$346.3 Billion Cold Chain Packaging Market – Global Growth, Trends, COVID-19 Impact, and Forecasts, 2021-2026 – ResearchAndMarkets.com | Financial Buzz

$346.3 Billion Cold Chain Packaging Market – Global Growth, Trends, COVID-19 Impact, and Forecasts, 2021-2026 – ResearchAndMarkets.com

The “Cold Chain Packaging Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.

The cold chain packaging market was valued at USD 132.6 billion in 2020 and is expected to reach USD 346.3 billion by 2026, at a CAGR of 18.3% over the forecast period 2021 – 2026.

Cold chain packaging solutions are essential to the growth of the global trade in perishable products and the worldwide availability of food and health supplies. The rise in consumer demand for perishable food items, growth of international trade due to trade liberalization, and expansion of the organized food retail industry are some of the factors driving the growth of the market.

Moreover, Online grocery shopping is gaining popularity in line with increasing penetration of the Internet and the subsequent rise in the number of tech-savvy consumers. For instance, sales of packaged food products are contributing significantly toward Amazon.com, Inc.’s online grocery sales in the United States.

Growing stringent regulations such as the effective implementation of the Food Safety Modernization Act towards the requirement of a cold storage warehouse to preserve food is one of the major market drivers. In addition, the rising demand from various industrial applications such as medical devices, pharmaceuticals industries are the major contributors to the global cold chain packaging market. For instance, according to ProMexico, total production value of the global medical device industry was increased by almost 14% from 2015 to 2017 and by 2019 it is almost 1.3 times of 2015 production value.

An increase in the development of more complex biological-based medicines and shipments of hormone treatments, vaccines, and complex proteins that require cold chain refinements to be transported at a controlled temperature has also increased the demand for cold chain packaging.

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 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 the final product.

Key Market Trends

Growth in Pharmaceutical Sector to Augment the Cold Chain Packaging Market

  • Pharmaceutical manufacturers are mainly focusing on quality and product sensitivity. Increase in development of more complex biological-based medicines, shipments of hormone treatments, vaccines, and complex proteins that require cold chain refinements need to transport in a controlled temperature which can be achieved by cold chain packaging. Packaging of temperature-controlled pharmaceutical products and medical devices is witnessing considerable growth in the overall healthcare industry.
  • According to Almac Pharma Services, the pipeline of biologic drugs in development are becoming more temperature-sensitive, resulting in an increase in storage of bulk drug substance at frozen temperatures (-40 to -70 C). The company adds that labeling, packing, and distributing cell and gene therapy products often requires products to be stored and processed at ultra-low temperatures (-20 to -80 C), with the products only being defrosted immediately prior to use.
  • The market for cold chain packaging is anticipated to benefit significantly from the growth of the pharmaceutical industry. Proper storage and transport temperatures for drugs, especially biologics, are essential to protect product efficacy and patient safety. As firm growth continues across the global pharmaceutical industry, the sub-category of temperature-controlled products is surging ahead-growing at twice the sector’s rate overall.
  • From the past few years, the number of heat-sensitive healthcare products has increased significantly, as one in two healthcare products is shipped via cold chain solutions. There has been an increase in biopharmaceutical products at a remarkably faster rate than small molecule drugs (known as chemical drugs) and the growth in vaccines is the reason behind the total sales volume of temperature-controlled pharmaceutical products is increasing double the rate that of the pharmaceutical industry as a whole.
  • In the year 2020, global biopharma sales were estimated at more than 370 billion dollars. These high-value pharmaceutical products are mostly shipped via the cold chain across the entire distribution network worldwide. Thus, growth in pharmaceuticals is anticipated to propel the cold chain packaging market.
  • Moreover, the 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. These regions are also the innovators for the improvement in shipping and warehousing of pharmaceutical products.

Competitive Landscape

The cold chain packaging market is consolidated due to a few players are having a large share in the market. Some of the major players are Cold chain Technologies, Sonoco Thermosafe, Sofrigram, Softbox Systems, Cryopak, Sealed Air Corporation, DGP Intelsius LLC., Amcor Plc, among others.

Companies Mentioned

  • Pelican BioThermal LLC
  • Sonoco Thermosafe
  • Cold Chain Technologies Inc.
  • Cryopak Industries Inc.
  • Sofrigam Company
  • Intelsius (A DGP Company)
  • Coolpac
  • Softbox Systems Ltd.
  • Clip-Lok SimPak
  • Chill-Pak.com.

For more information about this report visit https://www.researchandmarkets.com/r/i3b9yj



Laura Wood, Senior Press Manager


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