February 14, 2022 05:02 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Feb. 14, 2022 (GLOBE NEWSWIRE) -- The global cold chain packaging materials market size was USD 7.74 billion in 2020. The market is projected to grow from USD 8.19 billion in 2021 to USD 13.17 billion in 2028 at a CAGR of 7.0% during the 2021-2028 period. This information is published by Fortune Business Insights™, in its report, titled, “Cold Chain Packaging Materials Market, 2021-2028.”
According to our analysts, the intensifying demand for cold chain packaging products, especially in the pharmaceutical sector is navigating the global market growth. Moreover, the upsurge in amount of operations that encompasses a precise EPS based packing for movement of vital body organs is resulting in boosted approval of progressive material utilized in cold chain packaging. Also, developing technological progressions in the medical field is resulting in augmented usage of these supplies in order to produce appropriate cold chain packaging solutions. This is expected to bolster the cold chain packaging materials market growth during the forecast period.
Restrictions on Movement amid Pandemic Disrupted Supply Chain Cycle of Goods
Several nations, counting India, Germany, China and the U.S. too, enforced travel constraints, restraining the movement of both people as well as supplies, consequently out coming in commotion of supply chain of cold chain packaging materials producers. Furthermore, the income production of numerous industries has been severely distraught owing to the COVID-19 outbreak.
Nevertheless, regardless of the inconsistent situation occurred amid the COVID-19 pandemic, the shipping and logistics for food and pharmaceutical industries remained functioning on account of their status being of as indispensable products.
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List of Key Players Covered in the Cold Chain Packaging Materials Market Report
We follow a comprehensive research methodology that focuses majorly on offering accurate information. Our researchers have used a data triangulation technique which would help us to provide authentic estimates and gauge the overall market dynamics. Besides, our analysts gained access to several global and regional paid databases for delivering the latest information so that you can invest only in the crucial zones.
On the basis of materials, the global market is fragmented into expanded polystyrene (EPS), polyurethane (PUR), paper & paperboard and others. In terms of region, the global market is further segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
On the basis of application, the market is bifurcated into food, pharmaceutical, and industrial. The food segment held the maximum market shares in 2020. The growth of this segment is linked with the boosted volume of the food shipped across the globe.
Surging Food Delivery Facilities to Thrust Market Growth of Cold Chain Packaging Solutions
Cold chain packaging conducts an essential role in safeguarding the eminence of the food that is being shipped to lengthy distances all across the world. The packaging is implemented in numerous food logistics in order to minimize food waste and maintain the quality. Moreover, the hectic routine of consumers, where they desire to get the food provided at their house without having to step out, combined with the upsurge in the fad of following a healthy regime has resulted in increased demand for garden-fresh and packed food. This is expected to steer the demand for cold storage devices and packaging solutions.
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Furthermore, the rising demand for treated & cold poultry food items in various regions has powered the market growth. Consequently, to suffice the growing demand for food from the rising population, is escalating the consumption of cold chain packaging solutions intended to regulate the food wastage as well as sustain food demand over lengthy distance. Therefore, these aspects are expected to stimulate the demand for cold chain packaging materials during the mentioned timeframe.
Europe to Hold the Lion’s Share During Forecast Period
Europe held the maximum cold chain packaging materials market shares and was worth USD 2.47 billion in 2020. The region captured the uppermost rank in market in 2020 and is anticipated to continue in its dominating position throughout the mentioned period. The domination is predominantly accredited to the severely fluctuating temperature summary from nation to nation, perceiving great demand for progressive packaging resources, and temperature surveying solutions.
Asia Pacific is rising at a rapid pace owing to the prompt economic expansion, sudden rise in population, and increasing disposable income. Shifting lifestyle options, and hectic work timetables have amplified the demand for frozen foods in the region.
In North America, the U.S. is the principal contributing nation towards the market growth owing to the surging technological improvements, and well-settled supply chains, escalates the demand for cold chain packaging solutions in the region.
Mergers with Local Cold Chain Packaging Companies to Boost Presence of Vital Players
The competitive scenario of the market is scattered. The important players are implementing tactics such as mergers and collaborations to escalate their existence in the market. Corporations are associating with local cold chain packaging companies in order to boost their regional existence. Additionally, top players are concentrating on delivering ecological and tailored packaging solutions to expand their product portfolio.
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May 2021: The International Paper Company traded its business of Olmuksan to Mondi Group for USD 78.5 million. The Olmuksan business comprises of five ridged packaging units containing about three hundred thousand tons of yearly adapting volume.
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