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Pharma sector, FMI report says, is quickly growing, due to globalization and development of low-cost medications.
A new report conducted by Future Market Insights (FMI) notes that this year’s cold chain packaging market is worth $26.1 billion. By 2033, it is expected to nearly quadruple, reaching more than $103.7 billion. This equals a compound annual growth rate (CAGR) of 14.8%. The report also notes that the increase is influenced by the global distribution of pharmaceuticals—mainly throughout Europe—along with the rise of low-cost medication entering the market. The need for supplies to be shipped at a specific temperature is also a factor.
As numerous companies prepare to unveil different types of measures to track vaccine waste, their initiatives concentrate on the safe handling and delivery of these vaccines. As a result, third-party logistics (3PL) providers have introduced several cold chain packaging solutions to the market, which has provided a boost.
These supplies require proper assembly before being shipped out and delivered. According to FMI, adopting cold chain packaging solutions for the transportation of temperature-sensitive goods allows for flexibility in routing and simplicity in handling.
The report also presents other cold chain packaging market takeways, including that the insulated containers segment by product type is expected to hold more than one-third of the cold chain packaging market share by this year; meanwhile, Germany’s cold chain packaging market is likely to surge 3.6 times its present rate in the assessment period.
“Lightweight shippers that provide high volume efficiency tend to offer financial benefits, such as low transportation cost due to low shipping weight,” comments an FMI lead analyst. “To reduce overall cost, manufacturers should select shippers with high payload capacity. Reusable cold chain packaging helps in reducing cost per use and enhances profitability margins for manufacturers.”