NEWARK, Del, Feb. 21, 2023 (GLOBE NEWSWIRE) -- In 2023, it is predicted that the market for cold chain packaging would reach US$ 26.1 billion. It is estimated to continue expanding between 2023 and 2033 at a CAGR of 14.8%. In 2033, the market is projected to be worth more than US$ 103.7 billion.
Pharmaceutical products that seem to be temperature sensitive should be safeguarded throughout shipping against rough handling, harsh weather, and other unforeseen circumstances. They need to be maintained with a stable temperature range.
Pharmaceuticals have a complicated supply chain that necessitates attention to numerous small aspects during transit and delivery. Pharmaceutical supplies must be transported to warehouses at specific temperatures.
They must also be properly assembled and sorted before being delivered to the appropriate pharmacies. Adopting cold chain packaging solutions for the transportation of temperature-sensitive goods allows for flexibility in routing and simplicity in handling. It can also reduce the risk of transit-related damage.
Numerous companies are set to launch different types of measures to track vaccine waste at the national level. These initiatives concentrate on the safe handling and delivery of vaccines. Third party logistics service providers have adopted several cold chain packaging solutions as a result, thereby boosting the market.
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The global pharmaceuticals sector is expanding quickly as a result of rapid globalization and development of low-cost medications. Government agencies from all over the world are urging individuals to shift to generic medications and bio-equivalent pharmaceuticals. This is mainly taking pace as they are substantially less expensive but still necessitate cold chain packaging and transportation.
Key Takeaways of Cold Chain Packaging Market
- Insulated containers segment by product type is anticipated to hold more than 1/3rd of the cold chain packaging market share by 2023.
- Reusable packaging formats is projected to exhibit a CAGR of 15.0% between 2023 and 2033.
- Polymer segment by material type is likely to account for around 3/5th of the cold chain packaging market share in 2033.
- By end user, the food segment is estimated to create an incremental opportunity of US$ 17 billion in the forecast period.
- Germany cold chain packaging market is likely to surge 3.6 times its present rate in the assessment period.
“Lightweight shippers that provide high volume efficiency tend to offer financial benefits such as low transportation cost due to low shipping weight. To reduce overall cost, manufacturers should select shippers with high payload capacity. Reusable cold chain packaging helps in reducing cost per use and enhances profitability margins for manufacturers,” says a lead analyst at Future Market Insights.
Efficient Pallet Shippers to Become an Ideal Choice for Manufacturers to Fulfil Ultra Low Temperature Requirements
Numerous pharmaceutical treatments designed to treat uncommon diseases frequently contain valuable components with a limited shelf life. They also contain severe temperature specifications such as a temperature range of -40 to -150 degrees Celsius. Demand for pallet shippers that provide safe delivery of such materials is hence anticipated to increase as the use of medicinal products with ultra-low temperature ranges increases.
Businesses can take advantage of this opportunity to the fullest by creating packaging options tailored to this product category and gain a sizable competitive edge. Pallet shippers are traditional heavy duty metal boxes that are actively handled and have substantial transportation issues for lengthy multi-modal routes.
They are utilized for air freight shipping. Nevertheless, numerous businesses have recently released passive pallet shippers that make use of high-density polyurethane insulation technology.
For bulk shipments, this results in convenience, dependability, and value. Key cold chain packaging solution providers have a great chance in this market to produce effective passive pallet shippers as active competitors are expensive and insufficient for remote transportation needs.
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Expansion of Rental Businesses to Create New Opportunities for Cold Chain Packaging Companies
The market has recently seen a trend where companies offering cold chain packaging solutions are rapidly broadening their rental business. They are relatively less focused on new product sales.
Purchasing these still constitutes an unfeasible and environmentally unsound option for numerous end users. This is due to the high costs of insulated containers and shippers, as well as environmental risks associated with their disposal.
In few nations, especially Germany, it is illegal to dispose of expanded polystyrene and polyurethane rigid foam. Doing so incurs additional costs. For cold chain packaging, a variety of end users choose to lease or rent shippers or containers.
Manufacturers of shippers and containers, on the other hand, experience high returns on their investments and low cost of ownership. It can lead to high profit margins. But, this technique is still not cost-effective unless a business has a closed loop system. Establishing depots in numerous areas is necessary for the firm to succeed.
For instance,
- Together along with Yusen Logistics Pte. Ltd., Va-Q-tec AG developed a temperature-controlled container leasing facility in Singapore.
- Credo on demand is indeed a pallet shipper renting program that was established by Pelican Biothermal.
Competition Landscape: Cold Chain Packaging Market
Sonoco ThermoSafe, Pelican Products, Inc., Sofrigam SAS, Sealed Air Corporation, Cryopak Industries Inc., and CSafe Global, LLC are key players operating in the cold chain packaging market.
Few of the other noticeable players in the market include Softbox Systems Ltd., TOWER Cold Chain Solutions, DGP Intelsius LLC, TemperPack Technologies, Inc., Tempack Packaging Solutions SL, Dokasch Temperature Solutions, Cold Chain Technologies, Insulated Products Corporation., Engineered Packaging, Inc. dba Chill-Pak, CoolPac, Orora Packaging Solutions, and others. Tier 1 players in the market hold 10% to 15% of share in the global cold chain packaging market.
Get More Insights into Cold Chain Packaging Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global cold chain packaging market, analysing historical demand from 2015 to 2022 and forecast statistics for 2023 to 2033. The study reveals growth projections on the cold chain packaging market on the basis of product type (pallet shippers, insulated containers, foam bricks, gel packs, protective packaging, phase change cold storage products), material type (polymer, metal, paper), packaging format (reusable, disposable), and end use (food, beverages, pharmaceutical, cosmetic & personal care, chemical) across seven regions.
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About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competition landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
Table of Content
1. Executive Summary | Cold Chain Packaging Market
1.1. Global Market Outlook
1.2. Market Analysis
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation Trends
4. Key Success Factors
4.1. Product Adoption Analysis
4.2. Product USPs / Features
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Have a Look at Related Research Reports of Packaging
Pharmaceutical Cold Chain Packaging Market Size: The demand in the United States is expected to increase at a robust CAGR of 12.3%, sealing the country’s dominance in the North America pharmaceutical cold chain packaging market.
Reusable Cold Chain Packaging Market Sales: The reusable cold chain packaging market is projected to witness a prominent sales growth rate by 2031, owing to the increasing trend of showcasing more customization, ease & convenience, and rising consumer’s choice for extended product freshness.
FMCG Packaging Market Outlook: The global FMCG packaging market is expected to reach US$ 418.8 Bn in 2022, with sales growing at a CAGR of 5.7% through 2032.
Beverage Packaging Market Growth: The global beverage packaging market is expected to secure US$ 156.7 Billion in 2032 while expanding at a CAGR of 4.1%. The market is likely to hold a value of US$ 104.8 Billion in 2022.
Packaging Bins Market Forecast: Global sales of packaging bins stood at around US$ 1.9 Bn in 2021 and is slated to increase at a CAGR of 4.4% to reach a valuation of US$ 3.0 Bn by 2032.
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