The global cold chain packaging market is poised for remarkable growth, with an anticipated valuation of US$ 26.1 billion in 2023, projected to expand at an impressive Compound Annual Growth Rate (CAGR) of 14.8% between 2023 and 2033. According to industry forecasts, the market is expected to reach a substantial value of US$ 103.7 billion by 2033, driven by increasing demand for temperature-controlled packaging and the rising trade of temperature-sensitive products.
Unlock Valuable Knowledge – Get a Report Sample Now: https://www.futuremarketinsights.com/reports/sample/rep-gb-12906
Key Market Insights:
- Phase Change Cold Storage Products Dominating the Market: Through the end of 2023, phase change cold storage products are expected to represent approximately 55% of all cold chain packaging products globally. This segment experiences high demand, particularly for frozen food exports or imports worldwide.
- Contribution to Global Packaging Market: The cold chain packaging industry is estimated to hold around 2 to 3% of the global packaging market, which is anticipated to be worth US$ 980 billion in 2023. In 2022, the global market revenue reached US$ 22.8 billion.
- Significant Absolute Dollar Opportunity: With the surging demand for temperature-controlled packaging and increasing trade of temperature-sensitive products, the global cold chain packaging industry is projected to create an absolute dollar opportunity of US$ 80.9 billion in the next ten years.
- Technology Adoption Driving Market Expansion: Cold chain packaging manufacturers are implementing cutting-edge technologies to improve safety and temperature monitoring, thereby expanding the target market. The adoption of advanced technology is expected to boost sales and enhance market growth significantly.
Key Growth Factor and Trend:
- Regulatory Compliance and Advanced Technology Adoption: High emphasis on regulatory compliance of food and pharmaceutical products is driving the need for cold chain packaging to ensure integrity. Additionally, the adoption of advanced technology for enhancing safety and temperature monitoring is a key trend driving market growth.
Commenting on the market outlook, a spokesperson for FMI stated, “The global cold chain packaging market presents lucrative opportunities for manufacturers, driven by the increasing demand for temperature-controlled packaging solutions and advancements in technology. As a leading provider of cold chain packaging solutions, we remain committed to delivering innovative and reliable solutions to meet the evolving needs of our customers worldwide.”
Purchase Now to Access Segment-specific Information and uncover Key Trends, Drivers, and Challenges: https://www.futuremarketinsights.com/checkout/12906
Innovation in the Cold Chain Packaging Market
- Smart Temperature Monitoring Systems: Introducing advanced temperature monitoring systems embedded with IoT (Internet of Things) technology. These systems provide real-time data on the temperature and condition of the products within the cold chain. This innovation ensures better control, minimizes temperature excursions, and allows for immediate corrective actions, reducing the risk of product spoilage.
- Biodegradable and Sustainable Materials: Innovations in cold chain packaging materials focus on sustainability. Manufacturers are developing biodegradable and environmentally friendly packaging options that maintain the required temperature control. This not only addresses concerns about plastic waste but also aligns with the growing demand for eco-friendly solutions in the logistics and supply chain industry.
- Phase Change Materials (PCMs): Integration of phase change materials into packaging solutions is gaining prominence. PCMs have the ability to absorb, store, and release thermal energy during phase transitions, helping to maintain a consistent temperature within the packaging. This innovation enhances the efficiency of cold chain logistics by reducing the reliance on traditional cooling methods and minimizing energy consumption.
- Active RFID (Radio-Frequency Identification) Tags: Active RFID tags are being incorporated into cold chain packaging for improved tracking and monitoring. These tags provide real-time location data and other critical information about the products during transit. This innovation enhances visibility in the supply chain, reducing the risk of loss or theft and enabling faster response to any potential issues in the transportation process.
- Blockchain Technology for Transparency: The adoption of blockchain technology is revolutionizing cold chain packaging by ensuring transparency and traceability. Each step of the supply chain, from manufacturing to delivery, can be recorded and verified through a secure and decentralized ledger. This innovation enhances accountability, reduces the chances of fraud, and provides stakeholders with a reliable and immutable record of the product’s journey through the cold chain.
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.
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.
Request Report Methodology: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-12906
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
