The Cold Chain Packaging Market is estimated to be valued at US$ 24.32 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 helps maintain the structural integrity and temperature-sensitive condition of pharmaceutical products, food, and other commodities during transport and storage. It utilizes different types of insulation materials, refrigerants, and temperature monitoring devices. These packaging systems play a crucial role in keeping medical products and perishable items fresh during transportation without breaking the cold chain.
Market Dynamics:
Rising food demand and growing population are expected to boost the adoption of cold chain packaging for safe transportation of food items globally. According to FAO, the world population is projected to reach about 9.7 billion by 2050, which will significantly increase the demand for food. Additionally, expansion of the pharmaceutical sector is also augmenting the market growth. Pharmaceutical manufacturing companies are increasingly outsourcing various operations including distribution to cold chain service providers to minimize costs and improve efficiency. Growing demand from the pharmaceutical sector for temperature controlled transportation of medicines is expected to accelerate the cold chain packaging market growth over the forecast period.
SWOT Analysis
Strength: Cold Chain Packaging helps preserve the quality of perishable goods like pharmaceuticals and food products during transportation and storage. Growing consumer demand for fresh products has increased the need for cold chain packaging solutions. They ensure safety and extend shelf life of goods. Weakness: High upfront costs associated with cold chain infrastructure and maintenance. Stricter regulations around usage of certain materials for packaging can increase costs. Reliance on fossil fuels for powering cold chain also raises sustainability concerns. Opportunity: Rapid growth in e-commerce and online grocery shopping is driving demand for sophisticated temperature-controlled packaging solutions. Rising cases of chronic diseases will propel healthcare shipments requiring cold chain logistics. Threats: Disruptions due to unfavorable weather conditions can compromise cold chain. Substitution threat from new emerging packaging technologies. Volatility in raw material prices poses risks.
Key Takeaways
The global cold chain packaging market is expected to witness high growth, exhibiting CAGR of 9.70% over the forecast period, due to increasing demand for perishable food products and temperature-sensitive pharmaceuticals. Rapid urbanization and growth of organized retail is fueling demand for fresh produce driving need for cold chain packaging.
Regional analysis: North America dominated the cold chain packaging market in 2021 with a share of over 30%, owing to stringent regulations around food safety and presence of major cold chain companies. Asia Pacific is poised to be the fastest growing market, expanding at a CAGR of 11.2% during the forecast period. Increasing consumer health awareness and rising spending on food and healthcare in China and India will propel regional growth.
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. Major players are investing in R&D to develop innovative, sustainable packaging solutions and expanding their global footprint through strategic partnerships and acquisitions.
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https://www.ukwebwire.com/the-cold-chain-packaging-market-poised-for-rapid-growth/
