LONDON--(BUSINESS WIRE)--The global reusable icepacks market is expected to post a CAGR of around 8% during the period 2020-2024, according to the latest market research report by Technavio. Request for a free sample report
The lack of cold chain facilities in developing countries results in significant wastage of perishable foods every year. For instance, during 2017-2018, nearly 120 million tons of vegetables and 11 million tons of fruits were wasted due to the lack of proper cold chain infrastructure. To overcome such losses, developing countries such as China and India are increasing their focus on establishing and implementing cold chain solutions, which is driving the demand for reusable icepacks. Thus, the growing demand for cold chain solutions to reduce food wastage in developing countries will drive market growth.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40024
As per Technavio, the increasing adoption of environmental-friendly icepacks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Reusable Icepacks Market: Increasing Adoption of Environmental-Friendly Icepacks
Many corporates and manufacturing facilities are undertaking eco-friendly initiatives to increase the use of biodegradable plastics in packaging. In addition, factors such as growing environmental concerns and government regulations are compelling vendors to focus on the development of biopolymer-based plastics. Biopolymers are made of renewable materials derived from corn, wheat, and sugarcane. The use of bio-based plastics is also helping vendors reduce emissions and overall carbon footprint. The emergence of bioplastics is expected to have a positive influence on the growth of the global reusable icepacks market during the forecast period.
“Apart from the increasing adoption of environmental-friendly icepacks, growing outsourcing of pharmaceutical manufacturing and rapid industrialization and economic growth in emerging markets are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Register for a free trial today and gain instant access to 10,000+ market research reports.
Global Reusable Icepacks Market: Segmentation Analysis
This market report segments the global reusable icepacks market by product (ice/dry icepacks, refrigerant gel-based icepacks, and chemical-based icepacks), application (food and beverage, medical and healthcare, and chemicals), and geography (APAC, Europe, MEA, North America, and South America).
The North America region led the market in 2019, followed by APAC, Europe, South America, and MEA, respectively. During the forecast period, the North America region is expected to maintain its dominance over the global market. This is due to the high domestic production of fruits and vegetables and meat in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.