Wilmington, Delaware, United States, July 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global cold chain logistics market is forecast to expand at a 3.9% CAGR from 2023 to 2031, anticipated to reach a valuation of US$ 304.2 billion.
The growth of cold chain logistics industry is primarily driven by changing consumer preferences and an increase in demand for fresh and frozen food products. Consumers expect high-quality products with longer shelf life, which necessitates efficient cold chain management.
Moreover, rising demand for perishable products such as fresh fruits, vegetables, dairy products, pharmaceuticals, and processed food is anticipated to further augment the cold chain logistics market statistics.
Governments and regulatory bodies across the globe have implemented strict food safety and quality regulations. Compliance with these regulations necessitates effective cold chain management to maintain the integrity of temperature-sensitive products.
The globalization of the food industry has resulted in an increased trade of perishable products across countries and continents. A well-established cold chain infrastructure is crucial to ensure safe and timely delivery to distant markets.
In addition, the pharmaceutical industry heavily relies on cold chain logistics to transport temperature-sensitive drugs and vaccines. The development and distribution of new vaccines, including COVID-19 vaccines, have significantly propelled the demand for cold chain transport.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 239.4 Bn | |
| Estimated Value | US$ 340.2 Bn | |
| Growth Rate - CAGR | 3.9% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 180 Pages | |
| Market Segmentation | By Service, Mode of Delivery, Temperature Category, Storage Technique, End-use Application | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Agility, Almac Group, American Airlines Inc., AmerisourceBergen Corporation, B Medical Systems, Cardinal Health, Cavalier Logistics, Coldman Logistics, Coldtainer, DB Schenker, DHL Logistics, Dokasch, Envirotainer, FedEx, Fiege, Lec Medical, Omega Logistics, Phoenix Group, Sonoco Thermosafe, Stirling Ultracold, Thermoking, VRR, Walden Group, Other Key PlayersCorp., Reflective Apparel Inc., SHEICO Group, Other key players | |
Key Takeaways from the Market Study
- As of 2022, the value of the cold chain logistics market reached US$ 239.4 billion
- By 2023-end, a valuation of US$ 248.93 billion is expected for the cold chain logistics industry
- By service, cold chain logistics for warehousing & information management systems are likely to be the most preferred
- By end use application, the healthcare industry is expected to emerge as one of the key utilizers of cold chain logistics
- From 2023 to 2031, the global cold chain logistics market is anticipated to grow by 1.2x
Cold Chain Logistics Market: Key Growth Drivers
- The global food industry has witnessed a shift in consumer preference toward healthier and fresher food options. Consumers are increasingly seeking out fresh produce, dairy products, seafood, and other perishable items due to growing health awareness and a desire for high-quality, nutritious food. This has led to rising demand for efficient cold chain logistics solutions to maintain the freshness and quality of these products throughout the supply chain.
- The healthcare industry has witnessed a rise in the production and distribution of temperature-sensitive products, such as vaccines and biopharmaceuticals. These products often require stringent temperature control to maintain their efficacy and safety. Consequently, the demand for specialized cold chain logistics services has grown significantly.
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Cold Chain Logistics Market: Regional Profile
- Growing population, urbanization, and changing lifestyles in the Asia Pacific have increased the demand for fresh and frozen food products. Consumers in the region are more inclined toward convenience foods and are willing to pay for higher-quality perishable goods, which require cold chain logistics to maintain their freshness.
- Demand in North America is anticipated to grow significantly due to government regulations regarding food safety and quality standards that have become more stringent, requiring enhanced cold chain infrastructure and processes. Compliance with regulations such as the Food Safety Modernization Act (FSMA) has further driven cold chain logistics demand in the region.
Competitive Landscape
The global cold chain logistics business is highly competitive, with several players operating in the market. Moreover, key players are following the latest cold chain logistics market trends and adopting various strategies to gain a competitive edge and capture a larger share of the market. Some of the prominent entities identified in the cold chain logistics industry are:
- Agility
- Almac Group
- American Airlines Inc.
- AmerisourceBergen Corporation
- B Medical Systems
- Cardinal Health
- Cavalier Logistics
- Coldman Logistics
- Coldtainer
- DB Schenker
- DHL Logistics
- Dokasch
- Envirotainer
- FedEx
- Fiege
- Lec Medical
- Omega Logistics
- Phoenix Group
- Sonoco Thermosafe
- Stirling Ultracold
- Thermoking
- VRR
- Walden Group
Key Market Developments
- In April 2021, American Airlines Inc. expanded its solution for transporting temperature-controlled shipments to its entire mainline fleet. The expansion follows a number of tests and trials conducted using CSafe Global's packaging and temperature loggers provided by CargoSense. Sensors were placed into passive cold chain packaging, which monitored internal package temperatures while aircraft operated in a variety of climates.
- In November 2021, Lineage Logistics, LLC, a worldwide provider of temperature-controlled industrial REIT and logistics solutions, announced the purchase of Claus Sorensen Group's cold storage division. This acquisition in Denmark serves as a crucial step in Lineage's expansion strategy in the Nordic region. Additionally, Lineage is actively collaborating with Claus Sorensen's customers to optimize their supply chain operations, promote energy efficiency, and ensure environmental protection.
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Key Segments Profiled
Service
- Pre-cooling Facilities
- Warehousing & Information Management System
- Packaging
- Labeling
- Transportation
- Railways
- Airways
- Roadways
- Waterways
- Others
Mode of Delivery
- Last Mile Delivery
- Hubs to Distributor
Temperature Category
- Ambient
- Refrigerated
- Frozen
- Cryogenic
Storage Technique
- Electrical Refrigeration
- Dry Ice
- Gel Packs
- Liquid Nitrogen
- Others
End Use Application
- Healthcare
- Hospitals and Clinics
- Drugs & Pharmaceuticals
- Biopharmaceuticals
- Biotechnology Companies
- Others
- Food & Beverages
- Fruits and Vegetables
- Meat, Fish & Seafood
- Dairy & Frozen Desserts
- Bakery & Confectionery
- Processed Food
- Others
- Chemical Industry
- Horticulture
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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