The isothermal bags & containers market is projected to grow at a CAGR of 8.77% from a market value of USD1.056 billion in 2019 to attain a market value of USD1.749 billion by the end of 2025. The isothermal bags and containers are utilized for maintaining the same temperature for a longer time period. Hence, these bags and containers play an important role in cold chain logistics applications, burgeoning the market demand in the forecast period. The isothermal bags and containers are used for maintaining hot items hot and cold items cold, also, they are utilized extensively for carrying temperature-sensitive goods such as agricultural products, medicines, and other biological products such as blood samples and human tissues. The growing trade across regional and geographical boundaries are propelling the market growth in the forecast period. Hence, increase in exports and imports of different products is poised to augment the market growth during the forecast period.
Additionally, the growing fresh farm produce industry is further propelling the market demand in the forecast period. The rapid progress in the organized retail sector, especially in the developing economies of the world, is contributing to surging in the market growth over the next five years. Geographically, North America and Europe are projected to hold a significant market share followed by the APAC region with the growing pharmaceutical industry, food and beverage industry, and demand for fresh agricultural produce, fresh meat, and seafood.
The current novel coronavirus situation will contribute to fueling the market growth at a sustainable pace due to the increasing demand for pharmaceutical products and clinical trial supplies for vaccine development, in addition to the demand for fresh farm produce as part of essential grocery items.
The growing fresh food packaging industry is propagating the market growth in the forecast period.
The fresh food packaging market is projected to thrive in the forecast period due to the increasing efforts for reducing food spoilage whether fresh fruits, vegetables, and dairy products or fresh meat directly from farms. This is further transported to the retailers (B2B) or the consumers (B2C), hence requires to be delivered fresh, supporting the need for food fresh food packaging to maintain the shelf life of the fresh farm produce, post-harvest and/or post-retail. Also, effective measures are being taken in the form of R&D to produce innovative packaging solutions for application in the packaging of fresh fruits and vegetables or meat commodities in addition to taking care of the delayed ripening of these food products. Evolving consumer needs, where these prefer ready-to-eat fresh food, with the changing living conditions and adopting a busy schedule, is further propagating the market demand in the forecast period.
The global population is increasing, this is further giving rise to the increase in food demand as well. The world is moving towards turning vegan or vegetarian, this, however, seems difficult for people having meat appetite. Turning full vegan will take time, meanwhile flexitarian is also the current trend. A flexitarian is a person who primarily consumes vegetarian but occasionally consumes meat or fish. Hence, the market for fresh food packaging to restore the freshness of immediately produced poultry and meat products from animal farms is estimated to flourish in the forecast period for individuals consuming meat products or flexitarians. According to the FAO statistics, global meat consumption is projected to increase at a significant rate, fueling the market demand in the forecast period and in the upcoming years. As per the meat consumption type, the global bovine meat consumption is estimated to grow from 10.1 kg per capita in 2015 to 10.6 kg per capita in 2030. Similarly, for ovine and caprine meat, the consumption grew from 2.1 kg per capita in 2015 to 2.4 kg per capita in 2030; for pig meat, the consumption is estimated to be 15.3 kg per capita in 2015 and 15.1 kg per capita in 2030. While the consumption for poultry meat is estimated to grow to 17.2 kg per capita in 2030 from 13.8 kg per capita in 2015.
Furthermore, there are certain logistics issues as well where concerns regarding food spoilage have been risen, leading to huge losses. This is also giving rise to opportunities to manufacturers worldwide for creating innovative fresh food packaging solutions for poultry and meat products and reducing food spoilage during transport.
In order to increase the lifetime of seafood, companies are manufacturing effective packaging solutions for seafood handling and transport. For example, Saeplast company which was founded in 1984, driven by the demand from the Icelandic seafood community designed double-walled insulated plastic containers in the form of tubs for prolonging the lifetime of fish freshness. Hence, the development of the insulated container by the company team transformed the seafood handling and this helped the fishermen as well. With time in 1999, the company purchased the Dyno Plastics division and acquired control of the Dyno Plastics Canada plant in NB Atlantic Canada. The Canadian company production facility had a long history of the manufacturing of insulated containers since the 1980s. The acquisition by Saeplast further continued the manufacturing of the insulated containers at the same location and with the same local expertise. The Company, Saeplast became the global leader in providing the best quality insulated containers.
With the growing global consumption of dairy products, the demand for fresh food packaging holds significance, driving the market demand in the forecast period. According to the FAO, the global consumption for milk and dairy products grew from 83 kg per capita in 2015 to 90 kg per capita in 2030. The growing demand for fresh packaging for dairy products is further driven by the changing food consumption patterns with the increase in adoption of a busy lifestyle, where, especially, in the developing economies of the world, with women started entering the main workforce is preferring packaged dairy products such as packaged fresh cheese and fresh butter, instead of home-made dairy products. Hence, the inclination for manufacturing packaging solutions for prolonging the shelf-life of dairy products also holds importance, fueling the manufacturing of fresh food packaging for dairy products.