Cold Chain Market Size & Share to Surpass $579.75 Billion by 2030 | Vantage Market Research

WASHINGTON, Oct. 25, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, the Global Cold Chain Market is estimated to be valued at USD 579.75 Billion by 2030 at an exponential growth of 9.5% in the next seven years.

Significant factors such as the proliferation of IoT (Internet of Things) devices, the upgradation of cold storage warehouses around the globe, and a substantial rise in structured and modern retail stores in fastest growing economies such as India and Brazil are anticipated to boost the Cold Chain industry demand.

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The Report Provides Insights on the Following Pointers

1. Market Penetration: Provides comprehensive information on the market offered by the key players.
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets.
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments.
4. Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation.
5. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
6. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.

Cold Chain is a valuable and effective solution in improving the shelf life and quality of the various products in the food, chemical, and pharmaceutical industries. As continued efforts to reduce food waste and rise in the e-commerce-based food delivery industry, we expect to see a further rise in cold storage operations.

Prominent Players in Cold Chain Market Report Scope

• Americold Logistics Inc. (U.S.)
• Lineage Logistics Holding LLC (U.S.)
• United States Cold Storage (U.S.)
• Burris Logistics (U.S.)
• Wabash National Corporation (U.S.)
• NewCold (Netherlands)
• Sonoco ThermoSafe (Sonoco Products Company) (U.S.)
• United Parcel Service of America Inc. (U.S.)
• A.P. Moller – Maersk (Denmark)
• Nichirei Corporation (Japan)
• Tippmann Group (U.S.)
  

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Factors Affecting the Growth of the Cold Chain Industry

The development of the Cold Chain market may be impacted by a number of variables. Some of these factors include:

• The global food industry needs help with food security, safety, and waste. According to the United Nations Environment Programme, around 17% of food produced is wasted, causing a yearly loss of USD 936 billion. To overcome this, there is a rise in demand for the Cold Chain solutions.
• The food supply chain worldwide is expanding rapidly. Major food companies export their products worldwide, resulting in a reliable and adequately developed infrastructure.
• Governments worldwide are taking severe steps to prevent food waste and food security. For instance, many state governments in India provide financial and other support to companies to invest in cold storage technologies.
• New technologies and innovations are emerging in the cold storage industry, attracting consumer focus as these techniques help to improve operations significantly.

Key Highlights

• By Temperature Type, the Frozen segment generated the largest revenue share of 62.5%, anticipated to mention its dominant position in the market during the forecast period.
• Based on the Technology Analysis, the Refrigerated Transport segment is expected to witness maximum market growth over the projected period.
• By Application, Fruits and vegetables are expected to lead the market during 2023-2030 due to increasing demand and the need for Cold Chain logistics to maintain their freshness and quality.
• The market was ruled by Asia Pacific in 2022, with a revenue share of 36%.
• North America is expected to witness maximum market growth during the forecast period.
  

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Key Trends

• The rising focus on sustainability by businesses in the cold storage industry is an emerging trend leading to the adoption of new energy-efficient cold storage technologies and solar-powered Cold Chain facilities.
• Several regulatory bodies and government bodies across North America and Europe, such as the EU-India Free Trade Agreement and the North America Free Trade Agreement (NAFTA), have created opportunities for U.S. and European exporters to increase trade for perishable foods duty-free.
• The pharmaceutical Cold Chain industry gained remarkable attention during the pandemic period as the distribution of COVID-19 vaccines led to realizing the need for Cold Chain facilities, leading to advancements in vaccine storage, transportation, and distribution capabilities.
  

Key Strategies in the Cold Chain Market

The Cold Chain industry drives the growth of various end-use industries by ensuring the integrity and safety of various food and pharmaceutical products during storage and transportation. Here are crucial insights into key companies operating and success strategies in the industry:

• Build Partnerships and Collaborations with Government bodies of developing economies.
• Investment in Advanced Cold Chain Traceability Technologies.
• Focus on sustainable and Environment-Friendly Solutions.
• Stay updated with current industry trends and regulations in the industry.
• Develop a comprehensive supply chain strategy and Inventory Management.
  

Browse market data Tables and Figures spread through 250 Pages and in-depth TOC on Cold Chain Market Forecast Report (2023-2030).         

Recent Development of the Global Cold Chain Market

• In October 2022, Snowman Logistics Limited became the first company in India to offer Fifth-Party Logistics (5PL) services in the supply chain management and Cold Chain logistics domains. The expansion of e-commerce companies, a rise in international trade, and a complexity increase in supply chains have all contributed to a progressive increase in the demand for 5PL services in recent years.
• In January 2022, to finance automobiles and working capital for the cold supply chain sector, Celcius, a SaaS-based Cold Chain aggregator platform, announced a financial agreement with Shriram Transport Finance Company (STFC). As part of the partnership, which represents STFC's entry into the cold supply chain segment, the two partners will supply light and heavy commercial vehicles to the Cold Chain business.

Market Segmentation

By Temperature Type

• Chilled
• Frozen

By Type

• Refrigerated Warehouse
• Refrigerated Transport

By Application

• Dairy & Frozen Desserts
• Fish, Meat & Seafood
• Fruits & Vegetables
• Bakery & Confectionery

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
  

Highlights From Segments

Temperature Type Analysis

• Frozen segment accounted for the most significant market share of 62.5% in 2022.
• The rising demand for frozen food and pharmaceuticals is anticipated to boost the segment's rise over the forecast period.
• The chilled segment is anticipated to grow with the highest CAGR during 2023-2030
  

Type Analysis

• Refrigerated Transport is anticipated to have maximum market growth during the projected timeframe.
• Its vital function in the smooth and safe transportation of temperature-sensitive commodities, including food and pharma products over remote areas, is responsible for its growth.

Application Analysis

• Refrigerated Transport is anticipated to have maximum market growth during the projected timeframe.
• There is a rising trend among consumers from developed economies to seek out fresh produce throughout the year, and its health benefits led to investments in cutting-edge refrigeration and transportation technologies responsible for segment growth.

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Scope of the Report:    

Regional Analysis

• Asia Pacific led the Cold Chain market growth in 2022 with a market share of 36%.
• The region's dominance is owing to the significant rise in government initiatives through investment and infrastructure development to improve the Cold Chain facilities.

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