Coherent Market Insights

Cold Chain Packaging Market to Surpass US$ 110.83 Bn by 2031

Cold Chain Packaging Market to Surpass US$ 110.83 Bn by 2031 - Coherent Market Insights

Publish In: Apr 23, 2024

The global Cold Chain Packaging Market is estimated to be valued at USD 32.22 Billion in 2024, growing at a CAGR of 19.3% over the forecast period (2024-2031). The growth can be attributed to an increasing demand for temperature-controlled logistics from pharmaceutical industries, rising demand for processed and frozen food products, and penetration of e-commerce. Furthermore, the growing demand for biological drugs and vaccines is expected to create opportunities in the cold chain packaging market.

Growth in pharmaceutical logistics

The pharmaceutical industry relies heavily on proper temperature-controlled logistic for transporting medicine, vaccines, and other medical products. Strict protocols are required to avoid spoilage during transportation. Increased complexity of drugs and biological has heightened the need for robust cold chain packaging solutions. Advanced packaging with real-time monitoring allows distribution of medicines across wider geographies.

Growth in biopharmaceutical industry

The biopharmaceutical industry has witnessed significant growth over the past few years. Biologics such as monoclonal antibodies, vaccines, and recombinant proteins require storage and transport at precise temperatures. Failure to maintain the cold chain could compromise drug stability and effectiveness. Cold chain packaging plays a critical role in enabling safe and compliant transportation of temperature-sensitive biologics.

Increasing Adoption of Cold Chain Packaging for Temperature Sensitive Pharmaceuticals

Cold chain packaging plays a vital role in the transportation and storage of temperature sensitive pharmaceuticals such as vaccines. Pharmaceutical companies are increasingly outsourcing manufacturing and distribution of various drugs which require cold chain management. This outsourcing has fueled demand for specialized and compliant cold chain packaging solutions in the pharmaceutical industry. Sealed and insulated packaging helps maintain optimum temperatures during transportation and prevents exposure to external heat or cold. The growth of the global pharmaceutical industry and rising patient acceptance of biologics and cell & gene therapies is expected to drive the growth of the cold chain packaging market in the coming years.

Rising Demand for Fresh and Processed Food Products Requiring Temperature Control

With increasing disposable incomes and changing lifestyle preferences, the consumption of fresh and processed food has seen significant growth globally. Products such as meat, seafood, fruits, and vegetables require temperature controlled supply chains to preserve quality and extend their shelf life. Cold chain packaging plays a vital role in ensuring the safety and freshness of perishables during transportation over long distances. Growing distribution channels such as online grocery also fuels the demand for cold chain packaging solutions. Investments by food manufacturers and distributors towards modernized cold chain infrastructure and facilities is supporting the market growth.

High Cost of Deployment and Operations of Cold Chain Networks

Setting up and maintaining a seamless cold chain network from manufacturing to the end consumer requires heavy investments. In addition to packaging costs, expenses involved in procuring, installing and operating temperature controlled fleet and warehousing facilities are high. Energy costs associated with refrigeration further add to operational expenses. High initial capital requirements pose challenges, especially for small and medium businesses. Underdeveloped cold chain infrastructure and logistics in emerging economies also acts as a restraint for the market.

Limited Cold Storage Capacity in Emerging Regions

Many developing countries lack sufficient cold storage capacity for perishables due to lack of investments and underdeveloped logistics networks. Issues such as frequent power outages also disrupt operations. For instance, according to industry estimates, India faces an overall shortage of over 20 million tons of cold storage space, mainly for agricultural produce. Lack of storage pushes farmers to sell during harvest seasons when prices are low. This calls for multi-level interventions from governments as well as private players to boost cold chain logistics.

Growing E-Commerce Sector is Expanding Market Opportunities

The burgeoning e-commerce industry is revolutionizing how consumers shop for various goods including perishables. Major online retailers are making investments to rollout same and next day delivery capabilities for chilled, frozen, and fresh groceries. This presents new growth avenues for innovations in reusable and recyclable cold chain packaging formats. Companies are developing intelligent and active packaging solutions integrated with IoT, sensors, and Blockchain to enable the real-time tracking of shipments. Sustainable and automated packaging formats are also gaining popularity in the e-commerce fulfillment sector.

Cold Chain Packaging Adoption in Construction and Infrastructure Projects

Due to increasing outsourcing of construction materials and machinery globally, there lies lucrative opportunities for cold chain packaging in infrastructure and real estate development projects. Transportation of temperature sensitive construction chemicals, lubricants, coatings, and adhesives require specialized insulated packaging. Growth in government investments towards the development of roadways, smart cities, industrial parks, and urban housing will further fuel demand. In aviation, maritime and oil & gas sectors as well, expansion of ambient temperature controlled supply chains employing smart cold chain packaging solutions presents new growth avenues.

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Key Developments

  • In 2023, Tower Cold Chain launched the next generation of ‘Smart’ containers
  • In 2023, Ranpak expanded its cold chain offering with the global launch of the RecyCold climalinerTM Solution
  • In 2022, Cold Chain Technologies, LLC, a portfolio company of Aurora Capital Partners and leading global provider of thermal packaging solutions for the transportation of temperature-sensitive products for the life sciences industry, announced that it has acquired Packaging Technology Group, LLC, and a leading provider of sustainable, curbside-recyclable thermal packaging solutions for the life sciences industry.
  • In January 2021, Pelican Bio Thermal announced its latest partnership with Asiana Airlines, which expanded the company’s growing global network

Key Players

Cascades Inc., Cold Chain Technologies, Creopack, Cryopak A TCP Company, Intelsius, Pelican Products, Inc., Softbox, Sonoco ThermoSafe, va-Q-tec, Insulated Product Corporation, Sofrigam, Valor Industries, QProducts & Services, and Aquatechtanks

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