Chicago, May 26, 2023 (GLOBE NEWSWIRE) -- The cold chain market was valued at US$278.2 billion in 2023. The cold chain industry is predicted to reach US$428.4 billion by 2028, exhibiting a CAGR of 9.0% over the projected period. This market is primarily driven by the increasing demand for temperature-controlled storage and transportation across various industries, including food, pharmaceuticals, and chemicals. MarketsandMarkets™ provides this information in its research report, titled “Cold Chain Market Global Forecast, 2023-2028”.
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Key Industry Development:
The cold chain industry has experienced significant advancements in technology, particularly in areas such as temperature monitoring, data logging, and tracking systems. Advanced sensors, Internet of Things (IoT) devices, and real-time monitoring solutions have improved visibility and control over cold chain operations, ensuring that products are maintained at optimal temperatures throughout the supply chain.
Report Scope & Segmentation:
| Report Metrics | Details |
| Forecast Period | 2023-2028 |
| Forecast Period 2023-2028 CAGR | 9.0% |
| 2028 Value Projection | 428.4 billion |
| Segments covered | Application, Region, Temperature Type |
| Regions covered | Europe, North America, South America, Asia Pacific |
Key Takeaways:
• Cold chain market size is expected to grow to $27.4 billion by 2026.
• The rising global population, changing consumer preferences, and expanding international trade have led to an increased demand for perishable products such as fresh produce, dairy products, seafood, meat, and pharmaceuticals. The cold chain ensures the safe and efficient transportation and storage of these temperature-sensitive goods, driving the need for cold chain services.
• The frozen segment by temperature type is estimated to account for the largest market share in the global cold chain market.
• The cold chain market is highly competitive, with numerous players operating in the industry. Key players include Americold Logistics, Lineage Logistics Holdings, LLC, Nichirei Corporation, Burris Logistics, A.P. Moller Maersk etc.
• Asia Pacific is projected to achieve the Highest CAGR growth in the cold chain market.
Drivers and Opportunities:
Increasing need for temperature control to prevent food loss and potential health hazards
Food security, food safety, economic and environmental sustainability, and minimal food waste are major focus areas in the food industry. Food loss and waste are caused due to various reasons. For instance, perishable products are often exposed to fluctuating temperatures during transit and handling, which results in food spoilage and wastage. To overcome this, the demand for refrigerated storage and transportation services has increased across the globe. According to UNEP 2021, an estimated 17% of total food produced for human consumption is wasted, costing the world economy USD 936 billion each year. Food loss is caused by the absence of cold chains during food processing, packaging, distribution, and consumption. According to the International Institute of Refrigeration 2021, a lack of proper refrigeration directly led in a loss of 526 million tons of food production, or 12% of total global production.
Government support for cold chain infrastructure development
Governments in many nations are taking steps to reduce food and agricultural waste by developing food waste regulations and promoting food-related sectors such as the cold chain industry. In many countries, however, there is still a gap between food production and cold storage capacity. For example, India is the world's largest producer of milk and the second-largest producer of fruits and vegetables. But still, a lack of reliable, integrated cold chain facilities leads to significant food waste across the country.
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Segments:
The frozen segment by temperature type is estimated to account for the largest market share in the global Cold chain market.
The food industry is a major driver of the frozen segment in the cold chain market. The demand for frozen foods is increasing due to their longer shelf life, convenience, and ease of preparation. Frozen foods are also less prone to spoilage during transportation and storage, which makes them ideal for long-distance transportation. The growing demand for frozen products and the need for strict temperature control during transportation and storage are driving the frozen segment of the cold chain market. With the increasing demand for frozen food, pharmaceuticals, and other products, the demand for cold chain logistics services for the frozen segment is expected to continue to grow in the coming years.
Regional Insights:
North America: North America is a significant market for the cold chain industry, driven by the presence of a well-developed food and pharmaceutical sector. The region has stringent food safety regulations and a high demand for perishable products, leading to the need for robust cold chain infrastructure. Additionally, technological advancements and a focus on sustainability contribute to the growth of the cold chain market in this region.
Europe: Europe has a mature and well-established cold chain market. The region places a strong emphasis on food safety and quality, leading to a high demand for cold chain services. Stringent regulations and standards related to temperature control and traceability further drive the adoption of cold chain solutions. Europe also focuses on reducing carbon emissions, leading to the implementation of sustainable cold chain practices.
Asia Pacific: The Asia Pacific region is experiencing rapid growth in the cold chain market due to factors such as population growth, urbanization, changing consumer preferences, and the expansion of organized retail. Countries like China and India have a large consumer base and a booming food and pharmaceutical industry, driving the demand for cold chain services. The region's growing middle class and increasing disposable income also contribute to the demand for high-quality perishable products.
Latin America: Latin America is an emerging market for the cold chain industry. The region's growing population, rising income levels, and changing dietary habits are driving the demand for cold chain services, particularly in the food sector. The pharmaceutical industry in Latin America is also witnessing significant growth, contributing to the demand for temperature-controlled logistics.
Middle East and Africa: The Middle East and Africa region have a developing cold chain market. The region's expanding food industry, growing urbanization, and increasing demand for fresh produce are driving the need for cold chain infrastructure and services. Additionally, the pharmaceutical sector in the region is witnessing growth, further fueling the demand for cold chain solutions.
It is important to note that regional variations exist within each of these regions, with different countries and sub-regions exhibiting specific market dynamics and challenges. Factors such as infrastructure availability, logistical constraints, and cultural preferences also influence the cold chain market within each region. As the global demand for temperature-sensitive products continues to rise, regional cold chain markets are expected to evolve and expand to meet the growing needs of various industries.
List of Key Players Mentioned in the Report:
• Americold Logistics (US)
• Lineage Logistics Holdings, LLC. (US)
• Nichirei Corporation (Japan)
• Burris Logistics (US)
• A.P. Moller Maersk (Denmark)
• United States Cold Storage (US)
• Tippmann Group (US)
• VersaCold Logistics Services (Canada)
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Frequently Asked Question (FAQs):
What is the projected market value of the global cold chain market?
The global cold chain markett size is projected to reach USD 428.4 billion by 2028.
What is the estimated growth rate (CAGR) of the global cold chain market for the next five years?
The global cold chain market is expected to grow at a compound annual growth rate (CAGR) of 9.0% from 2023 to 2028.
What are the major revenue pockets in the cold chain market currently?
The Asia Pacific market is estimated to be the fastest growing during the forecast period. Countries such as India, Japan, and China do not have access to these cold chain requirements. In these countries, governments support the development of the cold chain market. They have laid out various schemes that indicate significant growth potential for the cold chain industry in the region. Furthermore, rising consumer demand for perishable food, as well as several government initiatives in the food industry, are propelling the market growth.
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