To excel through the sturdy competition, the key market players are investing in product diversification
DUBAI, UAE / ACCESSWIRE / February 1, 2021 / FMI states in its recent study on cold chain-packaging market that the market will record a heightened CAGR of 14.5% through 2030. Demand for cold chain is estimated to increase especially due to the increased sales of conventional and packaged food.
"End-users are set to keep ramping up demand which in turn will create lucrative prospects for market players during the assessment period," says the FMI analyst.
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Cold chain Packaging Market - Important Highlights
- According to product type, Phase change cold storage products such as plates and microcapsules are estimated to lead the market during the forecast years.
- Reusable packaging is anticipated to show the highest growth during the years 2021-2031.
- The food and beverage sector will continue to be the prominent end-user of the cold chain market.
- The polymer is expected to be the most preferred material for the cold chain manufacturers for its ability to preserve freshness.
- North America led by the US is estimated to lead the global market due to its high investment in the food and agriculture industry.
Cold chain Packaging Market - Drivers Increase in the demand of the global food and beverage industry is one of the key drivers of the market.
- An increase in the number of the processed food sector is driving the growth further.
- Rising environmental concerns are expected to show an Increasing preference towards products made from eco-friendly ingredients which will drive the cold chain market of biodegradable products.
- Favorable government policies and guidelines around the world that are associated with the usage of natural ingredients are encouraging market growth.
Cold chain Packaging Market - Restraints
- High operational (manufacturing and sourcing) cost remain to be a key constraint for the market.
- As cooling units are unmovable, the location of the company is a major factor, and acquiring sufficient land in a populated place to build a cold storage facility is not easy for small players.
- Some government regulations often work as a challenging factor for the manufacturers
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COVID-19 Impact on Cold chain Market
The increase in the adoption of processed food is expected to propel the growth of the market. The cold chain market growth has heightened during the onset of the pandemic. The outbreak of COVID-19 has created a shift towards a well-organized retail market for preventing any further virus outbreaks as the world entered into a lockdown, consumers preferred to stock up products that have a better shelf life, thereby driving the growth of the market.
Competitive Landscape
The cold chain market players are leaning towards the expansion of the production facilities besides opting for strategic collaborations to attain a competitive edge. For instance, Pelican Products, Inc. has launched a new range of cold chain packaging solutions such as Single Use Cold Chain Parcels, Reusable Cold Chain Pallets in the last year. A few of the key companies functioning in the global market include Sonoco ThermoSafe, Pelican Products, Inc., Sofrigam SAS, Cryopak Industries Inc.
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About the Study
The study offers readers a comprehensive assessment of the cold chain market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type (Pallet Shippers, Foam Bricks, protective packaging, etc), source (orange, apple, lemon, and others), end-use (food and beverages, pharmaceutical, personal care & cosmetics, and others), and across key regions (North America, Latin America, Europe, China, Asia Pacific, Japan, Middle East & Africa).
Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Market Analysis
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation Trends
4. Key Success Factors
4.1. Product Adoption Analysis
4.2. Product USPs / Features
5. Global Cold Chain Packaging Market Demand Analysis 2015-2019 and Forecast, 2020-2030
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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MARKET ACCESS DMCC Initiative
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Report: https://www.futuremarketinsights.com/reports/cold-chain-packaging-market
Press Release Source: https://www.futuremarketinsights.com/press-release/cold-chain-packaging-market
SOURCE: Future Market Insights