WASHINGTON, Sept. 13, 2022 (GLOBE NEWSWIRE) -- The number of refrigerated warehouses is forecast to rise, and the pharmaceutical industry is anticipated to expand, two factors that will fuel the market for Cold Chain Logistics Market. Additionally, it is projected that expansion in the processed food industry will accelerate market expansion. However, the market expansion is constrained by issues such as a lack of standardization and expensive operating costs. On the other hand, adopting the software for Cold Chain Logistics Market and using radiofrequency identification (RFID) technology for cold chain applications offer lucrative potential opportunities for the market's participants. The Global Market revenue was valued at USD 209.2 Million in 2021.
The Global Cold Chain Logistics Market Size is forecast to reach USD 464.0 Million by 2028 and is expected to grow to exhibit a CAGR (Compound Annual Growth Rate) of 14.2% during the forecast period; states Vantage Market Research, in a report, titled “Cold Chain Logistics Market Size, Share & Trends Analysis Report by Type (Refrigerated Warehouses, Refrigerated Transportation), by Application (Dairy & Frozen Desserts, Fish, Meat, & Seafood Products, Bakery & Confectionery Products, Fruits & Vegetables, Other Applications), by Temperature (Frozen, Chilled), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
- The global Cold Chain Logistics Market was valued USD 209.2 Million in 2021 and is all set to surpass USD 464.0 Billion by 2028, exhibiting a CAGR of 14.2% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Cold Chain Logistics industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
List of Prominent Players in Artificial Intelligence as a Service Market:
- Americold Logistics
- Lineage Logistics Holdings
- Nichirei Corporation
- Burris Logistics
- Agro Merchants Group
- Kloosterboer
- United States Cold Storage
- Tippmann Group
- Versa Cold Logistics Services
- Henningsen Cold Storage Co.
- Cold man
- Congebec Inc
- Conestoga Cold Storage
- New Cold
- Hanson Logistics Confederation Freezers
- Seafrigo
- Trenton Cold Storage
- Merchants Terminal Corporation
- Stockhabo
Market Dynamics:
Drivers:
Increase in Consumer Demand for Perishable Goods
The impact of food nutrients, particularly protein, on general physical and mental growth and development is now better understood by consumers, who are also more concerned with health and wellness. Perishable foods like dairy, fruits, vegetables, and high-protein animal-based goods have changed how people consume them (such as meat, eggs, fish, and seafood).
Perishable food items are in high demand in emerging the Asia Pacific and Latin American nations. This is explained by the countries' quick urbanization, evolving consumer interests and preferences, and growing disposable income. Due to these nations' lower adoption rates, the market potential for processed and frozen food products is also substantial. Demand for prepared foods such as frozen pizzas, desserts, and snacks is gradually increasing in these nations. For food products to maintain their chemical makeup even after several months, the frozen foods market requires an efficient cold storage system. In the upcoming years, it is anticipated that there will be a rise in demand for cold storage systems due to the increased international trade of these food products.
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Opportunities:
Growth in Organized Retail Sector
One of the key factors influencing the expansion of the cold chain industry is the development of retail channels and chains in supermarkets, hypermarkets, and convenience stores. Additionally, retail chains have grown to the point that some producers have their own internal chilled storage facilities. Large food retail chains are growing their storefronts in industrialized nations like the UK, Germany, and the US as well as in emerging markets like China, Brazil, and Argentina. These chains include Walmart, Tesco, Spar, and 7-Eleven. For instance, Walmart is the largest American international retail firm with more than 11,000 locations spread across 27 countries. It has a sizable fleet for moving perishable commodities and a strong distribution system.
Additionally, it employs 3PL refrigerated warehousing service providers to efficiently move perishable goods to its retail locations. Market expansion potential for refrigerated warehousing and refrigerated transportation is being created by the rise of such large merchants and their expanding operations in international trade. By establishing food waste rules and assisting food-related companies like the cold chain industry, governments in many countries are attempting to reduce food and agricultural waste.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide and the Global Cold Chain Logistics Market is not an exception. Governments across the world implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The Cold Chain Logistics Market suffered as the manufacturing units around the world were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies which are the backbone technology providers to the Cold Chain Logistics Market industry were directly affected due to the epidemic. Furthermore, the rollout for the Cold Chain Logistics Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.
The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global Cold Chain Logistics Market has considered the impact of COVID-19 on the Cold Chain Logistics Market globally and the subsidiaries for the Cold Chain Logistics Market industry. In addition, the demand and supply chain is considered while estimating the current and forecast market size for the Global Cold Chain Logistics Market industry for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic a. North America
b. Europe
c. Asia Pacific
d. Latin America
e. Middle East & Africa - Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long-Term Dynamics
- Short-Term Dynamics
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The report on Cold Chain Logistics Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
Regional Analysis:
Asia Pacific is expected to dominate the growth of Cold Chain Logistics Market in 2021. Over the past ten years, there has been a significant increase in industrialization and investment in the Asia Pacific region, particularly in China and India, contributing to the region's rapid economic expansion. In order to provide a broad product portfolio in the cold chain, several important market participants in the area, including AmericaCold Logistics (US), Lineage Logistics (US), Nichirei Corporation (Japan), and Agro Merchants Group (US), have been emphasizing advancements. Additionally, the area has a robust agricultural production base, which is crucial to the expansion of the cold chain industry.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "Cold Chain Logistics Market Size, Share & Trends Analysis Report by Type (Refrigerated Warehouses, Refrigerated Transportation), by Application (Dairy & Frozen Desserts, Fish, Meat, & Seafood Products, Bakery & Confectionery Products, Fruits & Vegetables, Other Applications), by Temperature (Frozen, Chilled), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
June 2021: Claus Sorensen's Cold Storage Division has been acquired by Lineage Logistics. Lineage Logistics, LLC has declared its intention to purchase Claus Sorensen's cold storage section. Claus Sorensen is a Danish cold storage company. This acquisition was made to help Lineage grow its warehouse network and boost its supply chain service for customers in the Nordic region.
December 2020: Maersk has formed a Global Cold Chain Logistics Market cooperation with Novo Nordisk. Novo Nordisk A/S, a major healthcare company, teamed with Maersk. The goal of the cooperation was to create a Cold Chain Logistics Market service that included inland logistics and ocean services.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Cold Chain Logistics Market for the base year and forecast period?
This market titled “Cold Chain Logistics Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Type • Refrigerated Warehouses • Refrigerated Transportation • Application • Dairy & Frozen Desserts • Fish, Meat, & Seafood Products • Bakery & Confectionery Products • Fruits & Vegetables • Other Applications • Temperature • Frozen • Chilled • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • Americold Logistics • Lineage Logistics Holdings • Nichirei Corporation • Burris Logistics • Agro Merchants Group • Kloosterboer • United States Cold Storage • Tippmann Group • Versa Cold Logistics Services • Henningsen Cold Storage Co. • Coldman • Congebec Inc • Conestoga Cold Storage • NewCold • Hanson Logistics Confederation Freezers • Seafrigo • Trenton Cold Storage • Merchants Terminal Corporation • Stockhabo |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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