Categories: Food & Beverages

Cold Chain Packaging Market Size & Share

The Cold Chain Packaging Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Cold Chain Packaging Global Market Report 2024, The cold chain packaging market size has grown rapidly in recent years. It will grow from $28.02 billion in 2023 to $31.92 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to expansion of global pharmaceutical and healthcare industries, growth in demand for temperature-sensitive biologics and vaccines, increased focus on food safety and quality assurancesafety, rise in global trade of frozen and chilled foods, growth in the biotechnology and life sciences sector.

The cold chain packaging market size is expected to see rapid growth in the next few years. It will grow to $54.99 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to expansion of e-commerce and online grocery delivery services, adoption of cold chain technologies in emerging markets, increasing importance of last-mile delivery in cold chain, market growth in the cell and gene therapy sector, demand for sustainable and eco-friendly packaging solutions. Major trends in the forecast period include innovations in insulation and thermal barrier materials, active and passive temperature-controlled packaging, integration of iot and sensor technologies, single-use and eco-friendly packaging solutions, pharmaceutical packaging with serialization and traceability.

Rapid urbanization is expected to propel the growth of the cold chain packaging market during the forecast period. Urbanization over the past years has led to urban development as cities and other urban areas require a new and much greater amount of resources to keep up with the increasing population and their demands. While the rising population is triggering demand for food products, changing lifestyles are prompting consumers to opt for processed and easy-to-eat food items. Processed food items such as frozen fruits and vegetables, dairy products, seafood, and meat have high demand across the world. Such food items require efficient packaging in transit and storage which is done with the help of cold chain packaging. For instance, as of 2021, nearly 4.46 billion people live in urban areas globally. This urban population is expected to grow to 6.68 billion by 2050. Thus, rapid growth in urbanization will drive the cold chain packaging market growth.

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The cold chain packaging market covered in this report is segmented –

1) By Product: Crates, Insulated Container And Boxes, Cold Packs, Lable, Temperature Controlled Pallet Shippers

2) By Material Type: Expanded polystyrene (EPS), Vacuum insulated panel (VIP) solutions, Polyurethane (PUR)

3) By Application: Fruits And Vegetables, Fruit And Pulp Concentrates, Dairy Products, Fish, Meat And Seafood, Processed Food, Pharmaceuticals, Bakery And Confectionaries

The increasing focus on sustainable cold chain packaging is a key trend gaining popularity in the cold chain packaging market. Companies have invested in CO2-efficient transport methods but are losing about 20% because of inefficient cooling methods that are not fully sustainable. Major cold chain packaging companies are investing in reusable, multi-use, materials-based temperature-controlled packaging solutions. Sustainable packaging products are cheap in the long term because they can be reused and offer environment-friendly options with fewer CO2 emissions, which is beneficial with governments setting regulations to reduce carbon emissions. For instance, in January 2022, Packaging Technology Group (PTG), a provider of thermal packaging solutions and services for the biopharmaceutical and life sciences sector announced the cold chain industry’s first extended-duration, a curbside recyclable thermal shipper that maintains 2-8 °C for 72 hours.

The cold chain packaging market report table of contents includes: