by The global Cold Chain Packaging Market is estimated to be valued at US$ 26.94 Bn or Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cold chain packaging products refer to special packaging solutions designed to maintain quality and extend shelf life of temperature sensitive products like pharmaceuticals, food, beverages and chemicals during transportation and storage. They help prevent spoilage and degradation by regulating temperature of contents and shielding them from environmental factors.
Market key trends:
One of the key trends in the cold chain packaging market is the rising adoption of recyclable and sustainable packaging materials. Manufacturers are increasingly focusing on leveraging eco-friendly packaging solutions made from renewable resources like paper, molded pulp and jute to minimize environmental footprint of cold chain logistics. Various companies have launched biodegradable cold chain packaging products made from sustainable materials like bio-based plastics, bamboo and agricultural waste to cater to growing consumer demand for sustainable options. This shift towards green packaging emphasizes on reduced carbon footprint and eco-friendly disposal complying with stringent regulations regarding sustainable development.
Market key trends:
One of the key trends driving the growth of the cold chain packaging market is the growing healthcare and pharmaceutical sector globally. Cold chain packaging plays a vital role in transportation of temperature sensitive drugs, vaccines, tissues organs for transplantation etc. They ensure safety and efficacy of such products during logistical operations involving storage and transportation. The increasing demand for perishable food items and temperature controlled cargo has also propelled the need for advanced cold chain packaging solutions. Advancements in materials and packaging technologies that enable more efficient and sustainable cold chain distribution are expected to further boost the cold chain packaging industry in coming years.
SWOT Analysis
Strength: Thermal insulating properties and ability to maintain temperature of contents. Protection against temperature fluctuations ensure maximum shelf life.
Weakness: High costs associated with purchase and operations of cold chain packaging solutions. Limited reuse of materials increases costs.
Opportunity: Growth in pharmaceutical, food and beverage sectors driving demand. Investments in technology upgrades and automation present business opportunities.
Threats: Stringent regulations around food safety and drug transportation. Environmental concerns over non-biodegradable materials used in cold chain packaging.
Key Takeaways
The global cold chain packaging market size is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period of 2023 to 2030, due to increasing pharmaceutical products and processed food consumption globally. North America is expected to dominate the cold chain packaging market during the forecast period due to high consumption of perishable foods in countries like US and Canada.
The global cold chain packaging market size for 2023 is estimated to be US$ 26.94 Bn. The pharmaceutical industry accounts for the largest share of cold chain packaging mainly to transport temperature sensitive drugs and vaccines safely. Increasing penetration of organized retail and e-commerce is further driving the use of cold chain packaging for door step delivery of products.
Key players operating in the cold chain packaging are Pelican BioThermal LLC, Sonoco Thermosafe, Cold Chain Technologies Inc., Cryopak, Sofrigam Company, Intelsius (A DGP Company), Coolpac, Softbox Systems Ltd, Clip-Lok SimPak, and Chill-Pak. Companies are focusing on investments in material innovation, digital monitoring solutions and automation to improve efficiencies in cold chain logistics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
