The global Cold Chain Packaging Market is estimated to be valued at US$ 22.39 Bn or Mn in 2022 and is expected to exhibit a CAGR of 9.70% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cold chain packaging products protect temperature-sensitive products from deterioration caused by unwanted fluctuations in temperatures. It maintains the integrity and stability of food, pharmaceutical and chemical products during transportation, storage and distribution. Advancements in insulation materials and packaging designs have improved thermal and moisture stability, thereby driving market growth. The need for cold chain packaging has grown exponentially over the years due to increasing international trade of temperature-sensitive products like fresh food, vaccines, biopharmaceuticals and chemicals.
Market key trends:
The cold chain packaging market is witnessing growing demand for sustainable packaging solutions made from biodegradable and recyclable materials. Manufacturers are investing in R&D to develop innovative cold chain packaging using materials like paper, pulp and sugarcane-based bioplastics. They offer comparable insulation properties while reducing carbon footprint. Another key trend is the adoption of automated cold chain monitoring systems incorporating IoT sensors, RFID tags and blockchain technology. It allows real-time tracking of shipments and improves supply chain visibility, thereby boosting customer satisfaction. Growing e-commerce industry is also driving investments in specialized packaging for temperature-sensitive deliveries.
Porter’s Analysis
The threat of new entrants: The cold chain packaging market has a moderate threat of new entrants due to the presence of well-established global players and the requirement of large investments and certification for entering this market.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of a large number of suppliers. However, buyers prefer reputed brands which have an impact on the profit margins of vendors.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous component suppliers and vendors in this market. Suppliers do not have a significant influence on prices in this market.
Threat of new substitutes: There is a low threat of substitutes as cold chain packaging solutions have characteristics like refrigeration, temperature control and monitoring which are difficult to substitute.
Competitive rivalry: The cold chain packaging market witnesses high competitive rivalry due to the presence of numerous global and regional players competing in terms of product offerings, pricing, and innovation.
Key Takeaways
The global cold chain packaging market is expected to witness high growth, exhibiting CAGR of 9.70% over the forecast period, due to increasing demand for temperature-sensitive drugs and vaccines globally.
Regional analysis – North America is currently the largest market for cold chain packaging owing to strict regulations regarding pharmaceutical transportation and storage in the region. However, Asia Pacific is expected to witness the fastest growth during the forecast period with developing countries like China and India dominating the market.
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. Key players are focusing on new product launches and expansion strategies to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
