Cold chain packaging solutions assist in maintaining proper temperatures for perishable goods during transportation and storage. Temperature controlled packaging products such as insulated packaging solutions and refrigerants play a vital role in preserving product quality and integrity by preventing spoilage. They find wide usage for shipping pharmaceuticals, medical devices, and food & beverages. The growing pharmaceutical industry and strict regulatory norms regarding proper temperatures for storage and transportation of drugs is driving demand for cold chain packaging.
The global 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 key trends:
One of the key trends boosting growth of the cold chain packaging market is the rising demand for temperature controlled packaging from the food and beverage industry. Food items such as ready to eat meals, seafood, dairy products, fruits and vegetables require proper temperatures during transit and storage to maintain freshness and prevent spoilage. The growing consumption of perishable and convenient food items among consumers is prompting food manufacturers and retailers to utilize temperature controlled packaging solutions. This is positively impacting market revenue growth over the forecast period. Moreover, continuous innovations and development of more effective insulated packaging products with advanced insulation properties by leading players will further support market expansion.
Segment Analysis
The Global Cold Chain Packaging Market Size is segmented by product type into insulated containers and boxes, insulated shippers, refrigerants, and other storage equipment. The insulated containers and boxes sub-segment dominates the market owing to its wide applications for storage and shipment of temperature sensitive products such as frozen foods, seafood, and pharmaceutical drugs. The insulated containers provide optimal thermal protection and prevent temperature excursions during transit and storage.
Key Takeaways
The global cold chain packaging market is expected to witness high growth over the forecast period of 2023 to 2030. The global 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.
North America currently dominates the market and is expected to continue its dominance over the forecast period. This is attributed to robust technological infrastructure and presence of major players in the region. The Asia Pacific region is expected to grow at the fastest rate on account rapid industrialization and rising consumption of perishable food items in developing countries such as India and China. Growing healthcare awareness and rising income levels are also favoring market growth. India and China respectively account for over 60% of the regional market share due to high export demands and growing domestic consumption.
Key players related content comprises:
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. Pelican BioThermal LLC dominates the market due to its wide portfolio of insulated containers and packaging solutions catering to diverse industry verticals.
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