💰 Market Growth Projection:
The global cold chain packaging refrigerants market is projected to grow from USD 1.61 billion in 2022 to an estimated USD 3.36 billion by 2032.
This growth is expected at a Compound Annual Growth Rate (CAGR) of 7.7% between 2023 and 2032.
🌎 Market Highlights:
North America Dominance:
North America commands a significant share of the market, holding 37% in 2021 (approx. USD 99 billion).
The region’s dominance is attributed to advanced logistics infrastructure, e-commerce demand, and stringent regulatory standards.
Asia’s Strategic Influence:
Asia plays a pivotal role in the cold chain industry, driven by economic growth, population expansion, and increased demand for temperature-controlled logistics.
Countries like China and India witness a surge in cold chain needs due to rapid industrialization and urbanization.
Gel Packs’ Dominance:
Gel packs are crucial in preserving temperature-sensitive goods during transportation, especially in pharmaceuticals and biotechnology.
Continuous innovations, including plant-based gel packs, enhance their sustainability and adaptability.
Impact on Global Food Trade:
Cold chain packaging is crucial for the food and beverage sector, ensuring the integrity and freshness of perishable products during transportation.
Approximately 90% of perishable products are transported using refrigerated containers, supporting global trade.
Pandemic Response:
Cold chain packaging plays a vital role in distributing temperature-sensitive medical supplies, especially COVID-19 vaccines.
The pandemic accelerates innovations in the cold chain industry to meet unprecedented demand.
🔄 Market Trends:
Shift Towards Sustainable Refrigerants:
Growing trend towards environmentally friendly refrigerants due to increased awareness and a focus on phasing out high-GWP refrigerants.
Advancements in Packaging Technology:
Innovations include intelligent packaging solutions with integrated sensors for real-time tracking of temperature conditions during transportation.
Online Grocery Services Surge:
Emergence of online grocery services drives increased demand for cold chain shipping services for punctual delivery of perishable goods.
E-commerce and Last-Mile Delivery Impact:
Growth of e-commerce influences the cold chain packaging market, requiring solutions for maintaining temperature integrity during last-mile delivery.
Focus on Energy Efficiency:
Increasing emphasis on energy-efficient refrigeration systems and packaging solutions to reduce environmental impact.
🌐 Regional Insights:
North America:
Dominant leader in the cold chain packaging refrigerants market, holding 37% market share in 2021 (approx. USD 99 billion).
Advanced logistics infrastructure, e-commerce demand, and regulatory standards contribute to its prominence.
Asia Pacific:
Emerging as a significant player, driven by economic growth, population expansion, and increased demand for temperature-controlled logistics.
Countries like China and India witness a surge in cold chain needs due to rapid industrialization and urbanization.
🔄Cold Chain Packaging Refrigerants Market Recent Developments:
- In March 2021, CHARLOTTE, N.C., announced a joint venture agreement with Watsco to buy Temperature Equipment Corporation (TEC), the Midwest’s largest Carrier distributor.
- In July 2021, Elanpro, one of India’s leading Commercial Refrigeration firms, recently merged with Icold Refrigeration Pvt. Ltd., a Cold storage company.
- In March 2022, Cold Chain Technologies, a portfolio company of Aurora Capital Partners and a leading global provider of thermal packaging solutions for the transport of temperature-sensitive products in the life sciences industry, announced today the acquisition of packaging Technology Group, an established manufacturer of sustainable, curbside-recyclable thermal packaging solutions in the life sciences industry.
- In July 2022, NewCold announced the acquisition of Frigoservice in Lisbon, expanding its service in a new market.
- In November 2023, Tower Cold Chain announced a new collaboration with ELPRO, a global pioneer in advanced monitoring systems for the pharmaceutical and life sciences industries.
📈 Cold Chain Packaging Refrigerants MarketMarket Segmentation:
Product Types:
Gel Packs, Dry Ice, Foam Bricks.
End Use:
Food & Beverage, Pharmaceuticals, Industrial.
Regions:
North America, Europe, Asia Pacific, LAMEA.
📆 Anticipated Infrastructure Expansion:
Infrastructure expansion is expected to drive increased cooling needs, leading to a surge in refrigerant demand and significant market growth.
🌱 Sustainability Focus:
Industry trends include a growing focus on sustainability, with a shift towards eco-friendly packaging solutions and reusable gel packs.
🔄 Impact of COVID-19:
The pandemic emphasizes the crucial role of cold chain packaging refrigerants in ensuring the safe and efficient distribution of temperature-sensitive medical supplies, particularly vaccines.