Pharmaceutical cold chain packaging will gain traction due to the expansion of pharmaceutical and healthcare industries. Sales of pharmaceutical cold chain packaging are expected to grow at a CAGR of 14.9% between 2021 and 2031, opines Future Market Insights.
The global pharmaceutical cold chain packaging market is rendered fragmented by the presence of numerous companies. However, most of the key manufacturers primarily concentrate in India, China, and the U.S.
Impressive growth is on card for the market as new entrants are expected to establish their manufacturing units in developing nations such as India, Brazil, and Malaysia. Penetration is so low in the market that it would increase by ten folds in the forthcoming years.
Low production costs, easy access to labor, and easy availability of raw materials have attracted several market players to Asian countries. This trend also is visible in the pharmaceutical cold chain packaging market.
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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
- By packaging format, active packaging is expected to grow by 4.5x times by 2031.
- By product, the demand for large sized pallet containers is expected to increase at a CAGR of 16.6% during the period of 2021-2031.
- By material, paper is expected to create an incremental opportunity of US$ 10.5 Bn during the forecast period.
- By application, vaccine and diagnostics segment is expected to hold a value market share of 44.1% in 2021.
- By end use, vaccine packaging industry is expected register Y-o-Y growth of 17.1% in 2021.
- The U.S. pharmaceutical cold chain market is expected to reach a market value of US$ 7.0 Bn by 2031.
- India is expected to be the most lucrative market across South Asia
- China and Germany are expected to spearhead the growth of East Asia and Europe market during the forecast period.
“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.
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.
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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.
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