Cold Chain Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2261
Cold Chain Market Size is likely to grow at a steady rate from 2016 to 2024 due to increasing demand for packaged food & beverage products. Most of these food & beverage items are transported to different areas after packaging and the need to protect these products from perishing while transportation and storage will drive the global cold chain market growth. Increasing import and export of food & beverage products will also propel the cold chain industry development during the forecast timeframe.
Cold chain includes logistics planning to maintain the temperature at which perishable food products are stored through refrigeration or thermal packing. This leads to increase in product life and helps maintain the standard quality of product for a longer duration. It basically preserves the physical and bio-chemical properties of frozen and perishable food items. It also regulates the market price of off-season food and prevent product loss by minimizing wastes which eventually leads to higher profits for the manufacturers. Industries that use cold chain are sea food, bakery, fruits & vegetables, confectionary, frozen dessert, dairy, etc.
The cold chain market will be chiefly driven by favorable government initiatives, advancements in refrigerated storage technology, and increasing number of middle class income group consumers in developing nations. Government initiatives such as easy access to public infrastructure including railways, warehouses, etc. along with policies that encourage investments will help the cold chain market to grow during the forecast period. High urban population growth coupled with rising number of middle income group families will also be a key growth enabler for the cold chain industry development. Urban population growth has led to increased demand for perishable and processed food products. The increasing number of dual income families around the globe has also resulted in increased ready to eat and packaged food & beverage products demand. These trends in the global food & beverage industry will propel the need for better cold chain infrastructure which will in turn augment the industry growth in coming years.
Increasing penetration of organized retail platforms along with high growth in the hospitality sector will also contribute towards the cold chain market development. Restaurants and organized retail outlets need an uninterrupted supply of fresh and quality meat, vegetables, and other food products. Cold chain plays an important role in this function by preserving the quality and freshness of these food products during transit and storage. Additionally, technological advancements such as barcode scanners, RFID, and inventory management software services will also create ample opportunities for cold chain industry growth. However, high capital investment, difficulty in achieving economies of scale, along with high running costs may restrain the industry growth during the forecast period.
Cold chain market is segmented, based on its type, into refrigerated storage and refrigerated transport. Refrigerated storage market segment consists of warehouse and refrigerated containers, whereas transportation segment consists of road, sea, rail, and air. Refrigerated storage segment held a significant share of the market and is likely to gain by a healthy rate during the forecast timeframe. The industry is also segmented on the basis of application into fruits & vegetables, dairy, fish, meat & seafood, processed food, pharmaceuticals, and other applications such as bakery, confectionery, etc. Fish, meat & seafood is a key application segment in the industry that is likely to witness high growth in coming years.
The global cold chain market is segmented, based on region, into Asia-Pacific, North America, Europe, Middle East & Africa and Latin America. Asia Pacific countries such as China and India have a huge potential for the development of the cold chain industry owing to growing processed and packaged food items demand from a rapidly expanding middle class income consumers. Developing countries of Latin America and Middle East & Africa will witness healthy growth in the cold chain industry owing to a gradual transition into consumer led economies. North America is also a significant regional market for the industry owing to high demand for packaged fish, meat & seafood. Europe being the largest seafood exporter in the world will also present ample opportunities for cold chain market development in coming years.
The key market players include Continental Air Cargo, DHL International, World Courier, FedEx Corporation, Kuehne and Nagel International, Preferred Freezer Services, Americold Logistics, John Swire And Sons, Lineage Logistics, Swift Transportation. Other prominent industry participants include Congebec, A.B. Oxford, VersaCold Logistics Services, Cloverleaf Cold Storage, Henningsen Cold Storage, Partner Logistics, Nordic Logistics and Warehousing, Conestoga Cold Storage, Hanson Logistics, and many more.
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