Global Cold Chain Packaging Refrigerants Market Size almost Doubles to Cross USD 46.5 Billion by 2029

Published | 07 August 2023

Global cold chain packaging refrigerants market is flourishing because of an increasing demand for temperature-sensitive products and thriving biopharmaceutical industry.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global cold chain packaging refrigerants market size at USD 23.47 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global cold chain packaging refrigerants market size to grow at a significant CAGR of 12.09% reaching a value of USD 46.56 billion by 2029. Major growth drivers for the global cold chain packaging refrigerants market include the rising need for temperature-controlled logistics among various industries. The growing demand for biopharmaceutical products, along with the requirement for temperature-sensitive transit and storage, has resulted in a considerable increase in the pharmaceutical industry's use of cold chain packaging refrigerants. For example, African countries such as Nigeria have seen an increase in the supply of polio vaccines as a result of greater government backing in high-risk areas. Coolways, Creative Packaging Company, and Cryolux America are among market players that are actively involved in technology improvements in cold chain packaging storage and transit services. Their creative techniques and solutions help to ensure the integrity of the cold chain. However, the high cost of products is anticipated to restrain the overall market growth during the forecast period.

Global Cold Chain Packaging Refrigerants Market – Overview

The global cold chain packaging refrigerants market refers to the market for refrigerants used in the packaging and transportation of temperature-sensitive products, such as perishable foods, pharmaceuticals, and biologics. Cold chain packaging refrigerants are essential for maintaining the required temperature range during storage and transportation to ensure product quality, safety, and efficacy. The market includes various refrigerant options, such as gel packs, dry ice, phase change materials, and specialized cooling agents, which are designed to provide temperature control and thermal insulation for the packaged products throughout the supply chain. The market encompasses the production, distribution, and adoption of these refrigerants by industries involved in cold chain logistics and packaging.

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Impact of COVID-19 on Global Cold Chain Packaging Refrigerants Market

COVID-19 pandemic adversely affected the global cold chain packaging refrigerants market, resulting in supply chain disruptions, labor shortages, and decreased consumer demand. These challenges significantly reduced the demand for packaging refrigerants, mainly due to the disrupted distribution of food and beverage products. However, the distribution and supply of COVID-19 vaccines and other pharmaceuticals witnessed a surge in demand for packaging refrigerants in the coming years. For instance, on October 04, 2020, the Indian Ministry of Health had announced plans to distribute and administer approximately 400–500 billion vaccine doses within the country by July 2021. As a result, there was an increase in the demand for cold chain logistics to facilitate vaccine distribution, which will profoundly impact the market in the near future.

Global Cold Chain Packaging Refrigerants Market – By Application

On the basis of application, the global cold chain packaging refrigerants market is segmented into Pharmaceuticals, Food, and Industrial segments. The food segment held the highest market share in the global cold chain packaging refrigerants market by application in 2022. Cold chain packaging refrigerants play a vital role in preserving and ensuring the safety of food products during storage and transportation. With the perishable nature of many food items, these refrigerants are crucial in maintaining the required temperature range to prevent spoilage and maintain product quality. The increasing global food trade, demand for convenience foods, and the focus on reducing food waste further contribute to the prominence of the food application segment. By addressing the specific needs of the food industry, cold chain packaging refrigerants have secured the highest market share in the sector.

Competitive Landscape

Major players operating in the global cold chain packaging refrigerants market include Cold Chain Technologies, Blowkings, Sonoco Thermosafe, THERMOCON, Sofrigam, Creative Packaging Company, Nordic Cold Chain Solutions, Tempack, Cryopak, Coolways, Pelton Shephered Industries, Cryolux America, and The pack. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Cold Chain Packaging Refrigerants Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Cold Chain Packaging Refrigerants Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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