Yahoo Finance Refrigeration Packaging Market to Grow at 5.37% CAGR by 2027 | Market Research Future (MRFR)
Key Companies Profiled are Amcor Limited (Australia), Ball Corporation (U.S.), Bemis Company, Inc.(U.S.), Crown Holdings Incorporated (U.S.)., Graphic Packaging International, Inc.(U.S.), International Paper Company (U.S.), Pactiv LLC (U.S.), Sealed Air Corporation (U.S.), Sonoco Products Company (U.S.), and WestRock Company (U.S.), among others.
Pune, April 16, 2021 (GLOBE NEWSWIRE) -- Refrigeration packaging is an innovative technology primarily used in food & beverage and life science & pharma sectors. This technology has tremendous potential to improve food safety and quality. Also, refrigeration packaging is much more convenient for consumers, helping with extended shelf life and convenience. The global refrigeration packaging market is growing rapidly, witnessing the rising demand from the burgeoning food & beverages and pharmaceutical industries,
According to Market Research Future (MRFR), the global refrigeration packaging market is forecasted to reach more than USD 10 billion by 2027, growing at a 5.37% CAGR during the anticipated period (2020 – 2027). The recent need to maintain refrigerated, frozen, and ultra-cold mRNA COVID vaccine temperatures depending on the application substantiates the market size.
Due to their effectiveness, refrigeration packaging is now increasingly being used to safely transport and store vaccines to a number of new sites worldwide. Besides, changing lifestyles, alongside the increasing purchasing power, drive the growth of the market. Additionally, the emergence of innovative refrigeration packaging solutions commutatively propels the market growth.
The increased demand for effective packaging systems for perishable items provides impetus to market growth. There is also a change in the traditional form of packaging, which has resulted in fostering investments in packaging industries to bring about better and attractive packaging solutions. Advancements in packaging technologies positively impact the market share, allowing manufacturers to increase their consumer strength and profit margin.
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Furthermore, growing awareness towards health, food wastage concerns, and supply chain inefficiencies are other factors bolstering the market growth. On the flip side, high implementation costs and R&D investment requirements are major factors impeding the market's growth. To tackle such situations, manufacturers are focusing on product development with the minimum cost incurred and ensured quality.
Refrigeration packaging demand is estimated to rise drastically by 2027, driven by rapid advances in new technologies, temperature-sensitive drugs, and the growing emphasis on food safety during distribution. Many end-user verticals are increasingly forming strategic partnerships with refrigeration packaging manufacturers to meet greater cargo shipping demand.
Global Refrigeration Packaging Market –Segmentations
The refrigeration packaging market report is segmented into packaging material, packaging type, end-user, and regions. The packaging material segment is sub-segmented into paper & paperboard, plastic, metal, and others.
The packaging type segment is sub-segmented into boxes & cartons, bags & pouches, containers, bottles & jars, and others. The end-user segment is sub-segmented into Residential and non-residential (commercial). By regions, the market is sub-segmented into the Asia Pacific, Americas, Europe, and rest-of-the-world.
Global Refrigeration Packaging Market – Regional Analysis
The Asia Pacific region dominates the global refrigeration packaging market. The largest market share attributes to rising developments of active & intelligent packaging solutions and key industry players holding a substantial market share. Besides, the growing demand for flexible packaging in this region boosts the refrigeration packaging market growth.
Huge exports of fresh produce in China and India foster the market growth, offering increasingly lucrative opportunities to the refrigeration packaging industry and growing e-commerce industry in the region.
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Europe stands second in the global refrigeration packaging market. Market growth is driven by changing lifestyles and increasing nuclear family trends, boosting the region's frozen food demand. Additionally, the rising demand for convenience packaging allows the refrigeration packaging market in the region to grow rapidly.
Moreover, stringent government regulations for the packaging of edible items, growing demand for quality shelf-stable products packaging, and focus on less food wastage boost the market share in the region.
North America is another promising market for refrigeration packaging. People in this region are more inclined towards convenience and frozen food products. Furthermore, factors such as the augmenting demand for meat, poultry, seafood packaging in the region demographic shifts and increase in global population expand the refrigeration packaging market.
The North American Meat Institute (NAMI) reports that the meat & poultry industry is the largest segment of US agriculture, reaching more than 93 billion pounds production.
Global Refrigeration Packaging Market– Competitive Landscape
The global market of refrigeration packaging appears highly competitive, characterized by the presence of several notable players. To gain a larger competitive advantage, these players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and technology/product launch.
They make substantial investments to drive research & development projects and expansion plans. Manufacturers employ a continuous improvement strategy to analyze and update products, implement improvements, and launch new technologies to meet the changing consumer needs.
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Major Players:
Players leading the global refrigeration packaging market include Ball Corporation (US), Amcor Limited (Australia), Bemis Company, Inc.(US), Graphic Packaging International, Inc.(US), Crown Holdings Incorporated (US)., International Paper Company (US), Sealed Air Corporation (US), Pactiv LLC (US), WestRock Company (US), and Sonoco Products Company (US), among others.
Industry/Innovation/Related News:
Mar. 30, 2021 ---- Cold Chain Technologies LLC (the US), a leading global provider of reusable & single-use thermal packaging solutions for temperature-sensitive material shipments, announced its partnership with B Medical Systems (Luxembourg), a key manufacturer and global distributor of medical refrigeration and durable vaccine cold chain technology to bring end-to-end thermal shipping and storage solutions to the life science market.
The partnership expands Cold Chain Technologies' portfolio to include hand-carry transport solutions and active & passive temperature-controlled storage solutions such as medical-grade refrigerators, ultra-low freezers, and freezers.
Jan. 01, 2021 ---- SeaCube Containers LLC (the US), a leading company involved in buying, selling, managing, and leasing of shipping containers, announced the acquisition of 200 Carrier Pods monitored by Sensitech to address the anticipated rise in demand for refrigerated storage capacity and cargo visibility in support of COVID-19 vaccine distribution.
Carrier and Sensitech are part of Carrier Global Corporation, a provider of cold chain systems. These systems are designed to offer reliable deep-frozen container refrigeration performance with telematics, data analytics, and cargo monitoring capabilities.
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