-- A cold chain product is defined as any temperature-sensitive product, such as frozen foods, research samples, or pharmaceuticals. Cold chain packaging, is vital for maintaining the thermal integrity of temperature-sensitive products during transport. Cold chain packaging can use active or passive packaging methods. Active packaging configurations are usually leased containers that employ a power source, batteries or electricity, and a thermostat to control heating or cooling within the shipping container. Passive packaging configurations are manufactured containers that utilize insulated packaging such as polystyrene, polyurethane, or vacuum insulated panels and phase change materials (PCM) to maintain a desired temperature inside the shipping container.
The cold chain packaging market is expected to register a CAGR of 17.35% over the forecast period of 2019–2024. Minimizing wastage of food and food produces in the logistics has been a challenge for the end-users and has been a factor that has driven the market. For instance, according to a report by YesBank, in 2018, India witnesses nearly 4.6-15.9% wastage in fruits and vegetables annually, due to lack of modern harvesting technologies and cold chain infrastructure.
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- The rise in consumer demand for perishable food items, growth of international trade due to trade liberalization, and expansion of the organized food retail industry are some of the factors driving the growth of the market.
- Moreover, Online grocery shopping is gaining popularity in line with increasing penetration of the Internet and the subsequent rise in the number of tech-savvy consumers. For instance, sales of packaged food products are contributing significantly toward Amazon.com, Inc.’s online grocery sales in the United States.
- In another way, Current economic and political scenario has also played a crucial role in market growth. For instance, the trade conflict between the United States and China is expected to negatively impact the growth of the cold chain market in the United States. In March 2018, the United States imposed a 25% tariff on steel and 10% on aluminum imported from China. China, in turn, announced a 15-25% tariff on products imported from the United States, including fruits, wine, nuts, and vegetables. These high tariffs imposed on food and agriculture produce is expected to negatively affect market growth.
- 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 major market drivers. In addition, 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 ProMexico, the total production value of the global medical device industry was increased by almost 14% from 2015 to 2017 and by 2019 it is almost 1.3 times of 2015 production value.
- However, one key challenge in the cold chain packaging market is the rising cost of raw material. Polystyrene is the primary raw material used in built-up of cold chain packaging solutions. In recent times, instability in prices of polystyrene, owing to the increased gap between demands and supply, has surged the price and is likely to continue during the forecast period. Moreover, escalated raw materials cost further leads to raising the overall cost of the final product.
Competitive Landscape
The cold chain packaging market is consolidated due to a few players are having a large share in the market. Some of the major players are Cold chain Technologies, Sonoco Thermosafe, Sofrigram, Softbox Systems, Cryopak, Sealed Air Corporation, DGP Intelsius LLC., Amcor Plc, among others.
- April 2019 - Softbox, a provider of temperature control packaging for the life science and logistics industries, introduced a new concept to bring IoT and connected digital transformation to the pharmaceutical and clinical trial cold chain distribution. Softbox is leveraging emerging technologies and incorporating them into its temperature control packaging systems for day-to-day cold chain distribution. These technologies can help make better and quicker decisions, reduce waste in the supply chain and ultimately provide pharmaceutical companies and patients with medications on time, and in the best condition possible.
- February 2019 - Cryopak unveiled its new data logger with wireless capabilities: the CTL (Contactless Temperature Logger). The new addition to the company’s cold chain portfolio provides an efficient and advanced method in obtaining and syncing data with today’s mobile devices and computers.
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Key players listed in the Cold chain Technologies, Sonoco Thermosafe, Sofrigram, Softbox Systems Inc., Cryopak, Sealed Air Corporation, DGP Intelsius LLC., Amcor PLC
Few points from Table of Contents:
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growth in Pharmaceutical and Healthcare Sector to Boost the Market.
4.3.2 Increasing Consumer Demand for Perishable Food
4.4 Market Restraints
4.4.1 Rising Cost of Raw Material
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Bargaining Power of Buyers/Consumers
4.6.2 Bargaining Power of Suppliers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
Continued...
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