Food and beverage delivery and pharmaceuticals require such pre-requisites to guarantee that the consistency of manufactured products remains intact. This has increased the need for durable packaging solutions for thermal insulation
DUBAI, UAE / ACCESSWIRE / February 24, 2021 / FMI states in its recent study on the thermal-insulation packaging market that the market will record a CAGR of 17.3% through 2030. Demand for thermal label packaging is anticipated to continue surging particularly due to the Increasing focus on regulatory enforcement by suppliers of food and pharmaceutical products.
"advent of novel technologies will enhance the security and transparency, allowing manufacturers or suppliers to take immediate action to prevent excursion due to compromise with package integrity, delays or tampering." says the FMI analyst.
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Thermal label packaging Market - Important Highlights
- The most common thermal insulation packaging form on the market is cold storage.
- Expanded polystyrene (EPS) is anticipated to be the ideal substrate for the thermal insulation packaging system.
- The food and beverages sector will continue to be the prominent end-user of thermal label packaging.
- North America led by the US is estimated to dominate the market during the forecast years.
Thermal label packaging Market - Drivers
- The need for different food products has been stimulated by healthier eating, resulting in efficient packaging methods for preserving and shipping food without nutrient deterioration which is driving the growth of the market.
- The need for safe packaging to ensure the safety of goods has been raised by recent reforms and strict legislation enforced by regulatory authorities which are boosting the market growth.
- Moreover, the growing market for e-commerce has spurred the demand for packaging for thermal insulation
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Thermal label packaging Market - Restraints
- There are clear dangers involved with the shipment of goods, such as dry ice, gel packs, and insulation, due to an accidental interruption in delivery, resulting in an unforeseen change in temperature, which is hindering the growth of the market.
- The need for passive temperature-controlled packaging solutions could be limited by the shipping volumes per consignment combined with declining costs associated with an active packaging solution.
COVID-19 Impact on Thermal label packaging Market
The thermal label packaging market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic. With a shift in consumers' preference increasingly focusing on cleaner ingredients, while the demand for packaged food is growing, the supply chains have been disrupted very badly. Although the COVID-19 epidemic caused major disruptions, because of the rising need for thermal insulation packaging solutions, the industry is expected to gain traction after the pandemic. In the pharmaceutical industry, this is particularly relevant. For medical items such as test kits and vaccine distribution and shipping, thermal insulation wrapping can be increasingly used. The need for more efficient thermal insulation packaging solutions is growing with the production of drugs for the care of patients, as temperature regulation determines the safety and consistency of the drugs.
Competitive Landscape
The thermal label packaging market players are leaning towards the expansion of the production facilities besides opting for strategic collaborations to attain a competitive edge. With IoT, problems with cold chain tracking systems can be treated without any delay. Orion r®, which is a temperature-controlled box rental service, was introduced by Sonoco ThermoSafe. It will also provide optional onboard telemetry, which provides biopharmaceutical clients with access to cloud-based temperatures. This boosts visibility and assures the consistency of the items.
A few of the key companies functioning in the global market include Emball'ISO, Sonoco ThermoSafe, Pelican Products, Inc., Cold Chain Technologies, Inc., Sofrigam SAS, CSafe Global, LLC, Insulated Products Corporation
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About the Study
The study offers readers a comprehensive assessment of the thermal label packaging market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on packaging type (passive, active, cold storage), insulation model (EPS, PUR, VIP, PCM), application (food and beverage, pharmaceuticals) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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SOURCE: Future Market Insights