London, April 12, 2022 (GLOBE NEWSWIRE) -- The global cold chain packaging market size was estimated at US$ 16.04 billion in 2021. The growing demand for the various fresh and processed food products and the development of drugs and vaccines that requires special temperature controlled storage or packaging are the major factors that are expected to augment the growth of the global cold chain packaging market during the forecast period.
The rising pressure on the food processing companies to deliver the food products to the consumers along with maintaining the freshness and quality has fueled the demand for the cold chain packaging. The cold chain packaging maintains the physiological properties of the food products and extends its shelf life.
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The growing consumption of various food products such as dairy products, fruits, vegetables, fish, meat, and other seafood has significantly fostered the adoption of the cold chain packaging among the food manufacturers and processors. The growing investments in the research and development of efficient and sustainable packaging are expected to offer various growth prospects to the market players in the foreseeable future.
Scope of the Cold Chain Packaging Market
| Report Attributes | Details | |
| Market Size in 2021 | USD 16.04 Billion | |
| CAGR | 12.6% from 2022 to 2030 | |
| Insulated Container & Boxes Market Share in 2021 | 58% | |
| Fish, Seafood, and Meat Market Share in 2021 | 26% | |
| Companies Covered | Cascades Inc., Cold Chain Technologies, Creopack, Cryopak A TCP Company, Intelsius, Pelican Products, Inc., Softbox, Sofrigam, Sonoco ThermoSafs, va-Q-tec | |
Report Highlights
- Based on the product, insulated container & boxes was the leading segment with over 58% of the market share in 2021. The increased demand for the insulated container & boxes owing to its reusability among the food and pharma companies across the globe has led to the dominance of this segment.
- On the basis of materials, the refrigerant is anticipated to be the most opportunistic segment. The rising concerns over global warming and climate change is fueling the adoption of the refrigerant materials as it is much eco-friendlier as compared to other materials.
- By application, the fish, seafood, and meat were the dominating segment that accounted for a revenue share of around 26% in 2021. The fish, seafood, and meat are highly perishable products that need to be delivered quickly to the end consumers, which have driven the demand for the cold chain packaging in the fish and meat industry.
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Regional Snapshot
By region, North America dominated the global cold chain packaging market accounting for a market share of around 35% in 2021. The higher penetration of the numerous top food processing companies, higher demand for packaged food and the increased consumption of on-the-go food products has significantly driven the market growth in North America. The increasing production of various new and innovative pharmaceutical products like vaccines and drugs by the several leading pharmaceutical companies in the region is another prominent factor that is expected to spur the demand for the cold packaging in this region. The growing health consciousness and rising awareness regarding the benefits of organic food products among the population of North America is driving the adoption of the cold chain packaging for the purpose of packing and transportation of organic fruits, vegetables, and meat. The hi8gh production and consumption of meat like chicken, beef, pork, and turkey in US has significantly propelled the market growth.
Asia Pacific is expected to exhibit the highest CAGR during the forecast period. The presence of huge population, rapid urbanization, rapid industrialization, rising disposable income, growing penetration of packaged food, and rising youth population are some of the most prominent factors that are expected to drive the growth of the Asia Pacific market. Market like New Zealand is the highest consumer of ice cream in terms of per capita ice cream consumption in the world. The demand for meat products are higher in Australia, China, and South Korea, which is rapidly boosting the growth of the cold chain packaging market in Asia Pacific.
Market Dynamics
Driver
Surging demand from the pharmaceutical companies
There are certain temperature sensitive products in the pharma industry that requires cold chain packaging. The risks of losing properties owing to the exposure to high temperature associated with some products has led to the growth in the demand for the cold chain packaging. Around 18% of the pharmaceutical spending in 2018 was associated with the cold chain transportation and products, as per a data revealed by Pharmaceutical Commerce Analysis of IQVIA. Therefore, the growing demand for the cold chain packaging from the pharmaceutical industry is expected to drive the growth of the market during the forecast period.
Restraint
High costs of cold chain packaging
The adoption of the colds chain packaging is a costly affair as compared to other packaging. The materials used in the production of cold chain packaging are costly and some of the materials like EPS and PUR promotes sustainability owing to their special properties. The costs of this materials and the higher penetration of the traditional packaging solutions are the major factors that may hinder the market growth during the forecast period.
Opportunity
Rising demand for reusable packaging
The food processing companies and the pharmaceutical companies are trying hard to reduce their costs and hence are looking for optimized packaging solutions. The reusable cold chain packaging offers an optimized packaging solution without compromising on the quality of the products. The reusable cold chain packaging solutions can reduce costs significantly and can increase profit margins for the food and pharma companies, which is fueling the demand for the reusable packaging.
Related Reports
- Green Packaging Market Research Report 2022 – 2030
- Corrugated Packaging Market Research Report 2021 – 2030
- Temperature Controlled Packaging Solutions Market Research Report 2020 - 2027
Challenge
Stringent government regulations
The government regulations on the packaging requires the companies to adopt a certain design and raw materials with advanced features that increases the costs for the manufacturers. Furthermore, the growing complexities in the modern day logistics operations and increasing regulatory issues is creating a challenge for the market players. Furthermore, the strict government norms regarding the use of eco-friendly packaging products is a major challenge for the manufacturers that restricts their profit margins.
Recent Developments
- In January 2018, Softbox systems acquired the TP3 Global. This strategy aimed at strengthening and expanding the product portfolio of Softbox.
Market Segmentation
By Product
- Insulated Container and Boxes
- Large
- Medium
- Small
- X-Small
- Petite
- Cold Packs
- Crates
- Dairy
- Pharmaceutical
- Fisheries
- Horticulture
- Temperature Controlled Pallet Shippers
- Labels
By Material
- Insulating Materials
- Expanded Polystyrene (EPS)
- Polyurethane rigid foam (PUR)
- Vacuum Insulated Panel (VIP)
- Cryogenic Tanks
- Others
- Refrigerants
- Fluorocarbons
- Hydrocarbon
- Inorganics
By Application
- Dairy Products
- Milk
- Butter
- Cheese
- Ice Cream
- Fruit and Pulp Concentrates
- Fish, Seafood, and Meat
- Processed Food
- Fruits and Vegetables
- Bakery and Confectioneries
- Pharmaceuticals
- Vaccines
- Blood Banking
- Others
By Packaging Format
- Reusable Packaging
- Disposable Packaging
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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