The Rise In Consumption Of Frozen Food Is Expected To Steer The Growth Of The Insulated Shipping Packaging Market As Per The Business Research Company's Insulated Shipping Packaging Global Market Report 2022
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LONDON, Oct. 24, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the insulated shipping packaging market, an increase in the consumption of frozen food is contributing to the growth of the insulated shipping packaging market going forward. Frozen food refers to the food that has been subjected to rapid freezing and is kept frozen until used. Insulated shipping packaging is used to keep frozen food at a constant temperature. For instance, according to the American Frozen Food Institute, FMI Study, a US-based trade association, frozen foods have a very high household penetration of 99.2% and grew by 21% from 2019 to 2020. An increase in the consumption of frozen food will drive the insulated shipping packaging market growth.
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The global insulated shipping packaging market size is expected to grow from $6.70 billion in 2021 to $7.17 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The global insulated shipping packaging market share is expected to grow to $9.39 billion in 2026 at a compound annual growth rate (CAGR) of 7.0%.
Technological advancements are a key trend gaining popularity in the insulated shipping packaging market. Major companies operating in insulated shipping packaging are developing new technologies to strengthen their position in the market. For instance, in September 2021, Lifoam Industries, a US-based company launched Envirocooler insulated shippers with bioffex technology. BioffexTM technology combines a proprietary manufacturing technique with plant-based raw ingredients to produce revolutionary foam insulation made entirely of renewable materials.
Major players in the insulated shipping packaging market are Amcor PLC, Cryopak, Davis Core & Pad Company, DS Smith PLC, DuPont (US), Innovative Energy, Inc., Marko Foam Products, Inc, Exeltainer, Sonoco Products Company, The Wool Packaging Company Limited, Thermal Packaging Solutions, Insulated Products Corporation, ICertech, CAMBRO, Carry Cool Enterprise, Cascades Inc., Hydropac Limited, NanoCool (Pelican BioThermal) and Valor Industries.
The global insulated shipping packaging market segmentation is categorized by type into pouch and bags, box and containers, other type; by material into plastic, wood, glass, other material; by end user into food and beverages, industrial, pharmaceuticals, beauty and personal care, other end-user applications.
North America was the largest region in the insulated shipping packaging market in 2021. The regions covered in the global insulated shipping packaging market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Insulated Shipping Packaging Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide insulated shipping packaging market forecast size and growth, insulated shipping packaging market segments and geographies, insulated shipping packaging market trends, drivers and restraints; leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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