by Cold chain packaging solutions help maintain temperature-sensitive products within a regulated temperature range to extend their shelf life. Pharmaceutical drugs require precise temperature-controlled supply chain, which demands specialized cold chain packaging solutions ranging from insulated packaging, refrigerants, temperature monitoring devices to logistics. Cold chain packaging plays a vital role in ensuring medications and vaccines are delivered safely and retain their integrity. The global pharmaceutical industry has witnessed significant growth over the past few years owing to rising prevalence of chronic diseases, an aging population, and growing demand for biologics and biosimilars. Cold chain packaging solutions help extend the shelf life of drugs and reduce spoilage during transit or storage. The ability to transport and preserve temperature-sensitive drugs at constant thermal conditions boosts product availability across geographies.
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 key trends:
One of the key trends in the Global Cold Chain Packaging Market Size is the rising adoption of smart cold chain solutions. Smart cold chain uses advanced technologies such as IoT sensors, RFID tags, and telematics to monitor shipments in real-time. These solutions automate status updates, sending alerts when temperatures go out of range. They provide end-to-end visibility of cold chain packaging performance to improve efficiency. Pharmaceutical companies are increasingly implementing smart cold chain packaging to reduce spoilage during transportation of temperature-sensitive drugs. The need to streamline logistics, improve compliance, and eliminate manual processes is propelling the demand for smart cold chain packaging solutions across the pharmaceutical industry.
Porter’s Analysis
Threat of new entrants: Low capital requirement and availability of raw materials has increased threat of new entrants in the cold chain packaging market.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and undifferentiated products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and differentiated products.
Threat of new substitutes: Substitutes like insulated containers and refrigerated trucks pose moderate threat to cold chain packaging products.
Competitive rivalry: Market comprises few global players and local fragmented players leading to high competitive rivalry.
Key Takeaways
The global cold chain packaging market is expected to witness high growth over the forecast period of 2023 to 2030. 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.
North America currently dominates the market owing to strict regulations regarding shipment of temperature sensitive drugs and food products. Asia Pacific is expected to witness fastest growth on account of growing pharmaceutical and food industries in countries like India and China.
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. These players are focusing on new product launches, mergers, acquisitions and expansions to strengthen their distribution network and market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
