The Cold Chain Packaging Market is forecasted to grow at a high rate owing to the increasing demand of temperature sensitive medicinal drug from pharmaceuticals industries across the globe.
The Global Cold Chain Packaging Market was estimated at USD 20.5 Bn in 2020 and is expected to grow with CAGR of 12.1% during the forecast period.
The cold chain packaging market is majorly growing owing to the rapidly growing trade of vaccines, medicines, and other medical drugs across the globe. Most of these drugs are temperature-sensitive and require bulk drug substance storage at frozen temperatures ranging from -40 to -70 °C. These temperature-sensitive, high-value pharmaceuticals are often shipped through the cold chain distribution network across the globe. Owing to this, many pharmaceutical companies are heavily investing in cold packaging solutions to maintain the efficiency of vaccines and drugs. Data released by Pharmaceutical Commerce, an organization dedicated to the commercial operations of the North American pharmaceutical industry in its Biopharma Cold Chain Sourcebook shows that, in 2019, biopharma companies invested approximately USD 15 bn in cold chain logistics. In addition, these investments are expected to increase heavily in the coming years. Further, the growing COVID -19 vaccination drive across several nations is also positively influencing the cold chain packaging industry growth.
Moreover, stringent regulations and guidelines implemented by several nations for the transportation and storage of refrigerated products are expected to positively impact the cold chain packaging market growth. For instance, Food Safety and Standards (Packaging) Regulations (2018) in India, Food Safety Law in China, Food and Drugs Act in Canada, and Food and Drug Administration’s regulations for frozen food in the U.S. All the market players are required to adhere to several standards and meet all the regulations relating to temperature-controlled packaging solutions. Such regulations are expected to prominently influence the cold chain packaging industry across the globe. Further, growing environmental concern among market players and consumers is leading to higher adoption of reusable packaging solutions for several applications. This increasing adoption of reusable packaging solutions is expected to offer lucrative growth opportunities in the market.
Global Cold Chain Packaging Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, the Asia-Pacific region is anticipated to grow with a significant CAGR in the cold chain packaging market during the forecast period. This high growth rate is mainly attributed to the rapid economic growth in developing countries in the region. Emerging economies, including Singapore, India, South Korea, China, and Thailand are projected to drive the market growth in this region. These economies have a well-developed supply chains network combined with the presence of key market players that offer a variety of cold packaging products. Moreover, the growing geriatric population in these countries is another factor driving the market growth. An aging population implies a bigger pharmaceutical market, in which the cold chain industry plays an irreplaceable role. Other factors such as the rapid development of cold storage projects along with developing infrastructure are playing an important role in driving the market. The data released by The Ministry of Food Processing Industries (MOFPI) under the Government of India provides a consolidated list of state-wise 325 approved cold chain projects as of 31 March 2021. Therefore, a growing number of such projects is thereby expected to immensely influence the cold chain packaging industry demand.
The Global Cold Chain Packaging Industry Segmentation:
Global Cold Chain Packaging Market by Application Outlook (Revenue, USD Million, 2021-2027)
Global Cold Chain Packaging Market by Material Type Outlook (Revenue, USD Million, 2021-2027)
Global Cold Chain Packaging Market by Product Type Outlook (Revenue, USD Million, 2021-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the cold chain packaging market are:
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