The demand for cold chain packaging solutions has increased significantly with the growing requirement from the food, beverages, and pharmaceutical industries. Growing consumer inclination toward cosmetics and personal care products has further fueled the sales of cold chain packaging. According to the Future Market Insights (FMI), the global cold chain packaging market is anticipated to grow at over 14.5% CAGR during the forecast period between 2020 and 2030.
The latest report by FMI provides a detailed analysis of the global cold chain packaging market, and its growth, scope, and potential during the forecast period between 2020 and 2030.
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KEY TAKEAWAYS
- Phase change cold storage products such as plates, micro capsules, bags, and balls continue to witness high demand
- Reusable packaging formats continue to outsell other variants
- Polymer to exhibit hegemony for being the most preferred material in the manufacturing of cold chain packaging
- The steady growth of the food industry will continue to create opportunities
- US will continue to be a lucrative market globally
- Germany, France, and China will witness steady sales through 2030
“The growth of the cold storage packaging industry is gaining momentum with the surge in demand from the food & beverages industry. While the advanced cold storage packaging solutions are being devised by manufacturers, the rise in demand from pharmaceuticals industry is further fueling the sales of cold storage packaging. The steady growth of the pharmaceutical industry will complement demand from traditional channels,” says an FMI analyst.
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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Who is Winning?
The key players in the global cold chain packaging market are experiencing fierce competition. In order to leverage the upcoming opportunities, they are started with launching diverse cold chain packaging solutions.
For instance,
- Pelican Products launched its new range of cold storage packaging solutions such as NanoCool Instantly Cooled Parcel, Dry Ice Parcel, and others in the last year
- Sonoco ThermoSafe launched its new extensive range of cold chain packaging solutions such as Durable Insulated Containers, Protective Cold Chain Packaging, and others in the last year