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Cold Chain Packaging Market Size, Share, Industry Analysis, Segments And Forecast To 2033
Cold Chain Packaging Market Trends
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Cold Chain Technologies Inc., Cryopak Industries Inc., Sofrigam Company, CCL Industries Inc., Sealed Air Corporation, Pelican BioThermal LLC, Sonoco Thermosafe, Intelsius a DGP Company, Softbox Systems Ltd., Envirotainer AB, Inmark Packaging, Tempack Packaging Solutions S.L., ACH Foam Technologies LLC, American Aerogel Corporation, Cold Ice Inc., Davis Core & Pad Co., DuPont de Nemours Inc., Exeltainer S.L., Insulated Products Corporation, Laminar Medica Limited, NanoCool LLC, Polar Tech Industries Inc., Protek Cargo, Royal Golden Eagle Group, Saeplast Americas Inc., SkyCell AG, Snyder Industries Inc., TKT GmbH, World Courier, va-Q-tec AG
Cold Chain Packaging Market 2024 Key Insights:
• 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%.
• Rapid Urbanization Fuels Growth In Cold Chain Packaging Market
• Growth Of Sustainable Cold Chain Packaging Solutions In The Market
• Western Europe was the largest region in the cold chain packaging market in 2023
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