The need for transporting specialized pharmaceutical products has risen considerably, especially due to the surge in the international business of pharmaceutical products, increasing the need for its packaging and logistics. Transit packaging is very helpful in efficient storage and easy handling and supports decreasing the chances of product contamination. It protects the product from physical damage as well as biological degradation. Moreover, transit packaging is a crucial part of pharmaceutical products as it provides proper and clear labeling of correct information.
Major officialdoms such as World Health Organization (WHO) are actively working towards reducing vaccine wastage across the world. This has also sparked the initiation of various programs to monitor vaccine usage and ensure optimum consumption. Programs like these also aim to focus on properly handling and transporting vaccines. Thus, the growing need for protecting, preserving, and storing various pharmaceutical products is expected to create opportunities for the growth of the transit packaging market.
The COVID-19 pandemic had significantly burdened global healthcare networks and systems, affecting critical, life-saving operations and processes. Therefore, pharmaceutical facilities are increasingly adopting transit packaging solutions to reduce the stress on existing infrastructure and improve supply chain efficiency. Moreover, key global players are redefining their business strategies to improve productivity. For instance, in June 2020, Softbox systems Ltd. (U.K.) launched its ECO packaging solution for the pharma cold chain industry. This ECO packaging solution is designed for the transportation of wide-stability temperature-sensitive pharmaceutical products. Such developments are expected to boost the demand for transit packaging solutions across the pharmaceutical sector, creating market growth opportunities.
RAPID GROWTH OF THE E-COMMERCE SECTOR
The e-commerce sector has become extremely competitive due to technological advancements and online retail. The rapid growth of e-commerce sales and distribution channels is revolutionizing the retail marketplace. Leading e-commerce giants, such as Amazon.com, Inc. (U.S.) and Walmart. Inc. (U.S.) have attracted large customer bases due to the benefits of online shopping. Furthermore, e-commerce provides customers with a large variety of options to buy from home, making the e-commerce industry one of the fastest-growing industries across the globe. For instance, according to Alibaba Group Holding Limited (China), the global e-commerce market was valued at US $16.6 trillion in 2022. The industry is expected to grow significantly at a CAGR of 27.43% in the coming years. Similarly, Kinsta, Inc. (U.S.) estimates that almost 90% of purchases will be done through online portals by 2040. Thus, the consistent surge in demand for ecommerce services has increased the demand for transit packaging and is expected to continue impacting the transit packaging market.
Ecommerce companies and platforms are seeking potential within the transit packaging more than its basic function of protective packaging that helps keep products safe during logistics. With the growing popularity of the e-commerce sector, e-commerce companies are exploring new avenue to provide consumers with a seamless and memorable unboxing experience which earlier was limited to only luxury and physical stores. This has boosted the significance and the demand for better transit packing within the ecommerce sector.
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