Sales of Pharmaceutical Cold Chain Packaging to Increase at 14.9% CAGR through 2031: FMI
Pharmaceutical cold chain packaging will gain traction due to the expansion of pharmaceutical and healthcare industries. Sales of pharmaceutical cold chain packaging are expected to grow at a CAGR of 14.9% between 2021 and 2031, opines Future Market Insights.
Pharmaceutical Cold Chain Packaging Market
A recent market report published by FMI on the pharmaceutical cold chain packaging market ...
The global pharmaceutical cold chain packaging market is rendered fragmented by the presence of numerous companies. However, most of the key manufacturers primarily concentrate in India, China, and the U.S.
Impressive growth is on card for the market as new entrants are expected to establish their manufacturing units in developing nations such as India, Brazil, and Malaysia. Penetration is so low in the market that it would increase by ten folds in the forthcoming years.
Low production costs, easy access to labor, and easy availability of raw materials have attracted several market players to Asian countries. This trend also is visible in the pharmaceutical cold chain packaging market.
Demand for safe packaging materials is increasing in the pharmaceutical industry. Expansion of pharmaceutical delivery chains has fuelled the demand for solutions to allow storage of products in the prescribed cold temperature so that they don’t undergo any chemical reaction or change their formulation, which could be dangerous for the consumers. These factors are expected to bode well for the market.
Key Takeaways from Pharmaceutical Cold Chain Packaging Market
- By packaging format, active packaging is expected to grow by 4.5x times by 2031.
- By product, the demand for large sized pallet containers is expected to increase at a CAGR of 16.6% during the period of 2021-2031.
- By material, paper is expected to create an incremental opportunity of US$ 10.5 Bn during the forecast period.
- By application, vaccine and diagnostics segment is expected to hold a value market share of 44.1% in 2021.
- By end use, vaccine packaging industry is expected register Y-o-Y growth of 17.1% in 2021.
- The U.S. pharmaceutical cold chain market is expected to reach a market value of US$ 7.0 Bn by 2031.
- India is expected to be the most lucrative market across South Asia
- China and Germany are expected to spearhead the growth of East Asia and Europe market during the forecast period.
“Sales of sustainable pharmaceutical cold chain packaging solutions are driven by the need for more ecological packaging with improved tracking. Steered by increasing demand, market players are expected to focus on strategic collaborations. This also will help them expand their footprint globally” says FMI analyst.
Commencement of Inoculation Across the Globe will Improve the Pharmaceutical Cold Chain Packaging Market Demand
With the pressure to distribute the COVID-19 vaccine worldwide and to address the seasonal demand for flu shots, pharmaceutical companies are largely depending on cold chain packaging companies to deliver their products in a faster, convenient and hassle-free manner. It is improving the value of the cold chain packaging market and giving rise to innovations and technological advancements.
Collaborations and Integrations Among Key Players to Boost Market Demand
Due to the slight disruption in supply chain due to COVID-19, pharmaceutical companies are involving multiple players to fulfil delivery across the globe. With multiple companies involved, multiple touchpoints for delivery are created and the product could be easily tracked in this process. Several companies are integrating with logistic providers to create a special logistic chain that can carry the processes like warehousing, logistics, delivery and shipment with lower costs.
Sonoco ThermoSafe, Cold Chain Technologies, Sealed Air Corporation, Nordic Cold Chain Solutions, Cryopak, CSafe Global LLC, TemperPack Technologies, Inc., Insulated Product Corp., Global Cooling, Inc., Envirotainer AB, va-Q-tec AG, EMBALL'ISO, Softbox Systems, Sofrigam SAS, DGP Intelsius LLC, Tempack Packaging Solutions SL, TOWER Cold Chain Solutions, Pelican BioThermal LLC, Blue Star Limited, BIOBASE Group, Andores New Energy Co., Ltd., Haier Biomedical Co. Ltd., Tamai Kasei Co., Ltd., Dhruvraj Syndicate, Valor Industries, KODIAKOOLER, WoolCool Ltd., and Allwin Roto Plast are few of the market players in the pharmaceutical cold chain packaging market.
Tier one market players hold 10% to 15% of the total global pharmaceutical cold chain packaging market. As per FMI, tier-1 players include Sonoco ThermoSafe, Sealed Air Corporation, and Nordic Cold Chain Solutions. Sonoco ThermoSafe is expected to contribute approximately 3 to 4% to the total pharmaceutical cold chain packaging market share.
Pharmaceutical Cold Chain Packaging Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global pharmaceutical cold chain packaging market, analyzing historical demand from 2015-2020 and forecast statistics for 2021-2031.The study reveals growth projections on the pharmaceutical cold chain packaging market based on packaging format (passive packaging [single use or one way use packaging], product (small boxes, pallets [single pallet, double pallet], large sized pallet containers), material (polymer [polyethylene, polypropylene, PET, EPS, polyurethane, others], application (biologics and biological samples, vaccines and diagnostics, others), end use(diagnostic centers, clinical research organization, blood banks, vaccines packaging industry, pharmaceuticals, other healthcare units), across seven region (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East and Africa).
About Packaging Division at Future Market Insights
The Packaging division at FMI provides an in-depth historical analysis and granular projections of the global packaging market. Ranging from packaging materials to designs & formats, FMI has an exhaustive market research database, serving clients with unique offerings and strategic recommendations. With a repository of 750+ reports, the team analyzed the packaging industry comprehensively in 70+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help
About Future Market Insights (FMI)
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, and has delivery centers in the UK, 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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