Cold Chain Packaging is required for clinical trials, which may require a temperature-controlled environment for up to 120 hours. These products must meet the strictest testing procedures and may require higher insulation levels or phase change materials. These products may be more expensive, but drug manufacturers are able to justify the costs with the benefits they gain. In addition to the increased efficiency and safety of drug shipments, these cold-chain packaging solutions help pharmaceutical companies to remain competitive and support sustainability.
Market Statistics:
The global Cold Chain Packaging market is estimated to account for US$ 22.39 Billion in terms of value by the end of 2021.
Global Cold Chain Packaging Market: Drivers
Growing demand for packaging solutions from the global food processing industry is primarily fuelling the growth of cold chain packaging market. Changing consumer behaviour and expanding retail sector are other major factors propelling market growth. Moreover, growing demand for perishable food products is further projected to foster market growth.
Global Cold Chain Packaging Market: Opportunities
Increasing food safety and control regulation for preventing food-borne disease is expected to serve major growth opportunities over the forecast period. Food industry are mainly following the measures to for preventing food-borne bacterial pathogens by using advanced packaging material such as biologically based polymers.
Global Cold Chain Packaging Market: Restraints
Initial investment required for developing cold chain packaging infrastructure is expected to hinder the market growth.
Global Cold Chain Packaging Market - Impact of Coronavirus (Covid-19) Pandemic
According to the Food and Agriculture Organization, counting every nation, every segment of the society, and every link of the supply chain contribution, global food waste totals 1.3 billion metric ton annually. The suffering from this staggering loss was further aggravated in 2020, due to the disruption in the food model caused by the COVID-19 pandemic. Considering the spike in e-commerce, insulated packaging is expected to see strong sales with smaller e- commerce and food delivery formats across meal kits and other perishable food and beverage items. As multiple packages containing fresh and frozen items require good insulation, the pandemic-led behavioural change has led to packages being left outdoors for some time.
Key Takeaways:
The global Cold Chain Packaging market was valued at US$ 22.39 Billion in 2021 and is forecast to reach a value of US$ 48.12 Billion by 2030 at a CAGR of 9.70% between 2022 and 2030.
Food end user segment held dominant position in the global Cold Chain Packaging market in 2021, accounting for 51.00% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
To know the latest trends and insights prevalent in the Global Cold Chain Packaging Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/cold-chain-packaging-market-5096
Global Cold Chain Packaging Market Trends:
Increasing disposable income of consumers and changing eating patterns are key trend expected to shift market growth towards positive outlook. According to the Ministry of Statistics and Programme Implementation, disposable Personal Income in India increased to 238573760 INR Million in 2021 from 199689740 INR Million in 2020.
Continuous launch of new product by key players due to technological advancement will favour the market growth over the forecast period. For instance, in September 2021, Lifoam Industries Commercially Launches Sustainable Packaging Solution for Cold Chain Shipping: Bioffex™ technology. This technology combines a proprietary manufacturing process with plant-based raw materials to create a new foam insulation that is composed of 100% renewable components.
Global Cold Chain Packaging Market: Competitive Landscape
- Pelican BioThermal LLC
- Sonoco Thermosafe
- Cold Chain Technologies Inc.
- Cryopak
- Sofrigam Company
- Intelsius (A DGP Company)
- Coolpac
- Softbox Systems Ltd
- Clip-Lok SimPak
- Chill-Pak
Global Cold Chain Packaging Market: Recent Developments
- In April 2020, Cryopak introduced its next entry in an expanding line of ecologically- friendly shipping solutions, with Solversa. Solversa is a 100% sustainable and recyclable product line that is made from post-consumer recycled PET or cotton fibers. It is designed to replace EPS products, foam, and other insulators. The Solversa line of products are appropriate for food and beverage delivery, pharmaceuticals, clinical studies/trials, and any other industries where products require temperature control.
- In April 2020, Cold Chain Technologies Inc Company entered a strategic partnership with Dupont, the makers of Tyvek for the global production, sales, distribution, and technical service of Tyvek Cargo Covers for the life sciences.
