July 20, 2024
Cold Chain Packaging Market

The demand for temperature sensitive products driving adoption of novel cold chain packaging solutionsis anticipated to openup the new avanue for Cold Chain Packaging Market

The Cold Chain Packaging Market is estimated to be valued at US$ 26.94 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Cold chain packaging refers to a temperature-controlled supply chain to ensure the safety of temperature-sensitive products such as pharmaceuticals, chemicals, food, and beverages during transportation and storage. The packaging solutions used in cold chain include gel packs, insulated packaging, refrigerants, and phase-change materials to keep products cool throughout the supply chain. Special corrugated boxes, EPS coolers, vacuum insulated panels, and wrapping paper are commonly used containers. Cold chain packaging plays a crucial role in preventing spoilage and maintaining freshness of perishable goods from the point of origin to final delivery.

Market Dynamics:

Growing pharmaceutical and food & beverage industries are the major drivers of the cold chain packaging market. Temperature controlled pharmaceutical logistics is essential as per regulations to prevent degradation of drugs and vaccines during transportation and storage. Similarly, increasing demand for perishable and frozen food products is fueling the adoption of cold chain packaging. Rapid urbanization and changing consumer lifestyle have boosted the consumption of packaged and processed food items that require temperature control solution during transit. Furthermore, growing international trade of perishable commodities across continents is propelling the market growth. However, high initial investment and complexity in maintaining cold chain infrastructure pose challenges to market players.

Segment Analysis

The cold chain packaging market is dominated by frozen food packaging segment. It held over 35% share of the overall market in 2022. Frozen food products such as meat, seafood, ready meals etc require cold chain packaging to maintain quality and prevent spoilage during transportation and storage. The demand for frozen food has been increasing globally owing to busy lifestyles and preference for pre-cooked meals among consumers. This makes frozen food packaging the largest segment in this market.

PEST Analysis

Political: Regulations related to food safety are expected to drive the cold chain packaging market. Stringent norms to prevent contamination and spoilage during transit will boost adoption of temperature-controlled packaging solutions.

Economic: Growth in disposable incomes and spending on packaged food will positively impact market revenues. Rising demand from industries such as pharmaceuticals will further support market growth over the forecast period.

Social: Changing consumption habits and preference for convenience food are key social factors augmenting cold chain usage. Growing health awareness also promotes frozen and chilled foods packaged with proper temperature control.

Technological: Advanced packaging materials and phase change materials that enable superior insulation are gaining popularity. technologies like RFID for real-time tracking of shipments will support market expansion.

Key Takeaways

The global Cold Chain Packaging market is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing consumption of temperature-sensitive pharmaceutical products and food items.

The North America region dominated the cold chain packaging market with over 30% share in 2022. Stringent food safety norms and early adopter rate of advanced packaging technologies have aided market growth in the region.

Key players operating in the cold chain packaging market are Pelican BioThermal LLC, Sonoco Thermosafe, Cold Chain Technologies Inc., Cryopak, Sofrigam Company, Intelsius (A DGP Company), Coolpac, Softbox Systems Ltd, Clip-Lok SimPak, and Chill-Pak. Leading players are focusing on developing sustainable packaging solutions made from recycled materials to expand their consumer base.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it