Year | Value |
---|---|
2023 | USD 16.36 Billion |
2032 | USD 25.2 Billion |
CAGR (2024-2032) | 4.92 % |
Note – Market size depicts the revenue generated over the financial year
The market for cooling and cold-storage materials is valued at about 16 billion dollars in 2023 and is expected to reach 25 billion in 2032, growing at a CAGR of 4.92% from 2024 to 2032. This growth reflects the strong demand for new packaging materials to ensure the integrity and safety of temperature-sensitive products in various industries, such as food and pharmaceuticals. The demand for cooling and cold-storage materials will continue to grow as the global economy recovers and expands, and the quality and safety of perishable goods are increasingly recognized. There are several factors driving this growth, including the development of material technology, which has led to the development of more effective temperature control and cold-storage solutions. E-commerce and home delivery have also led to an increased demand for temperature-controlled packaging to ensure the quality of products during transport. The leading companies in this market, such as Amcor, Sealed Air, and Sonoco, are actively investing in research and development to enhance their product offerings. Strategic initiatives, such as collaborations and alliances, have also reshaped the competitive landscape, enabling companies to take advantage of the growing market opportunities.
Regional Market Size
The global temperature-controlled packaging market is undergoing substantial growth across regions, driven by the increasing demand for temperature-sensitive products and the advancements in packaging technology. In North America, the market is characterized by a strong focus on innovation and sustainable practices, with a particular emphasis on the use of sustainable materials and smart packaging solutions. In Europe, a strong regulatory framework encourages energy efficiency and the reduction of waste, while in Asia-Pacific, rapid urbanization and a growing middle class are driving the demand for temperature-controlled products. In the Middle East and Africa, the food and beverage industry is expanding rapidly, thereby influencing the adoption of modern temperature-controlled solutions. Latin America is also becoming a major player in the market, as the expansion of cold chain logistics enhances market dynamics.
“Approximately 30% of food produced globally is wasted, much of which can be attributed to inadequate refrigeration and packaging solutions.” — Food and Agriculture Organization (FAO)
The global market for temperature-controlled packaging is expected to grow at a steady pace, driven by the increasing demand for temperature-sensitive products in various industries, including food and pharmaceuticals. This segment is expected to be driven by the growing demand for frozen and fresh foods and the implementation of strict regulations to ensure the safety and quality of products during transport. In addition, advancements in insulating materials and packaging technology have increased the efficiency of temperature-controlled packaging solutions. This market is currently in a mature phase, with companies such as ThermoSafe and Cold Chain Technologies focusing on developing new and improved packaging solutions. The main applications of temperature-controlled packaging are the transportation of perishable goods such as vaccines and fresh produce, where the preservation of the temperature is essential. This market is also influenced by trends such as the development of sustainable practices and the growing concern for food wastage. The development of phase-change materials and the Internet of Things has influenced the market, as these solutions ensure the safety of the goods and optimize the logistics chain.
The global market for refrigerated packaging is expected to show a CAGR of 4.92% from 2023 to 2032, rising from $16.36 billion to $25.2 billion. It is driven by the growing demand for temperature-sensitive products in many industries, such as food and pharmaceuticals. As consumers turn more and more to fresh and organic products, the demand for effective cooling solutions will increase, pushing the penetration rate to about 60% by 2032 from about 45% in 2023. A number of technological developments, such as the development of smart packages incorporating IoT technology, are expected to transform the field of refrigerated packaging. These innovations will improve the efficiency of the supply chain and the safety of the products, attracting investment and driving the market. Meanwhile, the adoption of sustainable materials will be driven by the stricter regulations on food safety and the reduction of food waste. Besides, the trend towards the integration of biodegradable and recyclability into the cold chain will also be favored by the companies' efforts to reduce the carbon footprint, in line with the sustainable development of the world.
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