Based on Reports and Data's current analysis, the global cold chain market was worth USD 253.00 Billion in 2021 and is predicted to achieve a value of USD 490.76 Billion by 2030, with a compound annual growth rate (CAGR) of 7.6%. The cold chain market plays a vital role in the agricultural sector as it involves pre-cooling, refrigerated storage, and transportation of perishable food items. However, cold chain management remains weak in most developing countries, despite its growing significance in the food and pharmaceutical industries. To reduce food wastage and support farmers in obtaining better value for their produce, it is crucial to establish an uninterrupted chain of storage and distribution for perishable goods that guarantees safe and high-quality delivery to end-users. Key market players are implementing various strategies such as expansion, product launches, partnerships, mergers, and acquisitions to enhance their market share and sustain their competitiveness. For example, in May 2019, Americold, a major cold chain market player, acquired Lanier Cold Storage to bolster its poultry business. The urban areas of both developing and developed countries are expected to experience substantial growth in the industry.
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Top Companies Operating in the Global Cold Chain Market Report:
Americold Logistics LLC, Burris Logistics, Lineage Logistics Holding, LLC, Preferred Freezer Services, Inc., Nichirei Logistics Group Inc, Nordic Logistics and Warehousing LLC, Swift Transportation, Trenton Cold Storage, Interstate Cold Storage Inc, Henningsen Cold Storage Co., and VersaCold Logistics Services.
Further key findings from the report suggest
- The cold chain market is growing at a CAGR of 5% in the Asia Pacific region, followed by Europe and North America, with 7.5 % and 7.4% CAGR, respectively. Increase in food spoilage coupled with an increase in demand for high-quality perishable products is expected to drive the growth of the cold chain market.
- Europe is the dominating cold chain with the highest market share of around 28.6% of the global market. European regional market is the chief revenue-generating source for this product segment, followed by Asia Pacific and North American regions.
- With an increase in food-borne diseases, people are more concern about the quality and the safety of the food product. Various techniques are deployed in order to test the quality of the frozen food product. For example, gas chromatography is performed on the food product to ensure it meets the quality standards throughout the delivery process.
- Apart from the food industry, cold chain logistics play a crucial role in the pharmaceutical industry. If a particular medicine is kept in a temperature range, that exceeds its ‘safe range’, the medicine will lose its effectiveness and in some cases, jeopardize the health of a patient.
- Cold chain logistics companies are introducing facilities for the consumers to track their package product in every facet of logistic process in order to make this possible; no weak-links in the logistic process must be present to enable maximum satisfaction to the customers.
- Cold-storage service helps in extending the shelf-life of perishable food products by retaining the moisture content in them and thus provide prevention from drying along with delaying the chemical reaction taking place in the food production leading to spoilage of food.
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The global Cold Chain market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further market segmentation
Type Outlook (Revenue, USD Billion; 2019 – 2030)
- Refrigerated Transportation
- Refrigerated Warehouse
Technology Outlook (Revenue, USD Billion; 2019 – 2030)
- Blast Freezing
- Vapor Compression
- Programmable Logic Controller
- Evaporative Cooling
- Cryogenic Systems
- Others
Application Outlook (Revenue, USD Billion; 2019 – 2030)
- Dairy and Frozen Desserts
- Meat and Seafood
- Fruits and Vegetables
- Bakery and Confectionery
- Pharmaceutical
- Others
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market? What kind of strategic business plans have they made?
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