Published Date : 22, 2022
The global cold chain packaging market was accounted at US$ 16.04 billion in 2021 and it is estimated to reach around US$ 46.63 billion by 2030, registering growth at a CAGR of 12.6% from year 2022 to 2030.
Climate management and maintenance has become an important aspect of contemporary logistics, ensuring product safety and quality during transportation. The major competitors in the cold chain packaging market are investing in the creation of new and more efficient solutions that can effectively deal with the problems and complexities of cold chain logistics. Cold chain packaging that is efficient can reduce incidental losses, maintain product quality, and boost profit margins.
During the forecast period, the rapidly rising demand in the food processing industry is likely to propel the cold chain packaging market significantly. The expansion of food and beverage industry is driving the growth of global cold chain packaging market. In 2019, New Zealand dominated the global ice cream consumption, with over 28 liters consumed per capita, followed by the U.S., which consumed more than 20 liters per capita. As a result, the cold chain packaging market is being driven by the increased demand for processed meals and meat.
North America is the largest segment for cold chain packaging market in terms of region. This is attributed to the adoption of innovative technologies. Due to the nation’s huge size and unequal population distribution, cold chain packaging is being used to carry food and pharmaceutical medications to remote places. The well-established supply chain is supporting the growth of North America cold chain packaging market.
Asia-Pacific region is the fastest growing region in the cold chain packaging market.Japan, South Korea, and Chinahold the highest market share in the Asia-Pacificcold chain packaging market. Due to the rapid expansion of cold storage projects, growing adoption of cold packaging solutions, increasing disposable incomes, and growing population base in the region is increasing at a robust pace.
Scope of the Report
|Market Size in 2021||USD 16.04 Billion|
|Revenue Forecast by 2030||USD 46.63 Billion|
|CAGR||12.6% from 2022 to 2030|
|Largest Market||North America|
|Market Segmentation||Product, Material, Application, Packaging Format, Geography|
|Key Players||Cascades Inc., Cold Chain Technologies, Creopack, Cryopak A TCP Company, Intelsius, Pelican Products, Inc., Softbox, Sofrigam, Sonoco ThermoSafs, va-Q-tec|
The adoption of advanced technologies is paving way for the growth of global cold chain packaging market. The cold chain packaging solutions are equipped with GPS and RFID. In addition, the technologies such as blockchain, artificial intelligence, and robotics are supporting market players to increase their share in the market. As a result, technological advancements are driving the growth of global cold chain packaging market over the forecast period.
High cost of cold chain packaging
When compared to other packaging products, cold chain packaging is more expensive. The items are carefully designed to control temperature and maintain the highest possible quality. A highly proficient personnel and advanced raw materials are necessary to meet regulatory requirements. All of this comes at a premium price, resulting in a high capital investment and increasing packaging costs. Thus, this factor is hindering the cold chain packaging market growth.
Growing focus on sustainable cold chain packaging
The growing trend of reusable cold chain channels is driving the growth of global cold chain packaging market. As a result, growing focus on sustainable cold chain packaging is supporting the growth of global cold chain packaging market over the forecast period.
Stringent government regulations
The manufacturers need to follow certain rules and regulations imposed by regulatory or government bodies. If these laws are not followed by market players, strict action is taken against them. Thus, stringent government regulations are a major challenge for the cold chain packaging market expansion.
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