In 2023, it is predicted that the market for cold chain packaging would grow to $26.1 billion USD. It is anticipated to keep growing between 2023 and 2033 at a CAGR of 14.8%. In 2033, the market is anticipated to be worth US$103.7 billion. Cold chain packaging sales are anticipated to increase as the top 5 companies are predicted to hold 15% to 20% of the market in 2022.
Phase change cold storage products are expected to account for around 55% of all cold chain packaging items sold globally by the end of 2023. Growing phase shift cold storage has resulted from an increase in the demand for frozen food. It is mostly used for international imports and exports of frozen food.
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The worldwide packaging market, which is anticipated to be valued US$ 980 billion in 2023, is predicted to account for 2 to 3 percent of the cold chain packaging market. The global market’s sales in 2022 totaled US$22.8 billion.
The global cold chain packaging market is expected to generate an absolute dollar potential of US$ 80.9 billion over the next ten years due to increased commerce of temperature-sensitive products and soaring demand for temperature-controlled packaging.
As cold chain packaging manufacturers adopt cutting-edge technology to enhance safety and temperature monitoring, the target market may grow. The market for cold chain packaging is anticipated to grow by 4.0 times its current market value throughout the anticipated time frame.
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
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
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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Key Segments Covered In Cold Chain Packaging Industry Research
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
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