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
Every year, the lack of cold chain facilities in developing countries results in significant wastage of perishable food. For instance, during 2017-2018, nearly 120 million tons of vegetables and 11 million tons of fruits were wasted due to the absence of proper cold chain infrastructure. To overcome such losses, developing countries such as China and India are increasing their focus on implementing and establishing cold chain storage solutions. This is increasing the demand for reusable icepacks, which is contributing to the growth of the market.
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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, increasing environmental concerns and government regulations are compelling vendors to focus on the development of biopolymer-based plastics. These are made of renewable materials derived from corn, wheat, and sugarcane. The use of such materials is helping vendors to reduce emissions and overall carbon footprint. The emergence of eco-friendly products such as bioplastics is expected to have a positive impact on the growth of the global reusable icepacks market during the forecast period.
“Increase in the outsourcing of pharmaceutical manufacturing and rapid industrialization and economic growth in emerging markets are factors that are expected to further boost market growth during the forecast period”, says a senior analyst at Technavio.
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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 American region led the market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the North American 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
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