Cold Chain Packaging Market to Hit USD 43.40 Billion by 2028
28 Jul 2021
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Pune, India, July 28, 2021 (GLOBE NEWSWIRE) -- The global cold chain packaging market size is expected to gain momentum by reaching USD 43.40 billion by 2028 while exhibiting a CAGR of 10.8% between 2021 to 2028. In its report titled “Cold Chain Packaging Market, 2021-2028.”, Fortune Business Insights mentions that the market stood at USD 19.36 billion in 2020.
The demand for complex biological-based medicines, vaccines, hormones, and complex proteins has increased due to the rising prevalence of chronic diseases in recent years. Besides their storage, the shipments require cold chain refinements for transportation purposes at optimum temperature. Therefore, the demand for the product is expected to surge in the forthcoming years.
COVID-19 Impact
The pandemic has put the pharma and food industry under immense pressure. These sectors were put under essential services by the governments. Thus, the role of the cold supply chain became important to maintain their quality. However, the market suffered a moderate loss due to cross-border restrictions and disruptive logistic services during the lockdown. For instance, a report published by the United States Department of Agriculture GAIN report, in 2020, states that leading milk producers in Europe such as Germany and France were negatively impacted in terms of production as well as consumption. This in turn affected the cold chain logistics, as milk is one of the key materials of cold chain logistics.
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List of Key Players Profiled Cold Chain Packaging Market are:
Market Segmentation:
Based on product type, the market for cold chain packaging is divided into EPS containers, PUR containers, pallet shippers, vacuum insulated panels, and others.
Based on the product type, the pallet shippers segment held a market share of about 36.40 % in 2020. The segment is expected to experience considerable growth backed by its large shipping capacity systems that are effective as well as reusable. Additionally, these provide universal temperature protection coverage, thereby giving it an advantage over the other cold packaging solutions.
By its application the market is divided into, Finally, based on region, the market is categorized into Europe, North America, Asia-Pacific, Latin America, and the Middle East and Africa.
What does the Report Provide?
The global market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth.
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Driving Factor
Increasing Trade of Medicinal Drugs to Propel Market Growth
The increasing trade of medicines, vaccines, and other medical drugs is driving the cold chain packaging market growth. Pharmaceutical companies are investing heavily in cold packaging solutions to maintain the efficiency of the drugs and vaccines. For instance, a report by Pharmaceutical Commerce’s annual Biopharma Cold Chain Sourcebook states that biopharma companies spent around USD 15 billion in cold chain logistics in the year 2019. This spending is expected to increase at an impressive rate in the upcoming years. Additionally, the COVID -19 vaccineCOVID -19 vaccine drive is also positively promoting market growth globally.
On the contrary, in order to meet specific designing & regulations, technically skilled manpower & advanced raw material is required. This all comes with high cost, which results in higher capital investment & increased packaging cost. Besides the complex regulatory issues are also affecting the market negatively.
Regional Insights
Europe to Dominate Owing to Varying Temperature Profile
Europe is expected to hold the largest cold chain packaging market share during the forecast period. This is ascribable to the various temperature profile changes around the region. Thus, the region requires advanced temperature monitoring and packaging solutions. Additionally, Germany imports large quantities of fruits, vegetables, meat, fish, and milk products in chilled and frozen forms. It is regarded as the leader in the food and beverage market in Europe, which strongly supports the growth of the cold packaging business in the region. The regional market stood at USD 6.40 in 2020.
Asia Pacific is expected to showcase a significant CAGR in the upcoming years. This is owing to the rapid development of cold storage projects, developing infrastructure, and rising disposable incomes of people in the region. In addition, China, Japan, and South Korea are known to have well-established supply chains, as well as renowned companies that provide a wide range of cold packaging products. This is promoting their regional market growth.
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Competitive Development
Key Players to Focus on Acquisition Strategies to Brighten Their Market Prospects
The market for cold chain packaging is consolidated by the presence of major companies that are striving to maintain their position by focusing on launching new products and acquisitions. For instance, in February 2020, Pelican BioThermal acquired NanoCool. This acquisition will increase the product portfolio in Latin America. Moreover, other key players are adopting proactive strategies such as mergers, and facility expansion to favor the market's growth in the forthcoming years.
Key Industry Development
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