New York, USA, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Refrigeration Packaging Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Refrigeration Packaging Market Information By Packaging Material, By Packaging Type, By End-User and Region - Forecast till 2027”, the market is estimated to grow at a 5.37% CAGR to reach USD 10 Billion by 2027.
Market Scope:
The food and beverage, as well as the life science and pharmaceutical, industries make extensive use of refrigeration packaging, a cutting-edge technological advancement. Food safety and quality may be greatly enhanced by this technology. Consumers benefit from longer storage times and increased convenience thanks to refrigerated packaging.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | USD 10 Billion |
| CAGR | 5.37% (2021–2027) |
| Base Year | 2020 |
| Forecast Period | 2021–2027 |
| Historical Data | 2019 |
| Forecast Units | Value (Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Packaging Material, By Packaging Type, By End-User and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The development of novel refrigerated packaging methods propels the market upward. |
| Refrigeration packaging demand is increasing significantly, especially to the developing food and beverage and pharmaceutical industries. |
Competitive Dynamics:
The key players of global refrigeration packaging market include
- Amcor Limited (Australia)
- Ball Corporation (U.S.)
- Bemis Company, Inc. (U.S.)
- Crown Holdings Incorporated (U.S.
- Graphic Packaging International, Inc. (U.S.)
- International Paper Company (U.S.)
- Pactiv LLC (U.S.
- Sealed Air Corporation (U.S.
- Sonoco Products Company (U.S.
- WestRock Company (U.S.)
Market USP:
Market Drivers
The need for refrigerated packaging is growing rapidly over the world, notably in the fast-paced sectors of the food & beverage and pharmaceutical industries. The size of the market is supported by the existing need to keep mRNA COVID vaccines in cold environments (refrigerator, freezer, or ultra-cold, depending on the application).
Because of its efficiency, refrigerated packaging is being widely used to safely transport and store vaccines in a growing number of emerging regions throughout the world. The market is also bolstered by factors like shifting consumer preferences and increased disposable income. The introduction of cutting-edge techniques for refrigerated packaging also contributes to the market's expansion. Growth in the refrigerated packaging market is heavily influenced by the pharmaceutical industry as a result of the rising demand for the transport of temperature-sensitive pharmaceuticals. Vaccines, infusions/injections, biologics, hormones, insulin, antibiotics, cellular therapies, reagents, and treatments for chronic or rare diseases all require specialized packing such as containers, pallet shippers, vacuum insulated panels, crates, and boxes. High heat could cause some items to lose their useful qualities. As a result, high-tech thermal packing and distribution technologies are essential for preserving product quality throughout transport.
The market is driven by the rising need for efficient packaging methods for perishable items. There has also been a change in the conventional style of packaging, which has led to a rise in funding for packaging companies in an effort to create visually appealing new forms of packaging. Innovations in packaging technology have a positive impact on manufacturers' market shares, allowing them to increase their customer bases and profits.
Market Restraints
Raw material price volatility is a problem that exists in the market. Aluminum, copper, and steel are the main raw materials utilized in producing packaged refrigeration. The makers and the final consumers are both impacted by the price fluctuations of these commodities.
There is a higher potential for regulatory concerns when supply chains get more intricate. Companies can decrease their environmental effect and adapt to new requirements by using more environmentally friendly products in their day-to-day operations. Manufacturers must be able to adapt to the varying requirements of different locations in order to avoid regulatory sanctions. It can be particularly difficult for small and medium-sized factories to comply with complex packaging laws. They have to put in a lot of money across the board to achieve the predetermined packaging criteria, which has a negative effect on their profit margin and slows down their expansion. As a result, the market is stunted by high manufacturing costs and complicated restrictions.
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COVID-19 Analysis:
Amid the unprecedented and disastrous global COVID-19 outbreak, demand for refrigerated packaging has been lower than expected across all areas. When the COVID-19 pandemic hit, all regional governments categorized the pharmaceutical and food industries as life-sustaining operations. In order to guarantee the safety and integrity of temperature-sensitive items, the cold supply chain assumed an increasingly essential role at such a time. As a result of trade limitations, the demand for perishable food products and specialist industrial resources fell, which stifled industry expansion.
Market Segmentation:
by Packaging Material
Paper & Paperboard segment is expected to record substantial growth over the review period.
By Packaging Type
Boxes And Cartons segment is poised to grow at a notable CAGR over the forecast period.
By End-User
Residential segment is slated to gain momentum over the review period.
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Regional Analysis:
Refrigeration packaging is predicted to expand rapidly in North America because of the region's preference for fast food and other convenience foods. Factors including demographic shifts and the rise of the worldwide population are predicted to fuel demand for meat, poultry, and seafood packing in the region. North American Meat Institute (NAMI) reports that the meat and poultry business accounts for the majority of the agricultural sector in the United States. Production of all types of meat and poultry in 2012 exceeded 93 billion pounds.
According to the research team behind this analysis, the Asia-Pacific region will be the most important for the refrigeration packaging industry during the next several years. Rising demand for flexible packaging and the introduction of active and intelligent packaging solutions by companies like Amcor are two factors that will drive expansion of the refrigerated packaging market in this region over the coming years. Because of their enormous populations and long history of industrialization, China, Japan, and South Korea have amassed a disproportionate amount of the region's market share for cold packing.
In Europe, the climate varies widely from country to country. As a result, technological advances in temperature monitoring and packing are used to ship perishable goods. Due to their developing and expanding economies, the countries of Central and Eastern Europe are predicted to provide numerous growth prospects in comparison to those of the West. Frozen and chilled varieties of fruits, vegetables, meat, fish, and milk products make up a significant portion of Germany's total food imports. As a result of rising customer concern for their health and the quality of the food they eat, the packaged food business is booming in the country. Germany's prominence in Europe's food and drink industry makes it an ideal location from which to launch a cold packaging company.
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