Owing to the increasing demand for temperature-controlled packaging and rising trade of temperature sensitive products, the global cold chain packaging market is anticipated to reach USD 26.1 billion in 2023, according to a report by Future Market Insights.
Further, it is set to continue to expand at a CAGR of 14.8 per cent between 2023 and 2033. The market is likely to be valued at USD 103.7 billion in 2033, it said.
“With surging demand for temperature-controlled packaging and rising trade of temperature sensitive products, the global cold chain packaging industry is projected to create an absolute dollar opportunity of USD 80.9 billion in the next ten years,” the report said.
As per the report, top 5 businesses were estimated to control around 15-20 per cent of the market in 2022, which is expected to boost sales of cold chain packaging.
“Through the end of 2023, the category of phase change cold storage products is anticipated to represent around 55 per cent of all cold chain packaging products marketed globally. Demand for frozen food is rising, which has led to increasing phase change cold storage. It is mainly utilized for frozen food exports or imports worldwide,” it said.
It is also expected to hold around 2-3 per cent of the global packaging market, which is likely to be worth USD 980 billion in 2023. In 2022, revenue of the global market reached USD 22.8 billion.
The target market has a chance to expand as a result of cold chain packaging makers implementing cutting-edge technologies to improve safety and temperature monitoring. During the projected period, it is expected that the market for cold chain packaging will increase by 4.0 times its current market value.
Over the next ten years, the cold chain packaging industry is expected to be dominated by Europe. The region is predicted to account for about 28 per cent of global sales. Distribution of pharmaceuticals and food products throughout the region has increased the need for dependable cold chain packaging solutions.
Consumers and healthcare systems are putting a lot of pressure on the food and beverage and pharmaceutical industries to cut expenses. It would result in great pricing pressure on suppliers of packaging solutions. Customers are likely to favour products that maximize efficiency without sacrificing quality requirements, the report said.
“Despite having a strong knowledge about the need for cost reduction and environmental impact of packaging materials, several firms have been hesitant to enter the market for reusable, recyclable shipper containers. This is mainly attributed to numerous challenges involved in creating closed-loop or reverse logistics systems,” it noted.
