The Cold Chain Packaging Market is estimated to be valued at US$ 22.39 Bn in 2022 and is expected to exhibit a CAGR of 9.70% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cold chain packaging refers to products that help maintain the required temperature conditions during storage and transportation of temperature-sensitive goods such as pharmaceuticals, food, and beverages. These products utilize insulation materials, refrigerants, and smart temperature monitoring systems to keep the goods within the recommended temperature range throughout the supply chain. They are used majorly in pharmaceuticals and healthcare industries to transport vaccines, biologics, and other temperature-sensitive drugs. Growing e-commerce is also driving demand for cold chain packaging for safe delivery of perishable goods to customers’ doorsteps.
Market Dynamics:
The cold chain packaging market is driven by rising demand from pharmaceutical industry for transportation and storage of temperature-sensitive drugs. Global pharmaceutical sales reached nearly US$1.27 trillion in 2021 and are projected to grow annually at 4-7% through 2026. Growing emphasis on ensuring quality and safety of these drugs during distribution has boosted adoption of specialized packaging solutions from cold chain market players. The market is also witnessing high growth opportunities due to expansion of e-commerce sector globally. Surging online purchase of perishable food items and groceries is prompting e-retailers to integrate reliable cold chain logistics and storage infrastructure to avoid product spoilage during delivery. This is positively impacting growth of insulation materials, refrigerants, and cold chain packaging products manufacturers. Additionally, supportive government initiatives in developing countries to enhance food safety and reduce wastage are expected to augment the market growth over the forecast period.
Segment Analysis
The global Cold Chain Packaging market is divided into four key segments – Refrigerants, Insulated containers, Temperature monitoring devices, and Others. Among these, the refrigerants segment currently dominates the market with over 30% share. This is because refrigerants help actively maintain temperatures during storage and transportation of temperature sensitive goods like food items and pharmaceuticals. Some of the widely used refrigerants are dry ice, phase change materials, and liquid nitrogen.
PEST Analysis
Political: The Cold Chain Packaging market is significantly impacted by various global trade policies and regulations related to food safety and transportation of pharmaceuticals. Favorable policies boost trade of perishable items.
Economic: Growth in the pharmaceutical, food processing, and healthcare industries positively impacts the demand. Recovery of global economy post COVID-19 pandemic will further accelerate market growth.
Social: Increasing health awareness and demand for quality food items is a key driver. Packaging ensures safety and quality of products consumed.
Technological: Advances in temperature monitoring systems, insulation materials, and refrigeration technologies help achieve efficient cold chain solutions. Adoption of digital technologies also aids in monitoring shipments remotely.
Key Takeaways
The global Cold Chain Packaging market is expected to witness high growth, exhibiting CAGR of 9.70% over the forecast period 2022-2030, due to increasing trade of perishable food items and pharmaceutical products globally. The market was valued at US$ 22.39 Bn in 2021.
The Asia Pacific region is projected to witness the fastest growth during the forecast period. This is attributed to rising healthcare spending, growing pharmaceutical industries in India and China, and increasing demand for imported perishables in large economies like India, China, and Japan. Countries in the region are also improving their cold chain infrastructure and logistics to ensure safety of imported/exported goods.
North America currently dominates the Cold Chain Packaging market with a share of over 30%, led by stringent regulations around food safety in the US. Large pharmaceutical industries and organized food retail in the region also drive consumption.
Key players operating in the Cold Chain Packaging market 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. These industry participants focus on technical innovation, new product development, and strategic partnerships to maintain their market position.
*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.