In addition to the information you provided, there are several other factors contributing to the growth of the cold chain packaging market in the pharmaceutical industry:
- Increasing demand for biopharmaceuticals: Biopharmaceuticals, including vaccines, antibodies, and other biologically derived drugs, are becoming more prevalent in the pharmaceutical industry. These products often require strict temperature control throughout the supply chain to maintain their efficacy. As the demand for biopharmaceuticals continues to rise, the need for reliable cold chain packaging solutions also increases.
- Stringent regulatory requirements: Regulatory authorities, such as the Food and Drug Administration (FDA) in the United States and the European Medicines Agency (EMA) in Europe, have implemented strict guidelines for the transportation and storage of temperature-sensitive pharmaceutical products. Compliance with these regulations necessitates the use of robust cold chain packaging solutions to ensure product integrity and patient safety.
- Growing focus on patient-centric healthcare: There is a growing emphasis on patient-centric healthcare, which includes the safe and timely delivery of medications to patients. Cold chain packaging plays a crucial role in maintaining the quality and efficacy of pharmaceutical products during transit, ensuring that patients receive the medications in optimal condition.
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- Technological advancements: The development of innovative cold chain packaging solutions, such as temperature-monitoring devices, intelligent packaging systems, and active temperature-controlled containers, has improved the efficiency and reliability of pharmaceutical supply chains. These advancements provide better visibility and control over temperature-sensitive products, reducing the risk of spoilage and wastage.
- Increasing global trade of pharmaceuticals: The globalization of the pharmaceutical industry has led to an expansion of international trade in pharmaceutical products. As pharmaceuticals are transported across long distances and varying climates, the need for robust cold chain packaging solutions becomes paramount to maintain product quality and safety.
- Growing awareness of environmental sustainability: Sustainability has become a significant concern in various industries, including pharmaceuticals. Cold chain packaging manufacturers are focusing on developing eco-friendly packaging materials and solutions that reduce waste generation and minimize the environmental impact of pharmaceutical supply chains.
Overall, the increasing demand for temperature-sensitive pharmaceuticals, regulatory requirements, patient-centric healthcare, technological advancements, global trade, and sustainability concerns are driving the growth of the cold chain packaging market in the pharmaceutical industry.
Key Takeaways of Cold Chain Packaging Market
- 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.
- Polymer segment by material type is likely to account for around 3/5th of the cold chain packaging market 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 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.
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Expansion of Rental Businesses to Create New Opportunities for Cold Chain Packaging Companies
The market has recently seen a trend where companies offering cold chain packaging solutions are rapidly broadening their rental business. They are relatively less focused on new product sales.
Purchasing these still constitutes an unfeasible and environmentally unsound option for numerous end users. This is due to the high costs of insulated containers and shippers, as well as environmental risks associated with their disposal.
In few nations, especially Germany, it is illegal to dispose of expanded polystyrene and polyurethane rigid foam. Doing so incurs additional costs. For cold chain packaging, a variety of end users choose to lease or rent shippers or containers.
Manufacturers of shippers and containers, on the other hand, experience high returns on their investments and low cost of ownership. It can lead to high profit margins. But, this technique is still not cost-effective unless a business has a closed loop system. Establishing depots in numerous areas is necessary for the firm to succeed.
For instance,
- Together along with Yusen Logistics Pte. Ltd., Va-Q-tec AG developed a temperature-controlled container leasing facility in Singapore.
- Credo on demand is indeed a pallet shipper renting program that was established by Pelican Biothermal.
Competition Landscape: Cold Chain Packaging Market
Sonoco ThermoSafe, Pelican Products, Inc., Sofrigam SAS, Sealed Air Corporation, Cryopak Industries Inc., and CSafe Global, LLC are key players operating in the cold chain packaging market.
Few of the other noticeable players in the market include Softbox Systems Ltd., TOWER Cold Chain Solutions, DGP Intelsius LLC, TemperPack Technologies, Inc., Tempack Packaging Solutions SL, Dokasch Temperature Solutions, Cold Chain Technologies, Insulated Products Corporation., Engineered Packaging, Inc. dba Chill-Pak, CoolPac, Orora Packaging Solutions, and others. Tier 1 players in the market hold 10% to 15% of share in the global cold chain packaging market.
Get More Insights into Cold Chain Packaging Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global cold chain packaging market, analysing historical demand from 2015 to 2022 and forecast statistics for 2023 to 2033. The study reveals growth projections on the cold chain packaging market on the basis of product type (pallet shippers, insulated containers, foam bricks, gel packs, protective packaging, phase change cold storage products), material type (polymer, metal, paper), packaging format (reusable, disposable), and end use (food, beverages, pharmaceutical, cosmetic & personal care, chemical) across seven regions.
Cold Chain Packaging Market Outlook by Category
By Product Type:
- Pallet Shippers
- Insulated Containers
- Foam Bricks
- Gel Packs
- Protective Packaging (Foams Sheets)
- Phase Change Cold Storage Products (Plates, Microcapsules, Bags and Balls)
By Material Type:
- Polymer
- Polyethylene
- Polypropylene
- Polyethylene Terephthalate
- Expanded Polystyrene
- Polyurethane
- Others
- Metal
- Paper
By Packaging Formats:
- Reusable Packaging
- Disposable Packaging
By End Use:
- Food
- Beverages
- Pharmaceutical
- Cosmetics & Personal Care
- Chemical
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
About Us:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years
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