Cold Chain Packaging Market

The global cold chain packaging market size was estimated at USD 18.2 billion in 2020 and is anticipated to expand at a CAGR of 19.5% during the forecast period, 2021–2028. The growth of the market is attributed to the increasing preference for the packaging solutions in the food processing industries around the world.

The cold chain packaging is highly utilized in providing effective refrigeration to beverages, food, pharmaceuticals drugs, distribution, and transportation. Additionally, the increasing popularity of pharmaceutical industry in the cold chain packaging, companies are receiving new opportunities to raise their revenues and sales.

The increasing food & beverages industry has boosted the range of packaging, such as cold chain packaging. The processed food items such as seafood, dairy products, frozen fruits and vegetables, and meat are the products which require the cold storage and have high demand around the world. In the U.S. greater than 6 billion pounds of beef is demanded annually which requires cold storage. According to the International Business Development Report, the food and beverage revenue in the U.S. has recorded USD 1100 billion in year 2015.

The calibration of analytical procedures for food and beverages is assisting the growth in need for maintaining food safety and protocols, which results in rise in the market of cold chain packaging. As per the United States of America Food & Beverage statistics, the packaged food sales recorded approximately USD 400 billion in 2015 in America.

The COVID-19 pandemic has impacted the world market due to the restriction and lockdowns implemented by the world government. Majority of the governments in the world included food in the essential segment which boosted the demand for cold chain sectors. Also, the disruption of supply chain and reduced demand of perishable food has negatively impacted the market in the pandemic.

Market Trends, Drivers, Restraints, and Opportunities

• The major factors boosting the demand for cold chain packaging are the growing population, changing lifestyle of people, and fast urbanization in emerging countries.
•  Rising population is stimulating the demand for food products, dynamic lifestyles is encouraging customers to select easy-to-eat and processed food items. This is propelling the market in the forecast period.
• The technological advancement in the cold chain packaging and constant improvement in the process is the key boosting factor for the market in the coming years.
• Increasing logistics expenses around the world is estimated to hinder the growth of the market.
• The complex supply chain and regulatory process are the key restraint for the market in the coming years.

Scope of Cold Chain Packaging Market Report

The report on the global cold chain packaging market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Cold Chain Packaging Market Segment Insights

Insulated container & boxes segment is expected to grow at a rapid pace

Based on products, the global cold chain packaging market is divided into labels, cold packs, crates, insulated container & boxes, and temperature controlled pallet shippers. The crates segment is further segmented into dairy, fisheries, pharmaceutical, and horticulture. The insulated container & boxes are classified into small, large, medium, x-small, and petite.

The insulated container & boxes segment is expected to grow at a rapid pace. The segment demonstrated revenue share of greater than 57% in year 2019. This is because of the increasing demand of reusable insulated containers in several applications, such as fruits, food processing, and vegetables.

The cold packs segment is also anticipated to expand at a CAGR of greater than 21% during the forecast period, 2020 to 2028. The temperature-controlled pallet shipper segment is proving to be promising for growth in the near future. The several low-density Polyurethane (PUR), Polyethylene (LDPE), and Expanded Polystyrene (EPS) availability in the market is boosting the market segment in the projected time period.

Insulating materials segment is projected to expand at a considerable CAGR

On the basis of materials, the global market is bifurcated into insulating material and refrigerants [. The insulation material segment is further segregated into vacuum insulated panel, expanded polystyrene, polyurethane rigid foam, cryogenic tanks, and others. The refrigerants segment is classified as fluorocarbons, inorganics, and hydrocarbon.

The inorganics segment is also bifurcated into ammonia and carbon dioxide. The insulating materials segment is projected to expand at a considerable CAGR. The segment recorded revenue share of greater than 65% in year 2019. This is attributed to the great use and preference by the major market players.

The refrigerant segment is anticipated to grow at a substantial rate owing to the increased focus on low Ozone depletion Potential (ODP) along with Global Warming Potential (GWP) gases. These gases assists is prevent social and environmental facets, which makes the segment a candidate for fast growth. The rising demand of energy-efficient natural refrigerants is a key propelling factor for the market segment. The most popular natural refrigerants are CO2 and ammonia along with hydrocarbon-based refrigerants.

Fish, meat & seafood segment is estimated to propel at a significant pace

On the basis of applications, the global market is divided into fruits & vegetables, processed food, fruit & pulp concentrates, pharmaceuticals, dairy products, fish, meat & seafood, bakery & confectionaries, and others. The dairy products segment is segmented into milk, butter, cheese, and ice cream. The pharmaceutical segment is bifurcated into vaccines and blood banking. The fish, meat & seafood segment is estimated to propel at a significant pace owing to the increasing amount of meat products, such as chicken and beef being exported majorly from Brazil.

The meat products are highly prone to continuous, irreversible, and natural bio-physiochemical changes, which need to be kept in a frozen temperature when it is in storage and transit. The fruits and vegetable segment is estimated to grow at a substantial rate. It is prerequisite to refrigerate them to regulate their freshness till it goes to the consumer. An efficient packaging solution helps food processing and food producers’ organization in efficiently controlling their operations.

The processed food segment is estimated to demonstrate the great growth in the near future. This is attributed to the growing intake of processed foods such as chocolate bars, canned beans, canned meat, jams and pickles, and other food items by the population of the world. The pharmaceutical industry also rises the demand for cold chain packaging solutions, as the organization requires effective solutions to preserve and store vacancies, blood samples, medicines, and other temperature-sensitive objects.

North America is anticipated to constitute a key market share

In terms of regions, the global cold chain packaging market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America is anticipated to constitute a key market share owing to the presence of great number of major market players in the region. Furthermore, population of the region are shifting for intake of fresh food and organic food including, organic milk, fresh leafy vegetables, and organic eggs that needs vital handling and packaging measures at every level of transit and storage to prevent spoilage.

This propels the regional market growth in the forecast period.
Asia Pacific market demonstrates great growth opportunities in the near future. Due to the increasing geriatric population, increased demand for medicines is also boosting the market growth in the region. The rapid industrialization, the fast growing population, the continued rollout of transportation, warehousing networks, and the growth in demand for canned and processed food are the key factors propelling the market in the region.

Segments

The global cold chain packaging market has been segmented on the basis of

Products

• Crates
• • Dairy
  • Pharmaceutical
  • Fisheries
  • Horticulture
• Insulated Container & Boxes
  • Large
  • Medium
  • Small
  • X-Small
  • Petite
• Cold Packs, Labels
• Temperature Controlled Pallet Shippers

Materials

• Insulating Material
  • Expanded Polystyrene
  • Polyurethane rigid foam
  • Vacuum Insulated Panel
  • Cryogenic Tanks
  • Others
• Refrigerants
  • Fluorocarbons
  • Inorganics
    • Ammonia
    • Carbon Dioxide
  • Hydrocarbon

Applications

• Fruits & Vegetables
• Fruit & Pulp Concentrates
• Dairy Products
  • Milk
  • Butter
  • Cheese
  • Ice Cream
• Fish, Meat & Seafood
• Processed Food
• Pharmaceuticals
  • Vaccines
  • Blood Banking
• Bakery & Confectionaries
• Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Cascades Inc.
• Cold Chain Technologies
• Creopack
• Cryopak A TCP Company
• Intelsius
• Pelican Products, Inc.
• Softbox
• Sofrigam
• Sonoco ThermoSafe
• va-Q-tec

Competitive Landscape

The key players in the global cold chain packaging market are Cascades Inc.; Sonoco ThermoSafe; Cold Chain Technologies; Creopack; Sofrigam; Intelsius; Pelican Products, Inc.; Cryopak A TCP Company; Softbox; and va-Q-tec These key players have adopted a series of market strategies including new product launching, entering into partnership, collaboration, and production expansion to enhance their market position and expand their consumer base.