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The reusable icepacks market size is estimated to grow at a CAGR of 5.49% between 2022 and 2027. The market size is forecast to increase by USD 336.19 million.
The growth of the market depends on several factors such as the increasing demand for packaged food and beverages, the growing demand for cold solutions to reduce food wastage in developing countries, and the growing demand for reusable ice packs in sports injuries
This reusable icepacks market report extensively covers market segmentation by product (ice/dry icepacks, refrigerant gel-based icepacks, and chemical-based icepacks), application (food and beverage, medical and healthcare, and chemicals), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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(If data is available add the Impact of the Russia-Ukraine war or else remove the whole section)
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for cold solutions to reduce food wastage in developing countries is the key factor driving the growth of the market. In developing countries, food wastage due to inadequate and inefficient cold chain infrastructure is driving the growth of the reusable ice packs market significantly. This is primarily because of the lack of cold chain facilities.
Moreover, food wastage has also become one of the major sources of carbon emissions. On average, the wastage of vegetables and meat accounts for around 42% of the carbon footprint generated by food products. Therefore, the use of reusable ice packs will reduce carbon emissions from food wastageThe increased need to reduce food wastage is a significant growth driver of the global reusable ice packs market.
Growing outsourcing of pharmaceutical manufacturing is the primary trend in the market. Established pharmaceutical companies outsource the manufacture of active pharmaceutical ingredients (API) to low-cost reusable ice pack market players. Moreover, since a large number of low-cost players of APIs are based in Asia, APAC is anticipated to see the fastest growth for reusable ice packs. There are ample market opportunities in this region because of the high economic growth rate and the agenda for economic transformation in these countries.
Furthermore, the rising demand for biopharmaceuticals and the slow capacity expansion rate by biopharma companies resulted in capacity over-utilization. The growth in the outsourcing of biopharma manufacturing activities is propelling investments in contract manufacturing services, and CMOs are vigorously adding or planning to add new manufacturing capacities. This is most likely to have a positive impact on the market during the forecast period.
The availability of substitutes is a challenge that affects the growth of the market. Reusable ice packs are widely used in the healthcare sector for therapy to reduce pain and as a muscle relaxant. However, for joint pain and swelling, there are many balms and ointments that can be used in place of reusable ice packs. Additionally, homemade ice packs and conventional ice packs are also used to treat sports injuries. Hence, homemade ice and hot packs can hamper the growth of the global reusable ice packs market.
Moreover, instant ice packs can also be used in place of reusable ice packs. Instant ice packs do not have to be refrigerated or frozen before use, unlike reusable ice packs. As an instant icepack offers ease in application, by eliminating the need for freezing, it makes an ideal choice in first aid. This can negatively impact the global reusable ice pack market. Thus, such factors can hamper the growth of the global reusable ice pack market during the forecast period.
The ice/dry icepacks segment is estimated to witness significant growth during the forecast period. Ice/dry ice packs are primarily used for shipping meat, medical supplies, seafood, and biological materials. They help in keeping frozen food thoroughly chilled. In food and beverage applications, reusable dry ice packs should contain patented US Food and Drug Administration (FDA)-approved, food-grade polymer. Shipping using dry ice is generally more effective and keeps food cold for longer, making it suitable for shipping meat and other perishables.
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The ice/dry icepacks segment was the largest segment and was valued at USD 550.43 million in 2017. However, dry ice packs require a little more effort to use than other types of reusable ice packs. They are generally used with a combination of refrigerant gel-based ice packs. In food packaging, dry ice packs are placed at the bottom and on top of the box, with the frozen food products and gel packs placed in the middle. Thus, such factors will drive the demand for ice/dry ice packs in food and beverage applications, which, in turn, will drive the growth of the global reusable ice packs market during the forecast period.
The food and beverage industry is a prominent end-user in the global reusable ice pack market. Perishable items, such as vegetables, fruits, and other foods, require effective cold chain management to reduce wastage. The rising demand for food due to the rapid growth in the global population is posting the demand for effective reusable ice packs that can aid in storing perishable food items for longer periods of time. Thus, the increased production of food by the agricultural industry is increasing the demand for reusable ice packs. Consequently, the increasing need to reduce food wastage is one of the key drivers that will contribute to the growth of the global reusable ice packs market during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in the region is expected to witness growth due to the growing demand from the food and beverage sector. Reusable ice packs are widely used in the packaging of food, such as fruits, vegetables, meat, seafood, and bakery items.
Moreover, the demand for fresh food in the US is projected to rise steadily owing to the high domestic production of fruits, vegetables, and meat. In addition, many key market players of reusable ice packs are based out of the US, including 3M, Cryopak, Cardinal Health, and Cold Chain Technologies. These market players focus on launching advanced, reusable ice packs besides providing online sales of reusable ice packs across the region. Thus, these factors will drive the growth of the reusable ice pack market in North America during the forecast period.
In 2020, the outbreak of COVID-19 negatively impacted the growth of the reusable ice pack market in North America. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Moreover, due to the rising sales through medical and healthcare applications and due to the use of reusable ice packs in relieving temporary physical traumatic stress, the demand for reusable ice packs is expected to increase during the forecast period
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
3M Co., Accurate Manufacturing Inc., Bent Grass Concepts, Bunzl Plc, Cardinal Health Inc., CFS Brands LLC, Cold Chain Technologies, Cryopak, Dometic Group AB, Global National Australia Pty Ltd., GVS International, Insulated Products Corp., King Brand Healthcare Products Ltd., Meglio, Navagen Products Pvt. Ltd., Temperatsure LLC, Pitreavie Group, Thermos LLC, and Tourit
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report encompasses the entire market adoption cycle, ranging from the initial innovator phase to the subsequent laggard stage. It emphasizes adoption rates across various regions, determined by penetration levels. Additionally, the report outlines essential purchasing factors and factors influencing price sensitivity. This aids companies in assessing and formulating effective growth strategies.
Global Reusable Icepacks Market Customer Landscape
The reusable icepacks market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Reusable Icepacks Market Scope |
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Report Coverage |
Details |
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Page number |
163 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.49% |
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Market growth 2023-2027 |
USD 336.19 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.29 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 39% |
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Key countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
3M Co., Accurate Manufacturing Inc., Arctic Ice LLC, Bent Grass Concepts, Bunzl Plc, Cardinal Health Inc., CFS Brands LLC, Cold Chain Technologies, Cryopak, Dometic Group AB, Global National Australia Pty Ltd., GVS International, Insulated Products Corp., King Brand Healthcare Products Ltd., Meglio, Navagen Products Pvt. Ltd., Temperatsure LLC, Pitreavie Group, Thermos LLC, and Tourit |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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