The North America EPS coolers market valued USD 299.45 million in 2020 and it is expected to grow at a CAGR of 2.72% to reach USD XX million by 2028.
EPS coolers are the portable temperature controlled system which are used to store and transport food products and pharmaceutical products to protect them from environmental hazards. It is mainly used by the logistics and shipping industry for the products which require to be transported with specific temperature range, due to high sensitivity such as bio pharmaceutical drugs, vaccines, foods etc. Other than that, it is quite popular among general household consumers as they use it to carry food and beverages during travel or recreational activities for convenience purposes. The growing innovation and rapid development in the bio-pharmaceutical sector is driving the EPS cooler market growth in North America.
Depending upon the product type, the North America EPS coolers market is divided into Promotional EPS Coolers, Thick Wall EPS Coolers. Thick wall EPS cooler is dominating the product segment of North America EPS coolers market with a share of 82% in 2020.
Depending on the Application, the North America EPS coolers market is divided into pharmaceutical, food & beverages, medical consumables and others. Among these, the food and beverages segment is dominating the market with a share of 50.36% in 2020. In terms of region the North America EPS coolers market is divided into U.S., Canada and Mexico. The U.S. is dominating the market with a market share of 77% in the forecast period due to the presence of leading bio-pharmaceutical companies.
Market Dynamics
Drivers
- Growing demand of temperature controlled shipment
- Growing bio-pharmaceutical business and requirement of temperature control shipment in this sector
Restraints
- Disadvantages in terms of natural properties and size
- Hazardous environmental effect
Opportunities
- Research & development in the making of new biosimilar drugs
Research & development in the making of new biosimilar drugs
Biosimilars and precision-medicine drugs have continued growth in recent years, where almost every element needs temperature-controlled services. As a result, the demand for clinical trial logistics reached USD 3.4 billion in 2018 and is expected to grow exponentially in the future.
Major biopharma products continue to generate and expand cold-chain challenges. In addition, due to the growth of volume and value of temperature-controlled biopharma products, biopharma C-suites will increasingly rethink the importance of their shipping and logistics strategies, which will create a new opportunity for the EPS cooler market.
Sensitive products and stricter regulations necessitate true, end-to-end visibility that will force cold-chain logistics providers to integrate temperature monitoring with the EPS cooler system.
New advances in insulation enable shippers to use lower-cost passive containers to give critical support for situations when power is unavailable— such as for the period of transport between cold chain locations or in the case of a loss of power. This will further help the EPS cooler market to expand in the future.
Region Analysis
Canada is another key region of the North America EPS coolers market and is expected to grow with a CAGR of 3.51% during the forecast period. The rising demand from the food & beverages, the pharmaceutical industry is propelling the growth of the EPS coolers market in Canada.
According to a report published by the Government of Canada, the food and beverage processing industry is Canada's second-largest manufacturing industry in terms of the value of production, with sales of goods manufactured worth US$ XX billion in 2019, accounting for 17% of total manufacturing sales and 2% of the country's GDP (GDP).
Canadian processed food and beverage products are exported to 192 countries, with a large percentage going to a few countries. According to their research, the United States (72%) received a significant percentage of the exports in 2019, followed by China (8%) and Japan (6%). These statistics reveal the growing opportunities for the EPS coolers manufacturers and suppliers in Canada.
TempAid is one of the key players operating in the country. The company has its production facilities in Ontario, Canada. In April 2021, the TempAid 48-hour packaging system has been designed to meet specific vaccine distribution requirements of several manufacturers. The Public Health Agency of Canada has selected Rapid Aid and Woodbridge TempAid 48-hour vaccine packaging solutions to ship Covid-19 vaccines across the country.
The 48-hour packaging system has been designed to maintain optimal temperature and meet specific vaccine distribution requirements of various manufacturers, including Novavax, Moderna, AstraZeneca, Covishield, Janssen and Johnson & Johnson. The outside shell of the TempAid rugged packaging system is made of expanded polypropylene (EPP). It also includes expanded polystyrene (EPS) cooler for added thermal insulation and PCM hard bottle gels that have been tested for temperature stability and reuse.
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