The global cold chain packaging market size is expected to hit around USD 63 billion by 2027, according to a new report by Vision Research Reports.
The global cold chain packaging market size was valued at USD 15.3 billion in 2019 and is expected to grow at a CAGR of 19.2% over forecast period 2020 to 2027.
The key drivers attributing to the market expansion include a significant boost in demand for cold chain packaging solutions from the pharmaceutical industry. Amidst the coronavirus pandemic, the trade and transit of temperature-sensitive drugs, medicines, and test samples are drastically increasing. Along with the pharmaceuticals market, the packaging market is anticipated to witness significant growth. The overall market growth is profoundly influenced by the high demand for perishable goods worldwide and the availability of fresh food and frozen food supplies.
The growing popularity of e-commerce as a channel for purchasing fresh goods drives the market growth. The increasing usage of e-commerce websites and mobile apps has enabled customers to order preserved food, fresh vegetables, dairy products, and daily meals. Digital retailing has given enabled consumers to purchase products from anywhere they want. The rising trend of online purchases for perishable products has led to new opportunities and challenges. These include the need for innovative solutions to provide the critical service of last-mile delivery, automated warehouse facilities to manage inventories and to reduce per-item costs, and advanced cold chain packaging solutions that would maintain the safety of fresh food products.
The insulated container and boxes segment led the market and accounted for more than 55% of the revenue share in 2019. This high share is attributable to the rising demand for reusable insulated containers across various applications, such as food processing, fruits, and vegetables.
The cold packs segment is estimated to grow at the highest CAGR of more than 20% from 2020 to 2027. The temperature-controlled pallet shipper segment is expected to grow as a high compound annual growth rate over the forecast period.
The insulating materials segment led the market and accounted for more than 64% of the revenue share in 2019. The insulating material segment is further classified into EPS, PUR, Vacuum Insulated Panel (VIP), cryogenic tank, and others. The others segment includes insulting pouches, active thermal systems, and hard-cased thermal boxes. EPS held the largest share in 2019 and is anticipated to maintain its stronghold on the insulating materials market from 2020 to 2027.
The fish, meat, and seafood application led the market and accounted for more than a 25% share of the global revenue in 2019. This high share is attributable to the rising volumes of meat products, including beef and chicken, increasingly being exported from the U.S. and Brazil. As meat products are prone to natural, continuous, and irreversible bio-physiochemical changes, they need to be stored at a suitable frozen temperature range during its transit and storage. The fruits and vegetable segment is expected to expand at a significant CAGR of more than 20% from 2020 to 2027. Fresh fruits and vegetables need to be refrigerated appropriately to maintain their freshness until they reach the end consumer. An efficient packaging solution can help food producers and food processing companies in effectively managing their operations.
The processed food segment is projected to exhibit the highest CAGR from 2020 to 2027. The growth can be attributed to the increased intake of processed foods such as canned meat, canned beans, jams and pickles, chocolate bars, and other food items by the people around the globe. The pharmaceutical industry also drives demand for cold chain packaging solutions, wherein the companies need effective solutions to store and preserve medicines, blood samples, vacancies, and other temperature-sensitive medical items.
North America dominated the market and accounted for over 34% share of global revenue in 2019 and is anticipated to maintain its dominance over the forecast period. The high market share of the region is attributable to significant fragmentation in the North America region owing to the presence of a large number of major industry participants.
Asia Pacific is projected to be the fastest-growing region owing to rapid economic growth in emerging countries. Emerging economies, such as India, Singapore, Thailand, and China, are expected to contribute to the regional market growth. Due to the growing geriatric population, high demand for medicines will also augment the pharmaceutical market in the Asia Pacific.
Some of the prominent players in the cold chain packaging market include:
Cold Chain Technologies
Cryopak A TCP Company
Pelican Products, Inc.
Insulated Container & Boxes
Temperature Controlled Pallet Shippers
Expanded Polystyrene (EPS)
Polyurethane rigid foam (PUR)
Vacuum Insulated Panel (VIP)
Carbon Dioxide (CO2)
Fruits & Vegetables
Fruit & Pulp Concentrates
Fish, Meat & Seafood
Bakery & Confectionaries
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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