The global temperature-controlled packaging solutions market is expected to reach $16.8 billion by 2025 and expand at a CAGR of 8.3% over the forecast period, according to a new report by Grand View Research, Inc., San Francisco. Increasing demand for the frozen and fresh foods, including fruits and vegetables, dairy products, beverages, bakery and confectionery, meat and pre-cooked meals is expected to promote market growth.
Key highlights from the report:
- On the basis of product, insulated shippers are expected to witness the fastest growth and register a CAGR of 8.7% from 2019-2025.
- Food and beverage accounted for 49.3% share in the global temperature-controlled packaging solutions market in 2018.
- North America held the largest share of more than 40% in terms of revenue in 2018.
Asia Pacific is expected to witness significant growth in the upcoming years due to expansion of the food and beverage industries in emerging economies, including China and India. Furthermore, increasing number of organized retail has augmented the demand for food packaging in the abovementioned countries.
Innovation has also been a crucial part of the industry, as over the past few years, manufacturers have been emphasizing on R&D.