Cold Chain Packaging Global Market Report 2022| MENAFN.COM

Saturday, 24 September 2022 08:18 GMT

Cold Chain Packaging Global Market Report 2022

(MENAFN- GlobeNewsWire - Nasdaq)

New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- announces the release of the report 'Cold Chain Packaging Global Market Report 2022' -
, Creopack and Cascades Inc.
The global cold chain packaging market is expected to grow from $21.73 billion in 2021 to $24.54 billion in 2022 at a compound annual growth rate (CAGR) of 12.94%. The cold chain packaging market is expected to reach $39.89 billion in 2026 at a CAGR of 12.92%.
The cold chain packaging market consists of sales of cold chain packaging products by entities (organizations, sole traders, and partnerships) that are used to maintain the temperatures of sensitive products.Cold chain packaging is a packaging system designed to maintain temperature-sensitive payloads at the correct temperature like cold, warm, frozen and others.
Three basic types of cold chain packaging systems available are active, passive and hybrid.
The main types of products of cold chain packaging include crates, insulated containers and boxes, cold packs, labels and temperature-controlled pallet shippers.The crates refer to a large boxes made of wood, plastic, or metal, used for storing or transporting things that could be temperature controlled.
The various types of material used in cold packaging include expanded polystyrene (EPS), vacuum insulated panel (VIP) solutions and polyurethane (PUR). Their main applications of cold chain packaging includes fruits and vegetables, fruit and pulp concentrate, dairy products, fish, meat and seafood, processed food, pharmaceuticals and bakery and confectionaries.
Western Europe was the largest region in the cold chain packaging market in 2021. The regions covered in the cold chain packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The cold chain packaging market research report is one of a series of new reports that provides cold chain packaging market statistics, including cold chain packaging industry global market size, regional shares, competitors with an cold chain packaging market share, detailed cold chain packaging market segments, market trends and opportunities, and any further data you may need to thrive in the cold chain packaging industry. This cold chain packaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Rapid urbanization is expected to propel the growth of the cold chain packaging market during the forecast period.Urbanization over the past years has led to urban development as cities and other urban areas require a new and much greater amount of resources to keep up with the increasing population and their demands.
While the rising population is triggering demand for food products, changing lifestyles are prompting consumers to opt for processed and easy-to-eat food items.Processed food items such as frozen fruits and vegetables, dairy products, seafood, and meat have high demand across the world.
Such food items require efficient packaging in transit and storage which is done with the help of cold chain packaging. For instance, as of 2021, nearly 4.46 billion people live in urban areas globally. This urban population is expected to grow to 6.68 billion by 2050. Thus, rapid growth in urbanization will drive the market growth.
The increasing focus on sustainable cold chain packaging is a key trend gaining popularity in the cold chain packaging market.Companies have invested in CO2-efficient transport methods but are losing about 20% because of inefficient cooling methods that are not fully sustainable.
Major cold chain packaging companies are investing in reusable, multi-use, materials-based temperature-controlled packaging solutions.Sustainable packaging products are cheap in the long term because they can be reused and offer environment-friendly options with fewer CO2 emissions, which is beneficial with governments setting regulations to reduce carbon emissions.
For instance, in January 2022, Packaging Technology Group (PTG), a provider of thermal packaging solutions and services for the biopharmaceutical and life sciences sector announced the cold chain industry's first extended-duration, a curbside recyclable thermal shipper that maintains 2-8°C for 72 hours.
In March 2022, Cold Chain Technologies LLC, a US-based packaging company acquired Packaging Technology Group, LLC for an undisclosed amount for environmentally sustainable packaging including cold chain packaging.The acquisition is expected to strengthen Cold Chain Technologies' portfolio and deliver a broader suite of innovative solutions to customers around the globe.
Packaging Technology Group LLC is a US-based company founded in 2005 that designs and manufactures sustainable packaging for the biopharmaceutical and life sciences industry.
The countries covered in the cold chain packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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