Fort Collins, Colorado, April 17, 2024 (GLOBE NEWSWIRE) --
The growing need for sustainable and eco-friendly packaging solutions drives the cold chain packaging market.
The rising need for sustainable and environmentally friendly packaging options creates a substantial opening for the cold chain packaging market. Both consumers and businesses are growing more mindful of the ecological footprint of packaging materials and are actively pursuing alternatives to conventional single-use plastics. The United Nations Environment Programme (UNEP) underscores a concerning projection: by 2050, the weight of plastic in the oceans could surpass that of fish. This alarming forecast has triggered a surge in the demand for cold chain packaging materials that are biodegradable, recyclable, and reusable. Companies capable of innovating and providing sustainable cold chain packaging solutions stand poised to secure a competitive advantage in the market.
The expanding food processing sector is another crucial driver for the cold chain packaging market. The United Nations Food and Agriculture Organization (FAO) estimates that global food production will need to increase by 70% by 2050 to meet the growing population's demands. This growth in food production has led to an increased need for efficient cold chain packaging solutions to ensure the safe transportation and storage of perishable food items. Additionally, the rising demand for processed and ready-to-eat food products has further fueled the growth of the cold chain packaging market in the food processing sector.
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Segmentation Overview:
The cold chain packaging market has been segmented into product, material, application, and region.
Insulated boxes accounted for a significant share in the forecast period.
- Based on the product segmentation, the insulated container and boxes segment held the market share in 2023. This is due to their versatility, cost-effectiveness, and ability to maintain consistent product temperatures. Insulated containers and boxes are extensively used in transporting temperature-sensitive goods, such as pharmaceuticals, perishable food items, and chemicals, across various industries.
Pharmaceutical sectors dominate the application category.
- Based on the market segmentation by application, the pharmaceuticals sector remains the dominant segment in 2023. Many pharmaceuticals, including vaccines and biologics, necessitate strict temperature control during storage and transportation. The rapid growth of the biologics market, particularly cell and gene therapies, fuels demand for specialized cold chain packaging solutions tailored to these sensitive products.
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Cold Chain Packaging Market Report Highlights:
- The cold chain packaging market growth is anticipated at a CAGR of 19.2% by 2032.
- Sustainable and eco-friendly packaging solutions constitute major growth opportunities in the forecast period.
- The Middle-Eastern region leads the cold chain packaging industry during the forecast period. This region's expansion in the pharmaceutical industry and the need for efficient vaccine distribution are major growth highlights.
- Some prominent players in the cold chain packaging market report include Sealed Air Corporation, Softbox Systems Ltd., Sonoco Products Company, Pelican BioThermal LLC, Sofigram, Tempack Packaging Solutions S.L., Cryopak A TCP Company, Cold Chain Technologies, Intelsius, Envirotainer AB, va-Q-tec AG, and Amerisourcebergen Corporation.
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