Subjects: SVY, MRR
Reusable Icepacks Market size is set to grow by USD 418.7 million from 2024-2028, Increasing demand for packaged food and beverages to boost the market growth, Technavio
NEW YORK, June 9, 2024 /PRNewswire/ -- The global reusable icepacks market size is estimated to grow by USD 418.7 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.38% during the forecast period. Increasing demand for packaged food and beverages is driving market growth, with a trend towards rapid industrialization and economic growth in emerging markets. However, safe handling and transportation of dry ice poses a challenge. Key market players include 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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Forecast period | 2024-2028 |
Base Year | 2023 |
Historic Data | 2018 - 2022 |
Segment Covered | Product (Ice/dry icepacks, Refrigerant gel-based |
Region Covered | North America, APAC, Europe, South America, |
Key companies profiled | 3M Co., Accurate Manufacturing Inc., Arctic Ice |
Key Market Trends Fueling Growth
The reusable icepacks market in emerging economies, including China, India, Brazil, South Africa, and Indonesia, is experiencing substantial growth due to increasing demand from industries like food and beverage and medical and healthcare. China is a significant contributor, driven by rising disposable incomes and economic activities. The organized retail sector's expansion in APAC is also fueling demand. In addition, regions like South America and MEA are witnessing growth in manufacturing activities, particularly in food and beverage, leading to increased usage of reusable icepacks for clean packaging.
The reusable icepacks market is experiencing significant growth due to the increasing demand for eco-friendly and cost-effective cooling solutions. These icepacks, made from materials like gel or phase change, can be used multiple times, reducing the need for disposable ice packs. The market is driven by various sectors such as healthcare, sports, and logistics. In particular, the healthcare sector is seeing a surge in demand due to the convenience and portability of reusable icepacks for injury treatment.
Additionally, the sports industry is adopting reusable icepacks for athlete recovery, as they provide consistent cooling and can be used repeatedly. The market is also witnessing innovation with the development of more advanced and efficient reusable icepacks, such as those with longer cooling durations and faster cooling times. Overall, the reusable icepacks market is poised for continued growth in the coming years.
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Market Challenges
- The reusable icepacks market faces regulatory challenges due to the stringent rules for shipping dry ice. As a solid form of carbon dioxide, dry ice requires specialized handling and packaging to prevent pressure buildup and oxygen displacement. Transporters must comply with regulations like 49 CFR 172.700 and IATA Dangerous Goods Regulations, which mandate correct identification, classification, markings, and labeling. These regulations ensure safety but add complexity to the supply chain, potentially hindering market growth.
- The reusable icepacks market faces several challenges. The cost of production is a significant issue, as the materials used in manufacturing these icepacks can be expensive. Additionally, the competition in this market is fierce, with numerous players vying for market share. Another challenge is ensuring the durability and effectiveness of the icepacks over multiple uses.
- Consumers expect long-lasting and efficient products, which can be a challenge for manufacturers to deliver consistently. Furthermore, the regulatory environment is complex, with various certifications and standards required to sell these products in different markets. Lastly, the logistics of distributing and delivering these icepacks to customers can be a challenge, particularly for smaller players in the market.
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Segment Overview
- Product
- 1.1 Ice/dry icepacks
- 1.2 Refrigerant gel-based icepacks
- 1.3 Chemical based icepacks
- Application
- 2.1 Food and beverage
- 2.2 Medical and healthcare
- 2.3 Chemicals
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and Africa
1.1 Ice/dry icepacks- Reusable icepacks, specifically dry icepacks, are essential in various industries such as food and healthcare. These packs, made from expanding liquid carbon dioxide, offer advantages like longer shelf life, non-toxicity, and lighter weight compared to traditional ice. In food applications, they help maintain low temperatures, keeping perishables fresh during transportation. Their effectiveness and eco-friendliness are driving the growth of the reusable icepacks market.
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Research Analysis
The Reusable Icepacks Market encompasses innovative solutions for Cold therapy in various sectors, including Medical professionals, Physiotherapy, Retail Stores, Pharmacies, and Mail Order Pharmacy. These eco-friendly alternatives to traditional single-use icepacks are primarily made from High-density polyethylene (HDPE), a non-toxic polymer. The use of HDPE in storage bags results in lightweight, shape-retaining icepacks, making them ideal for Medical and Healthcare applications.
Consumer Goods companies are increasingly focusing on Environmental sustainability, and Reusable Icepacks align with this trend, reducing Plastic waste and Energy consumption. The versatility of these products extends to Fitness, Sports, and catering to the growing Eco-conscious consumer base. Sustainability and Environmental awareness are key drivers for the market's growth, as more consumers seek reusable products to minimize their carbon footprint.
Market Research Overview
The Reusable Icepacks Market refers to the production and distribution of reusable ice packs used for preserving temperature in various applications. These ice packs are designed to be used multiple times, making them an eco-friendly alternative to disposable ice packs. The market for reusable icepacks caters to various industries such as healthcare, food and beverage, and logistics.
The key features of reusable icepacks include their ability to maintain low temperatures for extended periods, durability, and ease of use. The market for reusable icepacks is driven by factors such as increasing awareness of sustainability, growing demand for temperature-controlled logistics, and advancements in technology leading to the development of more efficient and effective icepacks.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
- Ice/dry Icepacks
- Refrigerant Gel-based Icepacks
- Chemical Based Icepacks
- Application
- Food And Beverage
- Medical And Healthcare
- Chemicals
- Geography
- North America
- APAC
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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