New research has found the cold chain packaging market has grown significantly and will continue its incline of growth over the next decade.
The report by Future Market Insights (FMI) showed the demand for cold chain packaging solutions has steadily increased with the growing requirement from the food, beverages and pharmaceutical industries.
FMI predicts the market to grow at more than 14.5% CAGR during the forecast period between 2020 and 2030.
“The growth of the cold storage packaging industry is gaining momentum with the surge in demand from the food and beverages industry,” an analyst from the report said.
Cold chain packaging solutions are widely used in the food and beverages industry as they provide product with the proper refrigeration during the transport and distribution of the food and beverages while preserving the quality.
During the height of the COVID-19 pandemic, as other industries witnessed waning demand, the food and beverage industry continued to post gains in many countries. Further, as supply chains relied on e-commerce, demand for efficient storage and packaging quickly grew.
The rise in environmental concern across the global supply chain has also brought about changes in the cold chain packaging industry.
Considering the changes brought about by the COVID-19 pandemic, it is likely that demand for cold chain packaging will continue to grow over the decade, the report said.
Image credit: ©stock.adobe.com/au/Robert Wróblewski