The global Cold Chain Packaging Market is estimated to be valued at US$ 26.94 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cold chain packaging refers to the storage and transportation of temperature-sensitive products such as foods, pharmaceutical drugs, chemicals, and more along a supply chain under controlled or monitored conditions. This includes consistent refrigeration, which allows perishable items to maintain quality and shelf life. Cold chain packaging helps protect pharmaceutical drugs from damage or degradation and also ensures product safety through proper labeling and tracking. It plays a vital role in preserving the quality of temperature-sensitive pharmaceutical products during transportation and storage from manufacturing sites to retailers.
Market key trends:
Rising global demand for pharmaceutical drugs and vaccines is a major growth driver for the cold chain packaging market. Expanding healthcare infrastructure in emerging economies and increasing penetration of health insurance is anticipated to boost the pharmaceutical industry worldwide. This growth would necessitate greater investments in temperature-controlled supply chain management including advanced cold chain logistics and packaging solutions. Additionally, growing focus on reducing food wastage through improved cold chain infrastructure across major economies is fueling demand for cold chain packaging.
Porter’s Analysis
Threat of new entrants: The global cold chain packaging market requires large capital investments to set up production facilities and R&D centers. This acts as a deterrent for new players.
Bargaining power of buyers: The global cold chain packaging market has several buyers in the food and pharmaceutical industries. However, rigid regulations leave buyers with limited options, reducing their bargaining power.
Bargaining power of suppliers: The global cold chain packaging market has the presence of numerous raw material suppliers, reducing individual supplier bargaining power.
Threat of new substitutes: There are limited alternatives available for cold chain packaging. This provides protection from the threat of substitutes.
Competitive rivalry: The global cold chain packaging market is highly fragmented, with the presence of several global and local players. High rivalry exists due to varying product offerings.
Key Takeaways
The global cold chain packaging market is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing demand from the food and pharmaceutical industries requiring temperature-controlled logistics.
The North American region is expected to dominate the cold chain packaging market, growing at a CAGR of 9.5% during 2023-2030. This can be attributed to stringent regulations regarding food safety and increasing healthcare expenditures in the region.
The Asia Pacific region is anticipated to exhibit the highest growth in the cold chain packaging market, expanding at a CAGR of 10.1% during the forecast period. Rapid urbanization and rising income levels in developing Asian countries are fueling market growth.
Key players operating in the cold chain packaging market are Pelican BioThermal LLC, Sonoco Thermosafe, Cold Chain Technologies Inc., Cryopak, Sofrigam Company, Intelsius (A DGP Company), Coolpac, Softbox Systems Ltd, Clip-Lok SimPak, and Chill-Pak. Pelican BioThermal LLC specializes in temperature-controlled packaging for pharmaceuticals and life sciences.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it