Cold Chain Packaging Market to Reflect Impressive Growth Rate During 2022-2029
As the chemical industry moves into 2022, strong demand for both commodity and specialty chemicals should keep prices robust throughout the year. However, the industry could face margin pressures amid raw material cost inflation, which will likely remain high through the first half of 2022.
The global cold chain packaging market size was valued at USD 20.89 billion in 2021 and reached USD 22.97 billion by 2022. The market size is expected to reach USD 47.46 billion by 2029, exhibiting a CAGR of 10.9% during the forecast period. The development of products and services coupled with the adoption of recyclable materials may enhance the industry’s growth. Fortune Business Insights™ presents this information in its report titled “Cold Chain Packaging Market, 2022-2029.”
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List of Key Players Profiled in the Cold Chain Packaging Market Report
- Cold Chain Technologies (U.S.)
- Peli BioThermal (U.S.)
- Orora Group (Australia)
- Sonoco ThermoSafe (U.S.)
- CREOPACK (Canada)
- Sofrigam (France)
- Intelsius (U.K.)
- Nordic Cold Chain Solutions (U.S.)
- Tempack (Spain)
- Cryopak (U.S.)
- Softbox Systems (U.K.)
- Sealed Air Corporation (U.S.)
The report provides a detailed analysis of the top segments and latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
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Pallet Shippers Segment to Dominate Attributable to Larger Capacity
By product type, the market is segmented into EPS containers, PUR containers, pallet shippers, vacuum insulated panels, and others.
The pallet shippers segment is expected to dominate, attributable to its larger capacity and universal temperature protection coverage. Further, their reusable and effective nature during shipping may enhance demand.
Food Segment to Hold Largest Market Share Backed by Rising Product Applications
Based on application, the market is classified into pharmaceuticals, food, and industrial.
The food segment is expected to hold the largest cold chain packaging market share due to rising vaccines, medicines, and medical drugs adoption. Furthermore, strong investments by the pharmaceutical packaging industry are expected to enhance the cold chain packaging industry’s progress.
Geographically, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Robust Demand from the Pharmaceutical Industry to Propel Market Growth
Cold chain packaging is a technique that involves the shipping and packaging of products requiring specific temperatures. The strong demand for the product from the pharmaceutical industry is expected to enhance its adoption. It is used to package injections, vaccines, medicines, and other items requiring specific temperatures. According to Pharmaceutical Commerce Analysis of IQVIA, 2018, the cold chain accounts for nearly 18% of the total investments in pharmaceutical products. In addition, the rising overseas trade of pharmaceutical products may bolster the adoption of the packaging technique. These factors may drive the cold chain packaging market growth.
However, complex regulations and high costs associated with the packaging technique may hamper industry growth.
Changing Temperature Profiles to Propel Industry Growth in Europe
Europe is expected to dominate the cold chain market growth due to changing temperature profiles. The market in Europe stood at USD 6.94 billion in 2021 and is expected to gain a huge portion of the global market share. Furthermore, the deployment of advanced packaging solutions is expected to enhance the demand for the packaging. These factors may influence industry growth.
In Asia Pacific, the rapid cold storage project deployments, increasing population, and increasing disposable incomes may enhance the demand for the product. Furthermore, a well-established supply chain and the availability of an extensive range of cold packaging product are likely to enhance industry growth.
In North America, well-established supply chains and technological advancements may bolster the adoption of the product. Furthermore, uneven population distribution makes cold packaging more significant for the transportation of pharmaceutical drugs and food products.
Prominent Players Deploy Acquisitions to Enhance Brand Image
Prominent companies operating in the market deploy acquisition strategies to enhance their brand image. For example, CSafe Global completed the acquisition of Softbox Systems in 2021 to dominate the industry as a supplier of cold packaging solutions to pharmaceuticals. Both companies shall offer one-stop solutions for temperature-sensitive products. Furthermore, players adopt acquisitions, mergers, partnerships, and product launches to enhance market position.
Key Industry Development
- January 2022: Packaging Technology Group Inc. announced an extended sustainable and durable recyclable thermal shipper. It has been developed for life science and high-end pharmaceutical applications.
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