The global cold chain packaging refrigerants market size is expected to reach USD 1,991.4 million by 2027, exhibiting a CAGR of 8.0% during the forecast period. The increasing product innovation coupled with demand for sustainable refrigerants products will have an excellent impact on the market, states Fortune Business Insights, in a report. The market size stood at USD 1,093.8 million in 2019.
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Market Driver:
Significant Demand for Biopharmaceutical Products to Propel Growth
The increasing demand for biopharmaceutical products such as drugs, vaccines, blood, and others can spur lucrative opportunities for the market. The flourishing biopharmaceutical in emerging nations will contribute positively to the growth of the market. For instance, African countries like Nigeria, South Sudan, and others have rapidly increased the supply of polio vaccine owing to a high prevalence rate in the region along with growing government support. Furthermore, the rising aging population is expected to enable speedy expansion of the market growth in the forthcoming years. The heavy demand for critical drugs and enzymes such as insulin will further promote the growth of the market. Besides, the growing awareness about the advantages of packaging refrigerants such as protection and temperature maintenance for sensitive products will intensify growth in the forthcoming years.
Disrupted Operations to Dwindle Market Growth During Coronavirus
The disruption caused by COVID-19 has resulted in a disturbed supply chain, shortage of labor, low consumer demand, and others. The drastic drop in packaging refrigerant demand owing to the interrupted distribution of food and beverage products will negatively affect market growth. However, the supply and distribution of the COVID-19 vaccine and other pharmaceutical products will spur demand for packaging refrigerants in the forthcoming years. For instance, on 4th October 2020, the union health ministry of India announced that India will distribute and utilize around 400-500 million vaccine doses by July 2021 within the country. Hence, a significant demand for cold chain logistics for the supply of vaccines will have an outstanding effect on the market in the near future.
Regional Analysis:
Booming Pharmaceutical Industry to Augment Growth in Asia Pacific
The market in Asia Pacific is expected to hold the largest share in the global market during the forecast period owing to the expansion of the biopharmaceutical industry in developing countries such as India, China, Japan, South Korea, and others. The ever-increasing population in the Indian sub-continent will boost the growth of the market in the region. Moreover, the efficient management and distribution of food and pharmaceutical products can have a tremendous impact on the market in Asia Pacific. For instance, China invested in a cold chain logistics network and other related infrastructure to fulfill its domestic food and healthcare demand. North America is expected to account for the maximum share in the global market owing to the growing utilization of cold chain packaging refrigerants in the distribution of various products. The significant demand for refrigerants will propel the market in the region.
Key Development:
July 2019: Aurora Capital Partners, a leading advisory firm operating in the US, and North America announced the successful acquisition of Cold Chain Technologies.
Source: https://www.fortunebusinessinsights.com/cold-chain-packaging-refrigerants-market-104287
