Pharmaceuticals fueling the growth of Cold Chain Packaging Market

 

Cold Chain Packaging Market

The global Cold Chain Packaging Market is estimated to be valued at US$ 26.94 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Cold chain packaging offers protective solutions for perishable pharmaceutical, food, and chemical products that need to be transported and stored at controlled temperatures. It helps maintain the quality and integrity of such temperature-sensitive products through specialized insulated containers and refrigerants.

Market key trends:

One of the key trends driving the cold chain packaging market growth is the rising demand for convenient packaging formats from the pharmaceutical industry. Growing popularity of biologics and cell & gene therapies that require specialized packaging and transport at controlled temperatures is fueling the need for innovative cold chain solutions. Developing markets such as Asia Pacific and Latin America with significant investments in healthcare infrastructure also present lucrative opportunities for cold chain packaging manufacturers.

Segment Analysis

The cold chain packaging market is segmented by type into passive and active packaging. The passive packaging segment dominates the market and accounts for around two-thirds of the total market share. This is because passive packaging uses inexpensive packaging materials that do not require an external energy source to function. Some common types of passive packaging include insulated shippers and insulated containers or boxes that use materials like foamed plastic, gel packs, insulation bubbled wrapping to maintain recommended temperatures.

Key Takeaways

The global cold chain packaging market is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing demand for temperature-sensitive drugs and biologics.

Regional analysis - North America dominates the cold chain packaging market owing to high demand from the pharmaceutical industry in the US and Canada. Asia Pacific is expected to grow at the highest CAGR during the forecast period due to rising healthcare industry and increasing expenditure on temperature-controlled logistics in emerging countries like China and India.

Key players operating in the cold chain packaging market are Pelican BioThermal LLC, Sonoco Thermosafe, Cold Chain Technologies Inc., Cryopak, Sofrigam Company, Intelsius (A DGP Company), Coolpac, Softbox Systems Ltd, Clip-Lok SimPak, and Chill-Pak. The global cold chain packaging market size is estimated to reach US$ 26.94 Billion in 2023.

Key Takeaways

The global cold chain packaging market is segmented by type into passive and active packaging. The passive packaging segment dominates the market and accounts for around two-thirds of the total market share due to its inexpensive cost.

The cold chain packaging market size is expected to grow at a CAGR of 9.7% during the forecast period and reach US$ 26.94 Billion in 2023. North America currently dominates the market owing to high demand from the pharmaceutical industry.

Key players operating in the market include Pelican BioThermal LLC, Sonoco Thermosafe, Cold Chain Technologies Inc., Cryopak, Sofrigam Company, Intelsius (A DGP Company), Coolpac, Softbox Systems Ltd, Clip-Lok SimPak, and Chill-Pak. Asia Pacific is expected to be the fastest growing region during the forecast period.

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https://www.dailyprbulletin.com/cold-chain-packaging-market-size-share-growth-outlook-2023/

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