- Nov. 17, 2021
-- The global cold chain packaging market
size is anticipated to reach USD 63.1 billion by 2027, expanding at a CAGR of 19.4% from 2020 to 2027, according to a new report by Grand View Research, Inc.
The key drivers attributing to the market expansion include a significant boost in demand for cold chain packaging solutions from the pharmaceutical industry. Amidst the coronavirus pandemic, the trade and transit of temperature-
sensitive drugs, medicines, and test samples are drastically increasing. Along with the pharmaceuticals market, the packaging market is anticipated to witness significant growth. The overall market growth is profoundly influenced by the high demand for perishable goods worldwide and the availability of fresh food and frozen food supplies.
The Middle East and Africa market for cold chain packaging is anticipated to register the highest CAGR over the forecast period on account of significant improvements in material handling, warehousing, intralogistics, and supply chain solutions. The Asia Pacific regional market is estimated to witness a significant CAGR of more than 21% from 2020 to 2027.
The growth is attributed to the ever-increasing population, rapid industrialization, continued rollout of transportation and warehousing networks, and the rise in demand for processed and canned food items.
North America dominated the market for cold chain packaging (https://www.grandviewresearch.com/industry-analysis/cold-...
) in 2019 and is estimated to continue leading over the forecast period leveraging the high consumption rate of meat, processed food, and dairy products. Additionally, the regional market is highly fragmented with numerous market players, which has increased the regional market share. However, the current economic and political scenario has impacted industry growth. The trade conflict between the U.S. and China is expected to negatively impact the growth of the cold chain market in the U.S. In early 2018, China announced a 15% to 25% tariff on products imported from the U.S., including pork, fruits, wine, nuts, and vegetables.
This high tariff imposed on food and agriculture products is expected to hinder the regional market growth.Browse Full Report (Tables & Figures) @ https://www.grandviewresearch.com/industry-analysis/cold-... (https://www.grandviewresearch.com/industry-analysis/cold-chain-packaging-market?utm_source=Prlog&utm_medium=referral&utm_campaign=tushar-d_ict_17-nov-21&utm_term=cold-chain-packaging-market&utm_content=rd1)