Refrigeration packaging market to grow at 5.37 percent by 2027

Refrigeration packaging is an innovative technology primarily used in food and beverage and life science and 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 and 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 percent 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.

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 and paperboard, plastic, metal, and others.

The packaging type segment is sub-segmented into boxes and cartons, bags and pouches, containers, bottles and 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 and 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.

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.

Global Refrigeration Packaging Market– Competitive Landscape:

The global market of refrigeration packaging appears highly competitive, characterised by the presence of several notable players. To gain a larger competitive advantage, these players incorporate strategic initiatives such as mergers and acquisitions, collaboration, expansion, and technology/product launch.

They make substantial investments to drive research and development projects and expansion plans. Manufacturers employ a continuous improvement strategy to analyse and update products, implement improvements, and launch new technologies to meet the changing consumer needs.

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