The reusable icepacks market is expected to grow by USD 753.71 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled Global Reusable Icepacks Market 2020-2024 (Graphic: Business Wire)
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Every year, the lack of cold chain facilities in developing countries results in significant wastage of perishable foods every year. For instance, during 2017-2018, nearly 120 million tons of vegetables and 11 million tons of fruits were wasted due to the absence of proper cold chain infrastructure. To overcome such losses, developing countries such as China and India are increasing their focus on implementing and establishing cold chain storage solutions. This is increasing the demand for reusable icepacks, thus, leading to the growth of the market.
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As per Technavio, the increasing adoption of environmental-friendly icepacks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Reusable Icepacks Market: Increasing Adoption of Environmental-Friendly Icepacks
Many corporates and manufacturing facilities are undertaking eco-friendly initiatives to increase the use of biodegradable plastics in packaging. In addition, increasing environmental concerns and government regulations are compelling vendors to focus on the development of biopolymer-based plastics. These are made of renewable materials derived from corn, wheat, and sugarcane. The use of such materials is helping vendors in reducing emissions and the overall carbon footprint. Therefore, the emergence of bioplastics is expected to have a positive impact on the growth of the global reusable icepacks market during the forecast period.
"Increasing outsourcing of pharmaceutical manufacturing and the rapid industrialization and economic growth in emerging markets will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Reusable Icepacks Market: Segmentation Analysis
This market research report segments the reusable icepacks market by product (ice/dry icepacks, refrigerant gel-based icepacks, and chemical-based icepacks), application (food and beverage, medical and healthcare, and chemicals), and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the reusable icepacks market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the high domestic production of fruits and vegetables and meat in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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