LONDON, Nov. 28, 2017 /PRNewswire/ — Insulated Packaging Market Analysis By Material Type (Corrugated Cardboard, Metal, Glass, Plastic), By Type, By Application (Cosmetic, Pharmaceutical, Industrial, F&B), And Segment Forecasts, 2014 – 2025
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The global insulated packaging market is expected to be valued at USD 18.3 billion by 2025, according to a new report by Grand View Research, Inc.
Increasing demand for pharmaceuticals coupled with the rising disposable income of people in developing economies is expected to positively drive the market over the forecast period.
Growing concerns have urged regulatory bodies in the UK, Russia, the U.S., Canada, and China to issue stringent guidelines regarding the manufacturing of insulated packaging products. The General Administration of Quality Supervision; Inspection and Quarantine of People’s Republic of China; U.S. Food & Drug Administration (FDA); World Plastics Organization (WPO); and Plastics Europe have laid down strict guidelines for manufacturers and distributors concerning the quality of the insulated packaging products.
The U.S. FDA has laid down guidelines for the use of insulated packaging for food & beverages. The U.S. Center for Food Safety and Applied Nutrition (CFSAN) and U.S. Office of Food Additive Safety have also laid down guidelines to ensure the safety of insulated packaging products utilized to package various food products, juices, carbonated beverages, and energy drinks.
Rising demand for packaged food & beverages, cosmetics, and medicines on account of the globally growing population and rapid industrialization have led to a large-scale requirement for packaging products. Increasing participation by manufactures to sustain the demand coupled with the growing government funding is projected to drive the market over the forecast period. A large number of manufacturing companies are shifting their focus toward developing new solutions based on thermal resistant raw materials such as polystyrene, EPS Styrofoam, polyethylene, and polyurethane to overcome technological and environmental challenges.
Further key findings from the report suggest:
• The global insulated packaging market was valued at USD 11.85 billion in 2016 at a predicted CAGR of 5.0% from 2017 to 2025
• The global demand for insulated packaging in metal material type was valued at USD 2.64 billion in 2016 and is anticipated to record a steady growth over the next 8 years
• Rigid packaging emerged as the largest segment of the market, by type, in 2016 and is predicted to be valued at USD 7.32 billion by 2025
• Pharmaceutical is anticipated to be the fastest-growing segment, by application, ascending at a CAGR