The refrigeration packaging market is expected to grow USD 10 Billion at a CAGR of 5.37% during the forecast period 2021-2027
Refrigeration Packaging Market is expected to grow USD 10 Billion at a CAGR of 5.37% during the forecast period, says market research future (MRFR). Refrigeration packaging is a cutting-edge technology that is largely employed in the food and beverage and life science and pharmaceutical industries. This technology has the potential to significantly improve the safety and quality of food. Additionally, refrigeration packaging is far more handy for consumers, contributing to shelf life extension and convenience. Global refrigeration packaging demand is increasing significantly, especially to the developing food and beverage and pharmaceutical industries. The current requirement to store mRNA COVID vaccines refrigerated, frozen, or ultra-cold, depending on the application, substantiates the market size.
Refrigeration packaging is increasingly being utilized to properly transport and store vaccines to a variety of new locations worldwide due to its effectiveness. Additionally, changing lifestyles and rising spending power promote the market's growth. Additionally, the development of novel refrigerated packaging methods propels the market upward.
The growing demand for effective packaging techniques for perishable goods propels the market forward. Additionally, there has been a shift in the traditional form of packaging, resulting in increased investment in packaging businesses to develop more attractive packaging solutions. Packaging technology advancements have a favorable effect on market share, helping manufacturers to boost their consumer strength and profit margins.
The key players of global refrigeration packaging market include 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.).
Rising demand to preserve milk in dairy shops will propel coolers demand over the projected timeframe. Diary companies are upgrading their existing capacities, and setting up cold storages along with the processing plant. This will generate the overall revenue over the forecast period. One challenge in the market is the volatility in raw material prices. The most common raw materials used in the manufacturing of packaged refrigeration, include aluminum, copper, and steel. These materials have volatile prices that affect the manufacturers, and the end-user segments. The expanding demand-supply gap in the last few years has led to the increase in the cost of raw materials.
The global refrigeration packaging market is segmented as North America, Europe, Asia Pacific, and rest of the world (ROW). Among these North America is expected to witness the fastest growth in Refrigeration Packaging as the people in the region are more inclined towards convenience products. The demand for meat, poultry & seafood packaging in the region is also expected to be driven, owing to factors such as demographic shifts and increase in global population. According to the North American Meat Institute (NAMI), the meat and poultry industry is the largest segment of U.S. agriculture. Total meat and poultry production in 2012 reached more than 93 billion pounds.
In this market study, analysts have estimated Asia Pacific to dominate the refrigeration packaging market during the forecast period. Factors such as the introduction of active and intelligent packaging solutions by vendors such as Amcor and the growing demand for flexible packaging will boost refrigeration packaging growth in this region during the forecast period.
Packaging is essential to any food product. It protects, promotes, informs and plays a key role in providing convenience to the consumer. Freezing is one of the easiest, quickest, most versatile and most convenient methods of preserving foods. Properly frozen foods maintain more of their original color, flavor and texture and generally more of their nutrients than foods preserved by other methods.
The report for Global Refrigeration Packaging Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.Recent Development
Tesco shops is planned to trial Apeel, a plant-based edible protective layer for fresh vegetables, in March 2022. It will be tested in approximately 80 stores to determine how it affects the shelf life of products such as oranges and lemons. Apeel is derived from the lipids and glycerolipids found in the peels, seeds, and pulp of fruits and vegetables, and forms a thin, edible 'peel' on the outside of produce. According to the manufacturer, the coating lowers the rate of water loss and oxidation, which are two of the key reasons of rotting.
|CAGR||5.37% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Packaging Material, Packaging Type, and End-user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||
Refrigeration packaging market is expected to record a substantial market valuation of USD 10 billion by 2030.
Refrigeration packaging market is projected to register a moderate 5.37% CAGR in the forecast period.
Increasing demand for milk preservation and frozen foods are expected to drive the growth of the market.
the fluctuations in raw material prices and impact on the environment is likely to hamper the growth of the market over the review period.
A few major market players operating in the Refrigeration packaging market are Amcor Limited (Australia), Bemis Company, Inc. (U.S.), Crown Holdings Incorporated (U.S.)., Ball Corporation (U.S.), among others.