and region.
By Material Type
- Corrugated Cardboards
- Glass
- Plastic
- Metals
- Others
By Type
- Rigid
- Flexible
- Semi-rigid
By Application
- Pharmaceutical
- Food & Beverage
- Cosmetics
- Industrial
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Middle east & Africa
- Central & South America
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