Newark, NJ, May 03, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global cold chain market is anticipated to grow from USD 233.8 billion in 2020 and reach USD 546.7 billion by 2028 and is growing at a CAGR of 14.6% during the forecast period 2021-2028.
The driving factor for the cold chain market, especially in the developing economies, is the switch to protein-rich foods rather than carbohydrate-rich foods due to health awareness. Moreover, the advancements in the packaging technology, storage of meat and seafood products, processing technology, etc., have become a driving factor for the market in the given forecast period. As the cold chain market has become an essential part of supply chain management, for the transportation and storage of products sensitive to temperature, a hike in the trade of the perishable products is expected, which is bound to increase the demand for cold chains.
The global cold chain market offers a solution to one of the biggest challenges the food & beverages industry faces: the perishable nature of processed and frozen food. The cold chain market provides a solution for not only the storage of such perishable goods in temperature-regulated warehouses but also the transport of these products through cargo and trucks with temperature control. The trend of frozen foods is popular among the millennial population as it is effortless to cook and has an authentic taste to it. As a result of this high demand for frozen foods globally, significant growth in the cold chain market through a consumer-led transition is observed.
The global cold chain market has witnessed tremendous growth due to driving factors such as the dependency of the exports and imports industries on the storage and transport solutions provided by the cold chain. Pharmaceutical manufacturers utilize cold chain solutions for shipments that are temperature sensitive and require a controlled temperature for their storage and transportation. The government initiatives to provide vaccines during this global pandemic have impacted the cold chain market. It requires a cold chain for the transportation and preservation of these medical products. Daily, the operational cost is relatively high in the cold chain industry due to its large electricity consumption and has become a restraining factor. The trend of purchasing frozen and processed foods has paved the way for opportunities such as the need for automated warehouses, innovative solutions for last-mile delivery and advanced devices to monitor the temperature.
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Some of the critical players in the cold chain market are Trenton Cold Storage (Canada), Coldman (India), Kloosterboer (Netherlands), Americold Logistics (U.S.), Lineage Logistics Holdings (U.S.), Nichirei Corporation (Japan), Seafrigo (France), Burris Logistics (U.S.), Hanson Logistics (U.S.), Agro Merchants Group (U.S.), United States Cold Storage (U.S.), Tippmann Group (U.S.), VersaCold Logistics Services (Canada), Confederation Freezers (Canada), Henningsen Cold Storage Co. (U.S.), Congebec Inc. (Canada), Conestoga Cold Storage (Canada), NewCold (Netherlands), Merchants Terminal Corporation (U.S.), and Stockhabo (Belgium).
Refrigerated warehousing segment dominated the market and held the largest market share of 65% in the year 2020
Based on type, the global cold chain market is segmented into refrigerated transport and refrigerated warehousing. The refrigerated warehousing segment dominated the market and held the largest market share of 65% in the year 2020. This growth is attributed to the increasing trends of frozen food culture. Consumers are inclining towards frozen foods as they are easy to cook and have a longer shelf life.
Frozen segment dominated the market and held the largest market share of 60% in the year 2020
Based on temperature type, the global cold chain market is segmented into frozen and chilled. The frozen segment dominated the market and held the largest market share of 60% in the year 2020. This growth is attributed to the various uses of freezing, such as; it can preserve the texture of the food, retain moisture and taste of the food and also preserve the nutritional value.
Dairy & frozen desserts segment dominated the market and held the largest market share of 35% in the year 2020
Based on application, the global cold chain market is segmented into fruits & vegetables, dairy & frozen desserts, fish, meat & seafood, bakery & confectionery. The dairy & frozen desserts segment dominated the market and held the largest market share of 35% in 2020. This is attributed to the primary concerns associated with the transportation of milk-based products and their sensitivity to temperature, light and dust.
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Regional Segment of Cold Chain Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the global cold chain market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia-Pacific held the largest market share of 40% in 2020 because of the rapid industrialization in countries such as China, India, and Japan, which has led to economic development in these countries. China has witnessed technological advancements, which have expanded the cold chain market. North America is also believed to be a leading segment with its large consumer base demanding frozen and processed foods.
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About the report:
The global cold chain market is analyzed based on value (USD billion). All the segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insights into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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