As stated in our extensive report; providing insights on segments (Product, Material, Application and Region), key driving factors, key restraints; the Global Cold Chain Packaging Market accounted for USD 19.7 Billion in the year 2021.
Cold chain packaging is a type of system that involves the packaging and shipping of products that require a specific temperature to maintain their efficiency. Cold chain packaging solutions are responsible for the worldwide availability of food and health supplies for perishable products. The upward thrust in consumer demand for perishable food items, the boom of worldwide trade because of trade liberalization, and the expansion of the prepared food retail industry are some of the elements riding the boom of the market.
Temperature monitoring is a critical process in cold chain logistics to maintain product quality intact. Leading manufacturers in cold chain logistic providers’ is growing new products that could effectively address the technical issues that frequently arise in the course of cold chain transport.Advanced cold chain packaging possesses a remarkable ability to limit miscellaneous losses. Further, it results in the improvement of reliable delivery chains and allows for gaining extra profit margins.
“Key Factors Likely to Drive Growth of Cold Chain Packaging Market”
Increasing stringent regulations, consisting of the effective implementation of the Food Safety Modernization Act, power the market’s growth. Additionally, the growing demand for diverse industrial applications, including the medical devices and pharmaceutical industries, are vast individuals to the worldwide market.
But in recent times, the major restraining factor for the market is instability in polystyrene prices, due to the increased gap between demand and supply, which has led to a price surge that is likely to remain in the course of the forecast period. Also, the escalated cost of raw materials is boosting the overall cost of the final product.
Europe held the largest share in the Cold Chain Packaging Market and is expected to continue this trend in the forecast period.
Some of the key players in the Global Cold Chain Packaging Market include Cascades Inc., Cold Chain Technologies, Creopack, Cryopak A TCP Company, Intelsius, Pelican Products Inc., Softbox, Sofrigam, Sonoco ThermoSafe, Va-Q-tec and others.