The global sales of recyclable thermal insulation packs are estimated to be worth USD 2.2 billion in 2021 and are anticipated to reach a value of USD 3.8 billion by 2031. Sales are projected to rise at a CAGR of 5.8% over the forecast period between 2021 and 2031. The revenue generated by recyclable thermal insulation packs in 2020 was USD 2.1 billion.
The need for these thermal insulation packs is being driven by the expansion of global supply chains and a growing emphasis on regulatory compliance among food and pharmaceutical product producers. With the growing food and beverage industries, guarantee for the quality of packaged items and several prerequisites in the distribution of food, beverages are increasing. This in turn is also aiding in the growth of demand for efficient and recyclable thermal insulation packaging.
Increasing demand for sustainable and eco-friendly packaging solutions driving the robust growth of global recyclable thermal insulation packs. Recyclable thermal insulation packs are gaining traction because of business move towards greener practices. They also gaining traction in the global market because of its ability to provide the efficiency and effective temperature control with minimum impact on environment.
Global Recyclable Thermal Insulation Packs Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 2.1 billion |
| Estimated Size, 2021 | USD 2.2 billion |
| Projected Size, 2031 | USD 3.8 billion |
| Value-based CAGR (2021 to 2031) | 5.8% |
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The growth of the pharmaceuticals and food & beverages industries has led to an increased demand for transportation, storage and handling of temperature-sensitive goods.
Challenges pertaining to transportation of these temperature sensible products in industries like pharmaceutical, healthcare, food and beverages, cosmetics and chemicals which are subjected to pressure, shocks and extreme conditions during transportation are some of the major factors driving the demand of recyclable thermal insulation packs. As, this packaging not only prevents spoilage but also keeps the products refrigerated, frozen, and warm, and reduces the effects of variable temperature.
Furthermore, pandemic-driven consumer behavioural shift resulting in packages being kept outside for an extended period of time, growing urbanization, expansion of the e-commerce sector and meal kit deliveries and an increase in people's disposable income are boosting the recyclable insulated packaging market as a whole.
Other factors like eco-friendly appeal of recyclable packaging, compact size with a greater load space and thinner liners reducing the carbon footprint which makes these packaging solutions not only sustainable but effective too.
As a result of the pandemic, there has been a substantial rise in the orders for groceries online and even food deliverables at home. Given the rise in e-commerce, insulated packaging is also likely to experience significant sales across meal kits and other perishable food and beverage goods via smaller e-commerce and food delivery forms.
Complex vaccine packaging and testing kit in the COVID-19 pandemic are also some of the major opportunities for the global market of these thermal insulation packs as these are ideal for protecting last-mile vaccine deliveries with specific temperature requirements.
Principal Consultant
United States is anticipated to lead the recyclable thermal insulation packs market owing to the increasing number of food retail chains and their development, as well as the developing e-commerce industry.
Additionally, noticeable presence in several high-growth industries in the country like healthcare, food, and beverage, etc. is expected to drive the market in the forecast period.
Moreover, stringent government regulations in the country, for instance, the food-contact packaging sector of the USA is highly regulated by the Food and Drug Administration (FDA) are expected to promote adoption of Recyclable Thermal Insulation Packs.
In the Asia Pacific region, factors such as the rapid rise in use of insulated packaging in the food and beverage and pharmaceutical sectors in countries such as China, Japan, and India have contributed to increased demand for insulated packaging.
Furthermore, large supply of raw materials, with the rising usage of packaging across numerous food items (notably meat, fish, and poultry products) and strong economic growth across the manufacturing sectors in countries like India and China are also some of the key factors for the steady growth of the market.
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Some of the leading manufacturers and suppliers of recyclable thermal insulation packs include
Key players are emphasizing on lightweight designs to minimize freight costs, to optimize box compression strength coupled with greater load space and also to improve the eco-designs through continuous material optimization.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Recyclable Thermal Insulation Packs Market
