Temperature Controlled Packaging Solutions (TCPS) Market 2021-2027
Global Temperature Controlled Packaging Solutions (TCPS) Market Size, Share &Trends Analysis Report By Type (Active, and Passive) By Product (Insulated Container, and Insulated Shippers) By End-User (Food &Beverages, Healthcare, and Others) Forecast 2021-2027
The global TCPS market is anticipated to grow at a CAGR of around 11.2% during the forecast period (2021-2027). The global TCPS market is majorly driven by the increasing application of TCPS in the food &beverages industry. The food &beverages industry is growing at a rapid pace owing to the increasing demand for ready-to-eat foods from the customer due to changing lifestyles. In emerging economies, high-income families prefer ready-to-eat foods and drinks due to their hectic job and lifestyle. With increased demand from the food &beverages industry, the TCPS market is growing Besides, the demand for ready-to-eat food products skyrocketed during the COVID-19 pandemic especially among the consumers that are not fond of cooking food. In addition, the demand for these kinds of foods has also surged due to restrictions on mobility and the shutdown of restaurants by the government of various economies. Thus, with an increase in demand for packaged foods from consumer, the food &beverages industry will create the scope for TCPS, which in turn, foster the market growth.
Moreover, the problem of food wasting in major economies is also the factor creating the demand for TCPS. The US is one of the largest economies with a high rate of food waste. America wastes roughly 40% of its food produced annually. Apart from this, high maintenance costs and investment and low incidence in rural regions are likely to limit market growth during the forecast period.
The global TCPS market is positively impacted by the COVID-19 pandemic. It has been seen that the demand for TCPS containers to store food items due to the lack of availability of fresh perishable foods was highly increased during the pandemic. The food &beverages industries were not only focusing on producing foods but also emphasizing on adopting storage solutions such as TCPS to increase food product's self-life during transportation, which has boosted the market growth for TCPS.
The global TCPS market is segmented based on type, product, and end-user. Based on type, the TCPS market is bifurcated into active, and passive. The passive segment is expected to grow at a significant CAGR during the forecast period. The active TCPS is highly used for the transportation of products in bulk. In addition, they have active temperature control, maintains a specific temperature range with a minimum deviation that makes them perfect for the shipment of large volumes payload with substantial transit time. Besides, the temperature accuracy provided by the active system is highest compared to the passive system. All these factors drive the segment growth. Based on the product, the market is again bifurcated into, insulated containers, and insulated shippers. The insulated containers are projected to hold the largest revenue share in the market due to the increasing demand for perishable goods. Whereas, based on end-user, it is segregated into food &beverage, healthcare, and others.
Geographically market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected to dominate the market during the forecast period due to increasing food &beverages demands from the consumer, high disposable income, and changing standard of living. The food waste problem in the US is also the reason, the adoption of TCPS is high in the region. According to the US Department of Agriculture, food waste is estimated at between 30-40% of the food supply. Apart from these factors, the increasing application scope of TCPS in pharmaceutical companies, growth in the cold chain industry, increasing TCPS usage in the transportation of medicines are also enhancing the growth of the market. Whereas Asia-Pacific is estimated to grow at the fastest rate during the forecast period. Growth in the food &beverage sector is a vital factor driving the growth of the Asia-Pacific TCPS market. The emergence of new technology, rapid globalization, and rising product wastage control movement are the major factors among other driving. Besides, the economic growth of developing countries such as China, India, Japan, and the growth of the healthcare sector in these economies are likely to boost the global TCPS market in the region during the forecast period.
The market study of the global TCPS market is incorporated by extensive primary and secondary research conducted by the research team at OMR Secondary research has been conducted to refine the available data to break down the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives as possible, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include
Financial reports of companies involved in the market
Whitepapers, research papers, and news blogs
Company websites and their product catalog
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Global TCPS Market Research and Analysis by Vehicle Type
Global TCPS Market Research and Analysis by Product
Global TCPS Market Research and Analysis by End-User
The Report Covers
Comprehensive research methodology of the global TCPS market
This report also includes a detailed and extensive market overview with key analyst insights
An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations
Analysis of regional regulations and other government policies impacting the global TCPS market
Insights about market determinants that are stimulating the global TCPS market
Detailed and extensive market segments with the regional distribution of forecasted revenues
Extensive profiles and recent developments of market players