Report : North America Temperature Controlled Packaging Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Packaging Type (Active and Passive) and End User Industry (Pharmaceutical, Healthcare, and Others)
According to our latest market study on “North America Temperature Controlled Packaging Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Packaging Type and End User Industry,” the market is expected to grow from US$ 1,421.31 million in 2021 to US$ 2,208.45 million by 2028; it is estimated to grow at a CAGR of 6.6% from 2022 to 2028.
Several industries in North America are implementing temperature-controlled packaging solutions in their supply chains due to the high requirement of products across the world. The need for transporting products from various industries, such as healthcare, food & beverages and pharmaceuticals, in the US, Canada, and Mexico has increased due to the rising consumer demands. Moreover, the cold chain logistics sector has grown considerably to meet the significant challenges of producing vaccines. Hence, this factor has fueled the demand for temperature controlled packaging across North America.
In North America, the US is witnessing a rapid rise because of surging demand for perishable goods and pharmaceutical and healthcare products in bulk quantities. Businesses handle the demand for specific temperature range packaging via temperature-controlled transportation or cold chain logistics. Temperature-controlled packaging solutions comprising designed packaging containers and shippers maintain a controlled temperature environment to limit the product exposure to low or high temperatures during shipment. It is meant to assist but not entirely replace cold chain packaging logistics.
In the US, government restrictions related to the packaging of materials at specified temperatures, ensuring timely delivery, and maintaining product life in a closed cold chain environment directly impact the North America temperature controlled packaging market. Moreover, there is a significant requirement for sustainable solutions that reduce the carbon footprints. New legislation and standards are influencing the need and increasing demand for the temperature controlled packaging systems in the market. ISTA 7E is the world's first international standard for thermal container performance. While the ISTA has several bars and testing protocols for various environmental and transportation techniques, thermal testing adheres to a few basic guidelines that have changed with time. These developments are expected to have an impact on the North America temperature controlled packaging market during the forecast period.
Impact of COVID-19 Pandemic on North America Temperature Controlled Packaging Market
The indirect impact on the pharmaceutical industry in North America can be seen especially in the supply chain activities, which were disrupted due to the COVID-19 pandemic. The steady growth of the pharmaceutical industry and the packaging and distribution of pharmaceuticals were further hampered by the effect of stringent lockdowns and trade restrictions across North America. Supply chain challenges that needed continuous innovative practices and agility pushed many companies to deploy teams specializing in identifying and resolving such challenges. Companies in the market resumed logistic delays with emphasized pharmaceutical & healthcare safeguards and planning initiatives by the US government. Since the consumption and demand for pharmaceuticals increased, the COVID-19 pandemic impacted the market at the end of 2020 and gradually recovered by early 2021.
The market for temperature-controlled packaging solutions is recovering remarkably from the impact of the COVID-19 pandemic. With surging consumer demands, more such products and solutions are coming up in the market. A surging e-commerce trend has encouraged manufacturers to adopt more such solutions to serve the ever-increasing need. After the onset of the COVID-19 outbreak, high-quality cold transport containers have become increasingly important in the pharmaceutical transportation process. Pharmaceutical companies have overcome numerous shipping challenges, and container manufacturers adhere to strict regulatory guidelines for the benefit of the public. This factor hampered the growth of North America Temperature Controlled Packaging Market.
The report segments the North America temperature controlled packaging market as follows:
The North America temperature controlled packaging market, by packaging type, is segmented into active and passive. The active segment led the market with a larger share in 2021. Based on end-user industry, the North America temperature controlled packaging market is segmented into pharmaceutical, healthcare, and others. The pharmaceutical segment led the market with the largest share in 2021. By country, the market is segmented into the US, Canada, and Mexico.
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