Global Cold Chain Packaging Refrigerants Market Report and Forecast 2024-2032

Global Cold Chain Packaging Refrigerants Market Outlook

The global cold chain packaging refrigerants market size is projected to grow at a CAGR of 7.4% between 2024 and 2032.

Key Takeaways

• Lineage Logistics, a Michigan-based company, is the world's leading provider of refrigerated warehousing. In 2020, it generated over USD 1.4 billion in net revenue and had a capacity of over 46.5 million cubic meters in temperature-controlled space in North America.

• Maintaining the integrity of temperature-sensitive products is a critical function of the cold chain packaging refrigerants within the pharmaceutical logistics market.

• The cold chain industry had grown by 11% to a value of USD 19.1 billion by 2022.

Cold chain packaging refrigerants are materials that are used to maintain the temperature of products during transportation and storage. Cold chain packaging is essential for various sectors that require temperature-controlled products, such as pharmaceuticals, food, industrial, and even cosmetics and personal care products. Cold chain packaging refrigerants can be classified into three types: phase change materials (PCMs), dry ice, and gel packs. PCMs are substances that change their physical state from solid to liquid or vice versa at a specific temperature, thereby absorbing or releasing heat. Dry ice is solid carbon dioxide that sublimates into gas at low temperatures, creating a cooling effect. Gel packs are plastic pouches filled with water or other liquids that freeze and thaw at certain temperatures, providing a stable cooling source.

The cold chain packaging market outlook seems promising due to the increasing demand for temperature-sensitive products like vaccines, biopharmaceuticals, and fresh food in developing regions with inadequate cold chain infrastructure. Additionally, rising awareness and regulations on perishable goods' quality and safety are boosting the cold chain packaging refrigerants market growth. Technological advancements in eco-friendly refrigerants and the growth of e-commerce platforms facilitating global distribution of temperature-sensitive products are also driving the market.

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Key Trends and Developments

Rising demand for temperature-sensitive products and technological advancements in cold chain packaging refrigerants have resulted in cold chain packaging refrigerants market development

Global Cold Chain Packaging Refrigerants Market Trends

There is an increasing demand for temperature-sensitive products, such as vaccines, biopharmaceuticals, and fresh food, especially in developing regions. These products require strict temperature control and monitoring throughout the supply chain to maintain their quality, efficacy, and safety. The cold chain packaging refrigerants help to prevent the exposure of these products to extreme temperatures, humidity, and sunlight, which has led to greater demand for cold chain packaging refrigerants.

Moreover, the rising awareness and regulations regarding the quality and safety of perishable goods, which require proper cold chain management and compliance with international standards is aiding the cold chain packaging refrigerants market growth. The cold chain packaging refrigerants ensure that the products meet the regulatory requirements and specifications of various markets and customers, such as the World Health Organisation (WHO), the Food and Drug Administration (FDA), and the European Medicines Agency (EMA).

Furthermore, the technological advancements and innovations in the cold chain packaging refrigerants market, such as the development of eco-friendly, reusable, and smart refrigerants that can monitor and adjust the temperature of the products have increased the cold chain packaging refrigerants market size. These refrigerants are designed to minimise the environmental footprint and carbon emissions of the cold chain operations, along with enhancing the efficiency and reliability of the cold chain processes. Some of the emerging refrigerants include phase change materials (PCMs), vacuum insulated panels (VIPs), and radio frequency identification (RFID) sensors.

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Market Segmentation

Global Cold Chain Packaging Refrigerants Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Foam bricks hold a larger cold chain packaging refrigerants market share as they are recyclable, which helps in reducing adverse environmental impact

Cold chain packaging refrigerants can be classified into two main types: foam bricks and gel packs. Foam bricks are rigid blocks of expanded polystyrene (EPS) or polyurethane (PU) foam that are filled with water or a refrigerant solution. Gel packs are flexible pouches that contain a gel-like substance that can absorb or release heat depending on the ambient temperature.

The cold chain packaging refrigerants market report shows that foam bricks account for the largest share in the market due to their low cost, high thermal performance, and wide availability. Foam bricks are also recyclable and reusable, which reduces the environmental impact and the operational cost of cold chain packaging.

The report also shows that gel packs have the fastest growing cold chain packaging refrigerants market share due to their high flexibility, lightweight, and ease of use. Gel packs can conform to the shape and size of the products, which reduces the space and weight requirements of cold chain packaging. Gel packs are also easy to handle, store, and dispose of, which improves the convenience and efficiency of cold chain operations.

Pharmaceutical industries are positively influencing cold chain packaging refrigerants market dynamics due to increasing need for preserving the efficacy of biopharmaceuticals

Pharmaceuticals accounted for the largest share in cold chain packaging refrigerants market due to the increasing need for preserving the quality, efficacy, and safety of biopharmaceuticals, vaccines, blood products, and other medical products that require low-temperature storage and transportation. Some of the common types of cold chain packaging refrigerants used in this industry are phase change materials (PCMs), dry ice, gel packs, and liquid nitrogen. Some of the key cold chain packaging refrigerants manufacturers in the pharmaceutical segment are Sonoco ThermoSafe, Pelican BioThermal, Cold Chain Technologies, and Cryopak.

The food segment is experiencing significant growth, as per global cold chain packaging refrigerants market analysis. The growth can be attributed to the increasing consumption of perishable food products, such as fruits, vegetables, dairy, meat, seafood, and frozen foods, that require low-temperature storage and transportation to prevent spoilage and ensure food safety. Some of the common types of cold chain packaging refrigerants used in the food industry are ice packs, gel packs, wet ice, and dry ice. Ice packs and gel packs are used for transporting refrigerated food products, such as dairy, meat, and seafood. Wet ice is used for transporting fresh food products, such as fruits and vegetables. Dry ice is used for transporting frozen food products, such as ice cream and frozen meals.

Furthermore, the cold chain packaging refrigerants market in industrial segment is driven by the increasing need for transporting and storing temperature-sensitive industrial products, such as chemicals, paints, adhesives, and electronics, that require low-temperature storage and transportation to prevent degradation and damage. Some of the key factors that further influence the segment’s growth are rising industrialisation and the growing demand for speciality chemicals. Cold chain packaging refrigerants, such as dry ice, are widely used for transporting frozen industrial products, such as chemicals and electronics. Gel packs are used for transporting and storing refrigerated industrial products, such as paints and adhesives, whereas liquid nitrogen is used for transporting and storing ultra-low temperature industrial products, such as cryogenic materials and superconductors.

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Competitive Landscape

The market players are introducing high-quality refrigerants to stay ahead in the competition, further increasing their partnership and acquisition efforts to strengthen their presence

Other key players in the global cold chain packaging refrigerants market include Cyropack, among others.

Global Cold Chain Packaging Refrigerants Market Analysis by Region

Europe leads the market share due to favourable regulations for transportation and storage of temperature-sensitive products

The cold chain packaging refrigerants market in European region is driven by the strict regulations and standards for the transportation and storage of temperature-sensitive products, especially in the pharmaceutical and food sectors. The European Union (EU) has issued guidelines for the good distribution practice (GDP) of medicinal products for human use, which require the maintenance of appropriate temperature conditions throughout the cold chain. Similarly, the EU has also implemented the food safety and hygiene legislation, which mandates the application of the hazard analysis and critical control point (HACCP) system for the food industry, including the cold chain. These regulations create a high demand for reliable and efficient cold chain packaging solutions in Europe. Additionally, the rising consumer preference for fresh food products, such as fruits, vegetables, dairy, and meat, also fuels the cold chain packaging refrigerants market growth in this region.

North America cold chain packaging refrigerants market has also witnessed a high growth rate due to the increasing demand for temperature-sensitive products such as vaccines, biopharmaceuticals, and food and beverages. The presence of major players in the cold chain packaging industry, such as Pelton Shepherd Industries, Cryopak, and Sonoco Thermosafe, also contributes to the cold chain packaging refrigerants market growth in North America. Moreover, the adoption of advanced technologies such as phase change materials (PCMs) and vacuum insulated panels (VIPs) for cold chain packaging solutions enhances the efficiency and sustainability of the cold chain operations in this region.

The cold chain packaging refrigerants market estimates that Asia Pacific’s regional share is anticipated to grow at the fastest rate during the forecast period because of the population growth in emerging economies such as China, India, and Southeast Asian countries. This factor has led to an increased demand for perishable products, such as pharmaceuticals, vaccines, food and beverages, which require cold chain packaging solutions for their preservation and distribution. Furthermore, the growing investments and initiatives by the governments and private sector players in the development of cold chain infrastructure and facilities also support the cold chain packaging refrigerants market development in this region. For instance, in 2020, the Indian government announced a stimulus package of USD 22.5 billion for the Micro Food Enterprises (MFEs) sector, which includes the provision of subsidies for cold chain logistics infrastructure.

Key Highlights of the Report