Frosty Growth: Forecasting the Ascension of the Global Cold Chain Packaging Market to $103.7 Billion by 2033
The global cold chain packaging market is poised for substantial growth, with projections indicating that it will reach a value of US$ 26.1 billion in 2023 and continue to expand at a remarkable CAGR of 14.8% through 2033, ultimately reaching an estimated worth of US$ 103.7 billion. This growth is fueled by various factors, including the rising demand for frozen food and temperature-sensitive product trade, particularly in the context of global exports and imports.
Phase change cold storage products are anticipated to dominate the market, constituting approximately 55% of all cold chain packaging products by the end of 2023. This is in response to the increasing demand for frozen food, especially in international trade scenarios. Notably, the cold chain packaging industry is expected to represent around 2 to 3% of the global packaging market, valued at US$ 980 billion in 2023.
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Europe is projected to take the lead in this industry, accounting for roughly 28% of global sales over the next decade. The region’s growing distribution of pharmaceuticals and food products necessitates reliable cold chain packaging solutions, which are likely to drive further innovations and advancements in the sector. Overall, the future of cold chain packaging appears promising, with an impressive potential for growth, driven by technological advancements and increasing global demand for temperature-controlled logistics solutions.
- The global cold chain packaging industry is anticipated to reach US$ 26.1 billion in 2023.
- It is set to expand at a CAGR of 14.8% between 2023 and 2033, reaching US$ 103.7 billion in 2033.
- The top 5 businesses are expected to control 15-20% of the market in 2022, driving sales of cold chain packaging.
- Phase change cold storage products are projected to represent around 55% of all cold chain packaging products by the end of 2023.
- The cold chain packaging industry is estimated to hold 2-3% of the global packaging industry worth US$ 980 billion in 2023.
Business Growth Opportunities:
- Customization and Personalization: Offering customizable cold chain packaging solutions tailored to the specific needs of different industries such as pharmaceuticals, food, and cosmetics can attract clients seeking tailored solutions.
- Expansion into Emerging Markets: Exploring opportunities in emerging markets where the demand for cold chain logistics is rising due to increasing consumer demand for perishable goods and pharmaceutical products.
- Investment in Sustainability: Developing eco-friendly cold chain packaging solutions that reduce environmental impact and align with growing consumer and regulatory demands for sustainable practices.
- Integration of Technology: Incorporating IoT sensors and tracking systems into cold chain packaging to provide real-time monitoring and data analytics, enhancing supply chain visibility and efficiency.
- Partnerships and Collaborations: Collaborating with logistics companies, cold storage facilities, and technology providers to offer comprehensive cold chain solutions that meet the evolving needs of clients.
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Upcoming Trends in the Cold Chain Packaging Industry:
- Increased Demand for Temperature-Sensitive Pharmaceuticals: With the rise of biopharmaceuticals and personalized medicine, there is a growing need for cold chain packaging solutions to maintain product integrity during transportation and storage.
- Focus on Last-Mile Delivery Solutions: As e-commerce continues to grow, there is an increasing emphasis on developing efficient last-mile delivery solutions for perishable goods, driving innovation in cold chain packaging and logistics.
- Regulatory Compliance and Quality Assurance: Stricter regulations and guidelines governing the transportation and storage of perishable goods, pharmaceuticals, and food products are driving the adoption of advanced cold chain packaging technologies to ensure compliance and product quality.
- Rise of Biodegradable and Sustainable Materials: Growing environmental awareness and concerns about plastic pollution are fueling the demand for biodegradable and sustainable materials in cold chain packaging, leading to the development of innovative eco-friendly solutions.
- Integration of Blockchain Technology: Blockchain technology is increasingly being explored to enhance transparency, traceability, and security in cold chain logistics, enabling stakeholders to track the movement of products throughout the supply chain and verify their authenticity and quality.
Key Takeaways –
- Insulated containers segment by product type is anticipated to hold more than 1/3rd of the cold chain packaging market share by 2023.
- Reusable packaging formats is projected to exhibit a CAGR of 15.0% between 2023 and 2033.
- The polymer segment by material type is likely to account for around 3/5th of the cold chain packaging industry share in 2033.
- By end user, the food segment is estimated to create an incremental opportunity of US$ 17 billion in the forecast period.
- Germany’s cold chain packaging market is likely to surge 3.6 times its present rate in the assessment period.
“Lightweight shippers that provide high volume efficiency tend to offer financial benefits such as low transportation cost due to low shipping weight. To reduce overall cost, manufacturers should select shippers with high payload capacity. Reusable cold chain packaging helps in reducing cost per use and enhances profitability margins for manufacturers,” says a lead analyst at Future Market Insights.
Efficient Pallet Shippers to Become an Ideal Choice for Manufacturers to Fulfil Ultra Low-Temperature Requirements
Numerous pharmaceutical treatments designed to treat uncommon diseases frequently contain valuable components with a limited shelf life. They also contain severe temperature specifications such as a temperature range of -40 to -150 degrees Celsius. Demand for pallet shippers that provide safe delivery of such materials is hence anticipated to increase as the use of medicinal products with ultra-low temperature ranges increases.
Businesses can take advantage of this opportunity to the fullest by creating packaging options tailored to this product category and gain a sizable competitive edge. Pallet shippers are traditional heavy duty metal boxes that are actively handled and have substantial transportation issues for lengthy multi-modal routes.
They are utilized for air freight shipping. Nevertheless, numerous businesses have recently released passive pallet shippers that make use of high-density polyurethane insulation technology.
For bulk shipments, this results in convenience, dependability, and value. Key cold chain packaging solution providers have a great chance in this market to produce effective passive pallet shippers as active competitors are expensive and insufficient for remote transportation needs.
Growing Food and Beverages Industry Spurring Growth
Cold chain packaging solutions are widely used in the food and beverages industry as they provide with the proper refrigeration during the transport and distribution of the food and beverages while preserving the quality.
During the height of the COVID-19 pandemic, as other industries witnessed waning demand, the food and beverage industry continued to post gains in many countries. Further, as supply chains relied on e-commerce, demand for efficient storage and packaging grew manifold.
Considering the change in status-quo brought about by the COVID-19 pandemic, it is likely that demand for cold chain packaging will continue to grow through 2020-2030.
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Key Segments –
Product Type :
- Pallet Shippers
- Insulated Containers
- Foam Bricks
- Gel Packs
- Protective Packaging
- Phase Change Cold Storage Products
Material Type :
- Polymer
- Polyethylene
- Polypropylene
- PET
- EPS
- Polyurethane
- Others
- Metal
- Paper
Packaging Formats :
- Reusable Packaging
- Disposable Packaging
End-use :
- Food
- Meat, Poultry & Seafood
- Dairy Products
- Fresh Produce
- Bakery & Confectionary
- Beverages
- Alcoholic Beverages
- Non-Alcoholic Beverages
- Pharmaceutical
- Cosmetics & Personal Care
- Chemical
- Others
Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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