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The global cold chain packaging market is expected to be driven by increasing demand for cold chain goods such as medicines, vaccines, dairy, meat, fruits and vegetables, poultry, vaccines, biopharmaceuticals, etc. North America, Europe and Asia Pacific are expected to be key markets.
Efficient management of a cold chain supply line important to maintain the integrity of the goods as a breach in the chain could cause significant damage to perishable products, rendering them unusable. For example, in cold chain shipping of pharmaceuticals a fluctuation of over one or two degrees could spoil an entire consignment. Thus, cold chain packaging solutions are important for sectors such as pharmaceuticals, chemicals, and food and beverage.
Leading companies seek to provide advanced, effective and sustainable solutions. For example, in 2022, Cold Chain Technologies, LLC acquired Packaging Technology Group, LLC ("PTG"), a provider of sustainable thermal packaging solutions for the life sciences sector. The acquisition advanced Cold Chain Technologies’ commitment to eco-friendly packaging solutions.
In 2017, BillerudKorsnäs acquired a minority holding in California-based Vericool, Inc. The Swedish company focused on offering sustainable packaging materials that were profitable while reducing the overall environmental impact. Vericool offered sustainable and compostable packaging for cold chains in grocery and pharmaceutical markets.
In 2021, IPS Packaging & Automation (www.ipack.com) performed a key role in designing effective packaging solutions required to safely ship and distribute COVID-19 vaccines throughout the United States to quickly provide the vaccines to the masses. The packaging company’s portion of the vaccine protection solution was a component of the cold chain system, used for maintaining a product’s required temperature throughout transit, handling, and storage.
In 2021, Ranpak Holdings Corp. announced the acquisition of Recycold Cool Solutions BV (“Recycold”). Recycold Cool Packs are manufactured from a drain safe, plant-based gel. The acquisition of Recycold would bolster Ranpak’s position as a highly effective thermal solution provider in the marketplace.
Cryopak offers cold chain packaging solutions and refrigerants for temperature-sensitive pharmaceutical, biotech and life sciences shipments. The company also serves blood shipping, food packaging and fragile components electronics industries. Materials and manufacturing processes include a broad range of products from insulated shippers to phase change materials, refrigerant gel packs and temperature monitors. Offerings include Pre-Qualified Shippers (BloodSafe 22, TimeSaver™ 2-8°C, TimeSaver™ CRT, TimeSaver™ Dry Ice, Q-Pak Timesaver, BOXEDin), Insulated Containers (TemPak™ Fabricated Insulated Shipping Containers, TemPak™ Molded Insulated Shipping Containers, TemPak™ PIR Insulated Shipping Containers, TemPak™ PUR Insulated Shipping Containers, TemPak™ VIP Insulated Shipping Containers, Pur-Forma Solutions), Reusable Shippers (CryoCube Fabricated EPS, CryoCube Molded EPS, CryoCube PUR, CryoCube VIP), CryoArc Pallet Shippers [CryoArc Pallet Shipper, CryoArc Pallet Shipper Lite, CryoArc Pallet Shipper Plus, CryoArc Pallet Transporter (PUR), CryoArc Bulk Pallet Shipper – Transporter (EPS)], Sustainable Solutions [Cryopak EcoPak Solutions, CryoEco Solutions (Exclusive to Europe)].
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Market Analysis by Product, End-use and Others:
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