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As the pharmaceutical and healthcare industries grow, pharmaceutical cold chain packaging will gain popularity. According to Future Market Insights, sales of pharmaceutical cold chain packaging are predicted to expand at a CAGR of 14.9 percent between 2021 and 2031. The existence of multiple companies has fragmented the worldwide pharmaceutical cold chain packaging market. However, the majority of the major producers are concentrated in India, China, and the United States.

The market is likely to increase significantly as new players build manufacturing facilities in developing countries such as India, Brazil, and Malaysia. The market penetration is so low that it will expand tenfold in the future years.

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Several market companies have been drawn to Asian countries by low production costs, simple access to labour, and cheap availability of raw materials. In the pharmaceutical cold chain packaging market, this trend is also evident.

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

“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.

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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.

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Pharmaceutical Cold Chain Packaging Market by Category

Protective Packaging Market–The protective packaging Market demand remains positive with the market forecast to rise at a CAGR of 4.8% from 2021 – 2031

Garbage Bag Market–High-performance characteristics and excellent tensile strength are anticipated to increase the market share of HDPE garbage bags. This segment accounted for a revenue share of close to 30% in the garbage bag market in Europe in 2016 and is likely to gain more than 100 basis points by 2026.

Micro Perforated Films Packaging Market–Changing lifestyle and urbanization have contributed to an increase in demand for food packaging which has led to the expansion of global micro perforated films packaging market. High growth is expected to continue as favorable reimbursement policies by governments create a conducive environment for micro perforated films uptake.

North America PET Blow Moulder Market–The U.S. accounted for a revenue share of a little more than 70% in the North America PET blow moulder market in 2016 and is expected to gain 110 basis points by 2026. The U.S. is likely to witness a rapid Y-o-Y growth rate of close to 4% over the period of assessment.

Dual Ovenable Lidding Films Market–The dual ovenable lidding films market registered strong growth with worldwide revenues up 5.0% in 2021. A new forecast by Future Market Insights (FMI) estimates that revenue will nearly double between 2021 and 2031, reaching nearly US$ 134.8 Mn in 2031 at a ten-year compound annual growth rate (CAGR) of 5.6%.

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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The post Pharmaceutical Cold Chain Packaging Market Predicted to Expand at a CAGR of 14.9% by 2031 appeared first on Future Market Insights.

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