DUBLIN--(BUSINESS WIRE)--The "Cold Chain Packaging Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The cold chain packaging market is projected to witness a compound annual growth rate of 16.10% to grow to US$72.311 billion by 2026, from US$25.427 billion in 2019.
Companies Mentioned
- Sonoco Thermosafe
- Va-q-tec AG
- Sofrigam
- Creopack
- Softbox Systems, Inc.
- Sealed Air Corporation
- DGP Intelsius LLC.
- Vericool
- American Aerogel
- Mesa Labs
As the world is getting more and more globalized, the trade of all kinds of products has been increasing across the world, including products that have to be kept at a certain temperature, which is anticipated to have a positive impact on the cold chain packaging market growth.
Furthermore, the healthcare industry has been growing across the world, with an increase in the number of patients and an increased healthcare expenditure by several nations. According to the data from OECD, the healthcare spending of Germany has increased from 5,670.6 US dollars per capita in 2016 to 6,518 US dollars per capita in 2019.
Similarly, other nations have been increasing their healthcare spending which is boosting the demand for cold storage of medicines from the healthcare sector. This is anticipated to have a positive impact on the cold chain packaging market in the coming years. Moreover, the growing consumption of processed foods is another major factor projected to bolster the market growth during the forecast period.
Rising consumption of processed food
The cold chain packaging market is expected to surge in over the forecast period owing to the increasing demand for processed food and the consequent growing consumption in many parts of the world. As the world is getting more and more urbanized, the diet patterns of the consumers have been changing. With the upsurge of busy lifestyles of people with the increase in urbanization, industrialization, and corporate culture, more and more consumers now look for ready-made, packed, and processed foods. As many processed food requires them to be at a specific temperature in order to maintain their optimum quality, the demand for cold chain packaging has been increasing with the increased demand for processed foods.
According to World Obesity Federation, the consumption of ultra-processed food products in Central and East Asia has increased from nearly 40 kg per capita in 2010 to around 42 kg per capita in 2016. As per the data from WOF, the consumption of processed foods in both Latin America & the Caribbean and North Africa & Middle East regions has increased from around 20 kg per capita in 2002 to more than 30 kg per capita in 2016. The consumption of processed foods is further expected to continue in the coming years as well and is projected to propel the growth of the cold chain packaging market during the forecast period.
COVID-19 Insights
The outbreak of the SARS-COVID-19 virus had a positive impact on the market growth. The pandemic had led to an increase in the demand for medicines and other pharmaceutical products, worldwide. With the introduction and the rising demand for COVID-19 vaccines, worldwide, there has been a surge in the adoption of cold chain packaging services and solutions. Several companies, such as Pfizer and others, had stated that their vaccines need to keep at lower temperatures.
According to the International Federation of Pharmaceutical Manufacturers and Associations, till December 2020, around 78 COVID-19 vaccines had been in clinical trials. The number had been expected to surge in the year 2021. The increasing preference and demand for refrigerated vaccines, due to their better output, had a positive impact on the cold chain packaging providers, worldwide.
Moreover, pharmaceutical companies had been outsourcing the cold chain capabilities to contractors, worldwide. The market is further expected to surge in the year 2021, as the vaccination pace had surged, and the opening up of the economy and the lifting up of lockdown restriction, had a positive impact on the global food & beverage sectors, worldwide.
Market Segmentation:
By Product
- Insulated Containers & Boxes
- Cold Packs
By Application
- Fruits and Vegetables
- Dairy Products
- Processed Food
- Healthcare Packaging
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
- Middle East and Africa
- Saudi Africa
- Saudi Arabia
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Thailand
- Taiwan
- Indonesia
- Others
For more information about this report visit https://www.researchandmarkets.com/r/5tfw2g
