As per the report, polymer will emerge as the top-choice for packaging material and it is expected to account for over 62.1% of the global market share in 2021. It also is expected to attract an incremental opportunity of US$ 22.3 Bn through 2031.
The demand in the U.S. is expected to increase at a robust CAGR of 12.3%, sealing the country’s dominance in the North America pharmaceutical cold chain packaging market.
Future Market Insights has pegged the global pharmaceutical cold chain packaging market to expand at an impressive CAGR of 14.9% during 2021-2031, compared to 12.5% in 2015-2020. Growth registered in the market can be attributed to the increasing investment towards improved packaging solution to reduce the risk of loss or damage during shipment and transportation.
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Pan American Health Organization lists the appropriate cold chain storage temperature for packaging of vaccines. Increasing adoption of cold chain packaging in healthcare, clinical research, vaccine packaging, and biopharma industry is shaping the market growth.
With sudden outbreak of COVID-19, the demand for pharmaceutical cold chain packaging increased and it will continue to rise through the forecast period. Technological advancements and focus towards improving the performance of packaging formats are expected to further shape the market dynamics over the forecast period.
The global pharmaceutical cold chain packaging market is rendered fragmented by the presence of numerous companies. However, most of the key manufacturers primarily concentrate in India, China, and the U.S.
Impressive growth is on card for the market as new entrants are expected to establish their manufacturing units in developing nations such as India, Brazil, and Malaysia. Penetration is so low in the market that it would increase by ten folds in the forthcoming years.
Low production costs, easy access to labor, and easy availability of raw materials have attracted several market players to Asian countries. This trend also is visible in the pharmaceutical cold chain packaging market.
Demand for safe packaging materials is increasing in the pharmaceutical industry. Expansion of pharmaceutical delivery chains has fuelled the demand for solutions to allow storage of products in the prescribed cold temperature so that they don’t undergo any chemical reaction or change their formulation, which could be dangerous for the consumers. These factors are expected to bode well for the market.
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“Sales of sustainable pharmaceutical cold chain packaging solutions are driven by the need for more ecological packaging with improved tracking. Steered by increasing demand, market players are expected to focus on strategic collaborations. This also will help them expand their footprint globally” says FMI analyst.
Key Takeaways from Pharmaceutical Cold Chain Packaging Market
- By packaging format, active packaging is expected to grow by 4.5x times by 2031.
- By product, the demand for large sized pallet containers is expected to increase at a CAGR of 16.6% during the period of 2021-2031.
- By material, paper is expected to create an incremental opportunity of US$ 10.5 Bn during the forecast period.
- By application, vaccine and diagnostics segment is expected to hold a value market share of 44.1% in 2021.
- By end use, vaccine packaging industry is expected register Y-o-Y growth of 17.1% in 2021.
- The U.S. pharmaceutical cold chain market is expected to reach a market value of US$ 7.0 Bn by 2031.
- India is expected to be the most lucrative market across South Asia
- China and Germany are expected to spearhead the growth of East Asia and Europe market during the forecast period.
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Market Landscape
Sonoco ThermoSafe, Cold Chain Technologies, Sealed Air Corporation, Nordic Cold Chain Solutions, Cryopak, CSafe Global LLC, TemperPack Technologies, Inc., Insulated Product Corp., Global Cooling, Inc., Envirotainer AB, va-Q-tec AG, EMBALL’ISO, Softbox Systems, Sofrigam SAS, DGP Intelsius LLC, Tempack Packaging Solutions SL, TOWER Cold Chain Solutions, Pelican BioThermal LLC, Blue Star Limited, BIOBASE Group, Andores New Energy Co., Ltd., Haier Biomedical Co. Ltd., Tamai Kasei Co., Ltd., Dhruvraj Syndicate, Valor Industries, KODIAKOOLER, WoolCool Ltd., and Allwin Roto Plast are few of the market players in the pharmaceutical cold chain packaging market.
Tier one market players hold 10% to 15% of the total global pharmaceutical cold chain packaging market. As per FMI, tier-1 players include Sonoco ThermoSafe, Sealed Air Corporation, and Nordic Cold Chain Solutions. Sonoco ThermoSafe is expected to contribute approximately 3 to 4% to the total pharmaceutical cold chain packaging market share.