(I-BusinessNews.Com, November 08, 2019 ) Market Overview
• A cold chain is a temperature controlled supply chain. It is a series of activities such as refrigerated production, storage, and distribution, along with associated equipment and logistics, which maintain the desired low-temperature.
• The quality of service in cold chain majorly depends on the increasing investments in modern technology and equipment, especially the cold chain packaging solution. Over the last decade, highly competitive markets, such as pharmaceutical market is facing economic hardships, and hence, companies were looking for different methods to improve product packaging strategies through effective packaging techniques such as cold chain packaging.
Market Dynamics
• Growing stringent regulations such as the effective implementation of the Food Safety Modernization Act towards the requirement of a cold storage warehouse to preserve food is one of the primary market drivers.
• Also, the rising demand from various industrial applications such as medical devices, pharmaceuticals industries are the major contributors to the global cold chain packaging market.
• For instance, according to ProMéxico, the total production value of the global medical device industry was increased by almost 14% from 2015 to 2017, and by 2019 it is nearly 1.3 times of 2015’ production value.
• Polystyrene is the primary raw material used in cold chain packaging. The scarcity of polystyrene increased the demand and surged its price; thus, lead to an increase in the overall cost of the final product. This is one of the major factors that hinders market growth.
Market Segmentation
• Based on the application the global cold chain packaging market is broadly segmented as pharmaceuticals, frozen food, medical devices, and others. Among all these, pharmaceuticals accounted for the significant share owing to its increasing applications in supply & logistics of biopharmaceuticals, clinical trials, vaccines, and others.
• In the forecast period, frozen food application is expected to grow at the highest CAGR owing to an increase in demand for packed food and importing & exporting of seafood.
• For instance, according to Agriculture and Agri-Food Canada, during the period 2008- 2012, frozen processed fish and seafood sales grew by 8.2%, and the market grew at a higher pace than the historical period (2008-2012) during 2013–2017.
Geographical Analysis
• By geography, the market is segmented into North America, South America, Europe, Asia-Pacific, and Middle East & Africa. North America occupies the dominant share in the cold chain packaging market and is expected to grow at a CAGR of XX% in the forecast period owing to continuous growth in demand for cold storage medicinal products used in the healthcare industry.
• Also, the improvement in the shipping and warehousing of pharmaceutical products is driving the market further. For instance, according to pharmaceutical commerce study, the expenditure on cold chain logistics, transportation, and packaging in this region reached to USD 3.7 billion in 2018.
Competitive Trends
• Significant players in the global cold chain packaging market are Cryopak Industries Inc., Cold Chain Technologies, Inc., Americold Logistics, Dgp Intelsius LLC., Burris Logistics, CCL Industries., Sealed Air Corporation, Interstate Warehousing, Softbox Systems Ltd., Clondalkin Group., Swire Cold storage, Agro Merchant Group, Cloverleaf Cold Storage, Henningsen Cold Storage, and others. The diversified product portfolio is the primary factor that is responsible for strengthening the position of these companies in the market.
• Also, they have been adopting key strategies, such as new product developments, acquisitions, and expansions, to increase their share in the cold chain packaging market.
• For instance, in January 2019, Americold logistics one of the world’s largest operator of temperature-controlled facilities and infrastructure acquired privately-held PortFresh Holdings, LLC one of a leading temperature-controlled operator servicing fresh produce trade primarily through the Port of Savannah.
• In November 2018, Intelsius launched a website and E-Commerce platform which helps in improved navigation, for cold chain and sample transport packaging solutions.
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