Categories: Press Releases

Cold Chain Packaging Refrigerants Market Size, Trends Outlook 2022-2032

๐Ÿ’ฐ 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.

๐ŸŒŽ Market Highlights:

North America Dominance:

North America commands a significant share of the market, holding 37% in 2021 (approx. USD 99 billion).

The regionโ€™s dominance is attributed to advanced logistics infrastructure, e-commerce demand, and stringent regulatory standards.

Asiaโ€™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 Packsโ€™ 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.

๐Ÿ”„ 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.

๐ŸŒ 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.

๐Ÿ”„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 Midwestโ€™s largest Carrier distributor.
  • In July 2021, Elanpro, one of Indiaโ€™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.

๐Ÿ“ˆ 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.

๐Ÿ“† Anticipated Infrastructure Expansion:

Infrastructure expansion is expected to drive increased cooling needs, leading to a surge in refrigerant demand and significant market growth.

๐ŸŒฑ Sustainability Focus:

Industry trends include a growing focus on sustainability, with a shift towards eco-friendly packaging solutions and reusable gel packs.

๐Ÿ”„ 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.

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