LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global isothermal packaging market to grow at a CAGR of over 5% during the forecast period, according to their latest report. The research study covers the present scenario and growth prospects of the global isothermal packaging market for 2017-2021.
Global isothermal packaging market at a glance
Isothermal packaging is an innovative insulated packaging used for the transportation of goods at controlled temperatures. It finds extensive application in the food and pharmaceutical industries as it efficiently preserves the products from thermal and physical shocks.
The growing population and change in the taste and preferences of the consumers have led to the increase in the demand for frozen food. As most pathogens cannot survive at sub-zero temperatures, freezing food reduces the chances of microbes invading it. Therefore, frozen food can be stored in isothermal packaging for long periods of time and remains fit to be consumed at the convenience of the user.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global isothermal packaging market:
- Increasing demand from pharma cold chain sector
- Rise in consumer demand for frozen food and seafood products
- Rise in demand for sustainable packaging
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Increasing demand from pharma cold chain sector
The demand for isothermal packaging has increased tremendously and is multiplying steadily in the pharmaceutical cold chain sector. Healthcare cold chain logistics finds application in the case of vaccines, biopharmaceuticals, and clinical trials. Additionally, the global healthcare cold chain logistics market was valued at more than $200 million in 2016 and is projected to double by 2022. This significant increase in the growth of the market is due to robust growth in the sales of pharmaceutical products requiring cold chain logistics.
Sharan Raj, a lead packaging research analyst at Technavio, says, "Innovations in technology, efficiency gains, and amendments in the production process have led the pharmaceutical industry to cater to the increase in customer demands in various forms including aerosols, inhalants, lozenges, pessaries, and suppositories. Cryogenic shipping is witnessing an increase in the demand for isothermal packaging because of products including cell therapies and tissue culture."
Rise in consumer demand for frozen food and seafood products
The rise in the consumer demand for frozen food and seafood is expected to increase the demand for isothermal packaging, globally, since it is essential to ensure that frozen food and seafood is transported and made available to the consumers in a fresh form. Frozen food is a perfect alternative to freshly cooked foods.
"The demand for frozen foods is expected to grow significantly in Egypt owing to the shift in the lifestyle and preferences of consumers. Due to increase in demand for fresh meat and comparatively less supply, a consequent increase in the unit prices of fresh meat is expected to trigger the sales of frozen meat in Egypt particularly," adds Sharan.
Rise in demand for sustainable packaging
Environmental degradation has spurred environment conservation activities across the globe. Additionally, consumers are concerned about the environmental stability and therefore, there is an increase in the demand for environment-friendly, sustainable, and biodegradable packaging, worldwide. Therefore, vendors are focusing on making isothermal packaging biodegradable which will boost its demand during the forecast period.
Another such instance is that of the company Veuve Clicquot, that is constantly working on environmental awareness. It has introduced a 100% biodegradable isothermal container, popularly known as Naturally Clicquot. A number of vendors are working on upgrading their isothermal boxes and bags to biodegradable ones.
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