Cold Chain Packaging Markets and COVID-19 Impact, 2020-2025 - ResearchAndMarkets.com

Loading...
Loading...

The "Cold Chain Packaging Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.

The global cold chain packaging market is expected to grow at a CAGR of 16.04% over the forecast period to reach a total market size of US$62 billion by 2025, increasing from US$25.4 billion in 2019.

Lowering of trade barriers across the globe is fueling the export and import activities which are driving the growth of the cold chain packaging market during the forecast period. Efficient storage and logistics solutions are required to preserve the quality and to extend the shelf life of products such as meat, seafood, fruits, chemicals, vaccines among others while they reach from manufacturers to the end-users. This is driving the demand for cold chain packaging, thereby augmenting their market growth.

The demand for cold chain packaging has grown immensely in the healthcare packaging sector. Besides, the cold chain packaging market is directly affected by the continuous rise in demand for cold storage medical products used in the healthcare industry. However, the rising cost of raw material used in cold chain packaging is expected to restrain the growth of the market in the coming years.

Expanding fresh and frozen food industry is driving the demand for cold chain packaging

Fresh food cold chain packaging protects the food from environmental conditions or any type of physical damage. Globally, fresh fruits and vegetable loss occurred mostly during the retailer to consumer exchange which means that the product goes through an energy-intensive chain and is not consumed at the end. Due to such losses, there is an increasing demand for cold chain packaging during the forecast period.

Growing e-retailing business

In recent years, with the growing number of smart phone users, time spent on the internet also an increase that drives the growth of e-commerce platforms which is considered as one of the major drivers for the growth of the e-retail packaging. In developing countries like China and India, rising disposable income and internet penetration coupled with the growing middle-class population has resulted in the improvement of living standards which drives the demand for frozen and dairy products which is further expected to boost the demand for cold chain packaging over the forecast period.

Furthermore, the overall impact of the COVID-19 pandemic may encourage and strengthen international cooperation and the development of policies for online purchases & supply, and towards this direction; several governments around the world have also encouraged online purchasing as an alternative to physical shopping impacting courier, cold chain packaging market positively.

Cold chain packaging demand for pharmaceutical is holding a significant share in the market

As with most other packaged goods, pharmaceuticals need reliable and speedy packaging solutions that deliver a combination of product protection, quality, tamper evidence, patient comfort, and security needs. Growing the healthcare and pharmaceutical industry is the major driving factor that is boosting the blister packaging market growth.

In addition, rising health spending coupled with growing geriatric population is further anticipated to boost the demand for medicines thus augmenting the market growth opportunities for cold chain packaging for medicine in the coming years. According to the Organization for Economic Co-operation and Development, per capita, health spending in the United Kingdom has increased from US$2,686.8 in 2006 to US$4,069 in 2018.

Geographically, North America is holding a significant share in the market

By geography, the cold chain packaging market is segmented as North America, South America, Europe, Middle East and Africa, and the Asia Pacific. North America is expected to hold a significant share in the market owing to the presence of major players coupled with the growing number of product launches.

The rising health concerns are anticipated to increase health spending on drugs by individuals in the United States. Furthermore, the U.S Department of Health and Human Services has recently proposed a regulation aimed at lowering the drug prices and reducing the out of the pocket expenditure in the United Status by encouraging manufacturers to pass the discounts directly to the patients. This is further expected to push the demand for pharmaceutical drugs, thus, driving the pharmaceutical production and hence the revenue generation opportunity for the participants in the cold chain drug packaging value chain.

In addition, processed food items such as frozen fruits and vegetables, dairy products, and meat among others are in demand throughout the region. For instance, according to the National Institute of Statistics and Geography (INEGI), in 2018, Mexico imported $12.26 billion in processed food products.

The Asia-Pacific region is holding huge growth potential due to rising healthcare expenditure coupled with the rising demand for processed food in countries like India and China. Also, with the changing lifestyle coupled with the increasing disposable income and growing adoption of western culture the market for cold chain packaging in food is anticipated to witness substantial growth over the forecast period.

Competitive Insights

Prominent key market players in the cold chain packaging market include Sonoco Thermosafe, Va-q-tec, Sofrigam, Creopack, Softbox Systems, Sealed Air Corporation, DGP Intelsius, Vericool, American Aerogel, and Mesa Labs. The number of players in the cold chain packaging market is large and growing with the opportunity to generate significant revenues as a result of growing demand.

Key players in the market are seen to adopt differentiated strategies and are either looking to expand their market portfolio with investments in the development of the new product line, or some companies are opting for mergers, acquisitions, and strategic partnerships to expand their market presence and/or expand their product line. For instance, In January 2018, Softbox one of the leading global innovator and providers of cold chain packaging particularly for the pharmaceutical industry announced the acquisition of TP3 Global (a manufacturer of SilverSkin brand).

Loading...
Loading...

The combined portfolio of industry-leading passive temperature control packaging systems and thermal protection products will strengthen both companies' ability to support their customers' requirements for cold chain packaging solutions, and further expand their ability to provide critical technical support globally.

Major market players in the global cold chain packaging market have been covered along with their relative competitive position and strategies. The report also covers recent deals and investments of major market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global cold chain packaging market.

Market Segmentation

By Product

  • Insulated Containers & Boxes
  • Cold Packs

By Application

  • Fruits & Vegetables
  • Dairy Products
  • Processed Food
  • Healthcare Packaging
  • Others

By Geography

  • North America
  • South America
  • Europe
  • Middle East & Africa
  • Asia-Pacific

Companies Profiled

  • Sonoco Thermosafe
  • Va-q-tec AG
  • Sofrigam
  • Creopack
  • Softbox Systems, Inc.
  • Sealed Air Corporation
  • DGP Intelsius LLC
  • Vericool
  • American Aerogel
  • Mesa Labs

For more information about this report visit https://www.researchandmarkets.com/r/m80tx1

Loading...
Loading...
Posted In: Press Releases
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...