Cold Chain Packaging Market Size Projected to Hit Around USD 63 Billion by 2027

According to Research Study, the global cold chain packaging market size is projected to hit around USD 63 billion by 2027, according to a new report by Vision Research Reports.

The global cold chain packaging market size was valued at USD 15.3 billion in 2019 and is expected to grow at a CAGR of 19.2% over forecast period 2020 to 2027.

The quality of service in “Cold Chain” is largely dependent on the growing investments in latest technology as well as equipment, particularly the cold chain packaging solution. Over the last decade or two, highly competitive market are facing economic hardships, and hence, pharmaceutical companies were looking for different methods to minimize cost of product packaging. One of the ways thought of to achieve cost cutting was the use of inexpensive packaging solutions such as passive packaging system, but then it involved the risk of exposing the medicinal products to the ambient temperatures.  Hence, for the logistics of temperature-sensitive drugs, pharmaceutical companies have shifted its focus towards using the cold chain packaging solution that suits a particular situation. Cold chain packaging solutions include different types of refrigerated containers, temperature monitors & integrators for managing product’s life period.

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Global Cold Chain Packaging Market: Drivers & Restraints

The demand for cold chain packaging has grown immensely in the healthcare packaging sector. Cold chain packaging finds its applications in supply & logistics of biopharmaceuticals, clinical trials & vaccines, etc. This substantial growth of the cold chain packaging market is due to boost in the sales of medicinal products needing cold chain logistics. Also, governments of various countries coupled with its regulatory agencies have designed several guidelines and have adopted their own “Goods Distribution Practices (GDP)”. However, one key challenge in the cold chain packaging market is the rising cost of raw material. Polystyrene is the primary raw material used in built-up of cold chain packaging solutions.  In the recent times, instability in prices of polystyrene, owing to the increased gap between demands and supply, has surged the price and is likely to continue during the forecast period. Moreover, escalated raw materials cost further leads to raising the overall cost of final product.

Report Highlights

The insulated container and boxes segment led the market and accounted for more than 55% of the revenue share in 2019. This high share is attributable to the rising demand for reusable insulated containers across various applications, such as food processing, fruits, and vegetables.

The cold packs segment is estimated to grow at the highest CAGR of more than 20% from 2020 to 2027. The temperature-controlled pallet shipper segment is expected to grow as a high compound annual growth rate over the forecast period.

The insulating materials segment led the market and accounted for more than 64% of the revenue share in 2019. The insulating material segment is further classified into EPS, PUR, Vacuum Insulated Panel (VIP), cryogenic tank, and others. The others segment includes insulting pouches, active thermal systems, and hard-cased thermal boxes. EPS held the largest share in 2019 and is anticipated to maintain its stronghold on the insulating materials market from 2020 to 2027.

The fish, meat, and seafood application led the market and accounted for more than a 25% share of the global revenue in 2019. This high share is attributable to the rising volumes of meat products, including beef and chicken, increasingly being exported from the U.S. and Brazil. As meat products are prone to natural, continuous, and irreversible bio-physiochemical changes, they need to be stored at a suitable frozen temperature range during its transit and storage. The fruits and vegetable segment is expected to expand at a significant CAGR of more than 20% from 2020 to 2027. Fresh fruits and vegetables need to be refrigerated appropriately to maintain their freshness until they reach the end consumer. An efficient packaging solution can help food producers and food processing companies in effectively managing their operations.

The processed food segment is projected to exhibit the highest CAGR from 2020 to 2027. The growth can be attributed to the increased intake of processed foods such as canned meat, canned beans, jams and pickles, chocolate bars, and other food items by the people around the globe. The pharmaceutical industry also drives demand for cold chain packaging solutions, wherein the companies need effective solutions to store and preserve medicines, blood samples, vacancies, and other temperature-sensitive medical items.

North America dominated the market and accounted for over 34% share of global revenue in 2019 and is anticipated to maintain its dominance over the forecast period. The high market share of the region is attributable to significant fragmentation in the North America region owing to the presence of a large number of major industry participants.

Asia Pacific is projected to be the fastest-growing region owing to rapid economic growth in emerging countries. Emerging economies, such as India, Singapore, Thailand, and China, are expected to contribute to the regional market growth. Due to the growing geriatric population, high demand for medicines will also augment the pharmaceutical market in the Asia Pacific.

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Market Segmentation

Based on various parameters, global cold chain packaging market can be segmented into various segments such as

Based on material type, global cold chain packaging market can be segmented as

  • Expanded polystyrene (EPS)
    • Fabricated EPS
    • Molded EPS
  • Vacuum insulated panel (VIP) solutions
  • Polyurethane (PUR)
  • Others

Based on Product type, global cold chain packaging market can be segmented as

  • Phase Change Materials (PCMs)
  • Gel Packs & Bricks
  • Insulated shipping containers
    • Parcel Containers
    • Pallet Containers
  • Temperature Loggers
  • Others

Based on applications type, global cold chain packaging market can be segmented as

  • Pharmaceutical Packaging
  • Health care & clinical trial distribution
  • Medical device Packaging
  • Others

Global Cold Chain Packaging Market: Regional Overview

Geographically, the global cold chain packaging market is segmented into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA).

Cold chain packaging market is directly influenced by the continuous growth in demand for cold storage medicinal products used in the healthcare industry. Regionally, the cold chain packaging market is dominated by Europe and North America region. This is due to the high number of biopharmaceuticals imports & exports in the countries in Europe and North America, and are also the innovators for the improvement in shipping and warehousing of pharmaceutical products. In the near future, the developing economies like India, China, ASEAN, etc. are likely to witness a sizable growth in investments for development of cold storage infrastructure which is expected to drive the overall growth in the cold chain packaging market in the Asia-Pacific region. Moreover, in the Latin America and the MEA region, the cold chain packaging market is projected to witness impressive growth owing to rise in demand for temperature-controlled pharmaceutical packaging solutions during the forecast period.

Overall, the global cold chain packaging market is anticipated to grow at a healthy CAGR during the forecast period.

Key Players

Some key players that currently operate in cold chain packaging market across the globe are Cryopak Industries Inc., Cold Chain Technologies, Inc., Dgp Intelsius Llc., CCL Industries., Sealed Air Corporation,  Softbox Systems Ltd.,  Amcor Limited, Clondalkin Group., Gerresheimer etc.

This study by VRR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at VRR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by VRR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at VRR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

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