The global cold chain packaging market is set to gain traction from the rising adoption of reusable cold chain pallet and parcel delivery bins. These are helping multiple pharmaceutical manufacturers in transporting high-value products efficiently worldwide. This information is given by Fortune Business Insights™ in a new study. The study further mentions that the cold chain packaging market size was USD 17.79 billion in 2019 and is projected to reach USD 39.45 billion by 2027, exhibiting a CAGR of 10.7% during the forecast period.
High Demand for Medicines & Food to Spur Growth amid COVID-19 Pandemic
The emergence of the COVID-19 pandemic has disrupted supply chains of a wide range of industries across the globe. Cold chain packaging, however, was considered to be an essential service by regulatory bodies of various countries. The high demand for food and medicines amid this pandemic is set to bolster growth. Numerous cold chain associations are taking the necessary precautions to battle the current situation. Our authentic reports would help you gain more insights into the market. You can select the strategy of your choice to generate more sales.
Drivers & Restraints-
Increasing Usage to Pack Temperature Sensitive Pharmaceutical Products will Aid Growth
Various cold chain packaging products are experiencing high demand from the pharmaceutical industry. They are extensively used to pack temperature sensitive pharmaceutical products and ingredients. The products or drugs can often lose their properties if exposed to high temperatures. Hence, they require special temperature controlled transportation systems and packaging for preserving their functional and chemical values. These factors are expected to accelerate the cold chain packaging market growth in the coming years. However, the high cost associated with cold chain packaging solutions may hamper their demand.
Segment-
Pallet Shippers Segment to Lead Stoked by Rising Usage in Transporting Farm Produce
Based on product type, the pallet shippers segment generated 36.6% in terms of cold chain packaging market share in 2019. The segment is anticipated to retain its leading position throughout the forthcoming years backed by their increasing usage in universal and seasonal temperature protection coverage. Besides, they are adopted for controlled, refrigerated, or frozen room temperature shipments, specifically for transporting pharmaceutical drugs, processed agricultural products, and farm produce.
Regional Analysis-
Rising Development of Cold Storage Projects to Favor Growth in Asia Pacific
Geographically, Europe procured USD 5.85 billion in terms of revenue in 2019. It would grow rapidly owing to the major contributions of Spain, Italy, the U.K., France, and Germany. Based on application, the food segment held 58.7% in the German market on account of the increasing import activities by this country. It mainly imports milk products, fish, meat, vegetables, and fruits.
Asia Pacific, on the other hand, is set to be the fastest growing region in the coming years fueled by the higher usage of cold chain packaging solutions and the increasing development of cold storage projects in the region. In North America, the market for cold chain packaging is expected to grow significantly because of the presence of well-established supply chain and technological advancements in the U.S.
Competitive Landscape-
Key Players Focus on Unveiling Eco-friendly Products & Acquisition Strategy to Cater to Consumer Demand
The market for cold chain packaging is fragmented with a wide range of local and global companies. Owing to the rising competition from local companies, the global ones are aiming to broaden their consumer base by launching novel cold chain packaging products. Below are the two latest industry developments:
- October 2020: Softbox unveiled Tempcell™ ECO, its new innovation in the U.S. This temperature control parcel shipper is 100% recyclable. It contains a plastic-free design and corrugated cardboard.
- February 2020: Pelican BioThermal acquired NanoCool to surge its BioThermal product portfolio. The addition of the latter’s customers, product technologies, and segments would enable Pelican to broaden its access to last-mile players, laboratories, and patients.
Source:https://www.fortunebusinessinsights.com/cold-chain-packaging-market-102829
