According to the latest report published by Credence Research, Inc. “Global Reusable Icepacks Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global reusable icepacks market accounted for US$ 1381.7 Mn in 2017, expanding at a CAGR of 8.1% from 2018 to 2026.
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Market Insights
The global reusable icepacks accounted for US$ 1381.7 Mn in 2017 growing with a CAGR of 8.1% during the forecast period from 2018 to 2026. Reusable ice pack has become a vital part of hot and cold therapy as a proven method to reduce pain and swellings significantly when compared to other treatments such as balms and ointments, among others. Cold pack treatment does not involve the use of invasive treatment and is completely non-addictive therapy for joint pain and muscle relaxant. These cold pack aids in decreasing the blood flow towards affected body part thus, effectively decreasing soreness and inflammation.
Similarly, hot packs are used extensively for pain relief treatments as heated pack promotes blood circulation. Increased blood circulation helps in easing up the pain and stiffness in muscles, tendons, and ligaments. Icepack manufacturers have been carrying out research to ensure optimum design and functionality of reusable ice packs that can provide maximum comfort. Advancement in medical technology and introduction of new chemical formulation has significantly boosted the ability of reusable ice packs in order to retain their temperature for longer duration. This has encouraged consumers to upgrade from homemade ice packs and conventional ice packs towards reusable ice packs.
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Growing demand for reusable ice packs in healthcare and pharmaceuticals industry is mainly driving the global market. Sports athletes including professional bodybuilders, marathon runners and fitness professionals extensively use reusable ice packs for homeostasis of body temperature during their resting and recovery period. This aids their body to recover faster and avoid any possibility of tissue damages during their training. Furthermore, these ice packs are also used for veterinary applications especially for comforting post-operative and sick animals.
In addition, refrigeration plays a vital role in food and beverages preservation and transportation. A variety of food products such as milk and dairy products, raw meat & fish and fruits & vegetables need a specific temperature to prevent them from getting spoiled. Refrigeration of perishable foodstuffs is easy with refrigerators and freezer, however, the quality of food item is difficult to maintain in on-the-go conditions. In order to overcome such issues during transportations, several end-use verticals associated with food and beverages industry use reusable ice packs for food preservation.
Reusable ice pack manufacturers are engaged in developing new and better ice packs for efficient, flexible and safe applications. Most commonly used composition is the mixture of water and ammonium nitrate fertilizer that provides a temperature drop of approximately 35° Fahrenheit for a lasting period of 10 to 15 minutes. However, this composition is toxic and cannot be used for applications such as food preservation. Companies trying new chemical compositions in order to overcome the aforementioned issue by developing ice packs with more stable and non-toxic chemicals which are capable of maintaining a required temperature for a longer time.
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Although there are no direct market challenges for reusable ice packs, however, there are factors that can pose a roadblock to the growth of reusable ice packs market. Most of the chemical compositions used in reusable ice packs such as Ammonium Nitrate, Urea, Sodium Polyacrylate, Silica Gel and Diethylene Glycol are toxic in nature and cannot be used for various applications such as open wound treatment and food preservations. Limitation of safe and effective cooling medium can act as a major challenge for overall market growth. However, growing demand for reusable ice packs from emerging and developing economies serves as opportunity for the market during the forecast period.
The global reusable icepacks market has been segmented by product type, application and geography. In 2017, by product type, ice/dry icepacks held the largest share in the global reusable icepacks market. Increasing demand from shipping of foods is mainly driving the ice/dry packs segment during the forecast period. Refrigerant gel based packs segment estimated to be the fastest growing segment owing to the fact that they last longer compared to ice/dry ice pack. By application, food and beverages segment held the largest market share and is expected to maintain its dominance during the forecast period.
Refrigeration in food & beverage and chemical industries is crucial since certain foods like specialty chemicals, raw meat and dairy products amongst others must be stored at certain temperatures that otherwise can get spoilt rapidly. By geography, North America held the largest market share both in terms of value and volume. Prominent factors driving the growth of the market include, immense application of reusable icepacks in multiple end-use industries such as healthcare and food & beverages.
Furthermore, various regulations implemented by Perishable Cargo Regulations (PCR) manuals pertaining to handling and packaging of temperature sensitive goods are being implemented in various regions in Europe and North America to harmonize manufacturing, processing and distribution. This in turn is creating a favorable environment for the growth of reusable icepacks in North America region over the forecast period.
Key market players in the global reusable icepacks market include King Brand Healthcare Products, Techniice USA, Lloyds Pharmacy Limited, Cardinal Health, S.E.A. Olympus Marketing Inc, 3M Company and Microban Products Company.
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