Global Market Insights, Inc. adds a new Global Insulated Packaging Market Research Report for forecast period that shows the growth of the market is rising at a steady CAGR from 2018 to 2024. Insulated Packaging Market size is expected to witness significant gains owing to business expansion and introduction of various technologies in the industry. Increasing its usage in food & beverages and pharmaceutical industries should drive insulated packaging market size. It consists of various types such as bags, pouches, boxes & containers and wraps.
It is a combination of various materials having low thermal conductivity to resist the flow of warmth. It provides higher protection from damage and keeps product heat, frozen, refrigerated and reduces the variable temperature consequences. Rising demand for metal and packing products will also have a positive impact on the insulated packaging market size.
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Global packaging market demand was valued at over USD 850 billion in 2017. Consumer product manufacturers prefer eco-friendly packing designs and materials, which in turn growing overall market demand. Growing consumer health consciousness including progressively busy lifestyles has driven demand for convenience food demand. Rising popularity of online shopping has compelled e-commerce and online retailers to use various corrugated boxes which will implement new insulated packaging technology.
Insulated packaging market demand from food applications may register favorable gains during the projected timeframe. Rise in packaged demand for ready-to-eat food consumption owing to increasing working demographics may drive industry growth. Global packaged food market size is poised to exceed USD 3.5 trillion by 2024, with gains at over 5%. Change in consumer lifestyle accompanied with rising health awareness are the key attributes favoring industry growth.
Increasing application usage in pharmaceutical industry may stimulate insulated packaging market demand. Global pharmaceutical market demand may reach over USD 1.3 trillion up to 2024. Pharmaceutical vaccines are compelled to be maintained at normal temperatures thus the demand for boxes and containers within the industry is anticipated to grow thereby boosting insulated packaging market size.
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North America, driven by Mexico, Canada and the U.S. insulated packaging market size may witness strong growth over the forecast timeframe. The growth of the manufacturing sector and dynamical trends in sociology are two major factors that promote market growth during this region. Growing demand for medical and pharmaceutical industries should fuel insulated packaging market size in the region.
Europe insulated packaging market demand driven by U.K, France, Italy and Germany may witness significant gains owing to increasing concern towards product presentation and rapid growth of packaging market. Moreover, the rise in e-commerce activities is further increasing the packaging merchandise market throughout the region in the forecast. Global e-commerce market, which includes online retail shopping sales was about USD 1.5 trillion in 2016. Online retail sales growth has boosted the demand for packaging products for the safe product shipment.
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Global insulated packaging market share is fragmented with key industry participants including Deutsche Post DHL, American Aerogel, TP Solutions, Sonoco, Innovative Energy, Providence Packaging, Temper Pack and Huhtamaki.
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