New Delhi, June 01, 2023 (GLOBE NEWSWIRE) -- The global cold chain market is gaining traction because of the growing demand for temperature-controlled logistics services and increasing government initiatives to support the development of cold chain logistics infrastructure.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global cold chain market size at USD 255.36 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global cold chain market size to grow at an impressive CAGR of 9.21% reaching a value of USD 469.79 billion by 2029. Automation of refrigeration warehouses and the growing adoption of connected devices, AI technology, and IoT sensors are key growth drivers for the global cold chain industry. Also, the global cold chain market is expected to grow during the forecast period as a result of trade liberalization, government programs to decrease food waste, and the expansion of retail chains by multinational corporations.
Global Cold Chain Market – Overview
A cold chain is a system of temperature-controlled facilities for manufacturing, warehousing, and distribution that is backed by hardware that can consistently maintain the requisite low-temperature range. This necessitates storage of various kinds, transportation, and display. The cold chain's structure changes depending on the product. Failure to maintain a product at the proper temperatures can cause microbiological development, discoloration, bruising, and textural degradation. Additionally, a high-quality product results in happy customers, increased demand, and general public health protection.
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Global Cold Chain Market – By Application
Based on application, the global cold chain market is segmented into seafood, meat, fruit & vegetable, dairy products, alternative protein, and others. The fruits & vegetables segment accounts for the largest market share. The growth of the segment is mainly attributed to the rising demand for frozen fruits and vegetables as well as the all-year demand and import and export of seasonal and exotic fruits and vegetables globally. Furthermore, stringent government regulations to maintain nutritional value are also anticipated to boost the scope of the market during the forecast period.
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Impact of COVID-19 on the Global Cold Chain Market
The global cold chain market witnessed tremendous growth during the unprecedented COVID-19 pandemic outbreak. The need for cold chains spiked during the vaccine development and when the immunization drive started in various parts of the world. According to UNICEF, until the time of immunization, vaccines must be kept continually in a specific temperature range from the time they are created. This is due to the possibility of the vaccination losing its efficacy, or capacity to ward off disease, at extreme temperatures. A vaccine's potency cannot be recovered or restored after it has been lost. As a result, the number of cold chain warehouses and refrigerated transportation spiked during this period with the efforts of the government, NGOs, and private organizations, which significantly contributed to the growth of the global cold chain market.
Competitive Landscape
Major players operating in the global cold chain market include Americold, Lineage Logistics, United Parcel Service, Inc. (UPS), FedEx Corporation, DHL International GmbH, Swire Cold Storage, Nichirei Logistics Group Inc., Burris Logistics, Kloosterboer, AGRO Merchants Group, VersaCold Logistics Services, NewCold, Henningsen Cold Storage, Interstate Cold Storage, Inc., and Preferred Freezer Services.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Cold Chain Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Cold Chain Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Recent Developments
- In May 2023 – Transys Global Forwarding, an India-based freight forwarding service company, announced the launch of its first cold chain facility for pharmaceuticals in Hyderabad, Telangana, India.
- In May 2023 – Figorr (formerly Gricd), a Nigeria-based cold chain technology startup, announced that it had raised USD 1.5 million in seed funding, led by Atlantica Ventures.
Scope of the Report
| Attributes | Details |
| Years Considered | Historical Data – 2019–2022 |
| Base Year – 2022 | |
| Estimated Year – 2023 | |
| Forecast Period – 2023–2029 | |
| Facts Covered | Revenue in USD Billion |
| Market Coverage | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Product/ Service Segmentation | Type, Technology, Application, Region |
| Key Players | Americold, Lineage Logistics, United Parcel Service, Inc. (UPS), FedEx Corporation, DHL International GmbH, Swire Cold Storage, Nichirei Logistics Group Inc., Burris Logistics, Kloosterboer, AGRO Merchants Group, Versacold Logistics Services, NewCold, Henningsen Cold Storage, Interstate Cold Storage, Inc., Preferred Freezer Services |
By Type
- Refrigerated Warehouse
- Refrigerated Transportation
By Technology
- Dry Ice
- Gel Packs
- Eutectic Plates
- Liquid Nitrogen
- Quilts
By Application
- Seafood
- Meat
- Fruits & Vegetables
- Dairy Products
- Alternative Protein
- Others
By Region
- North America
- Europe
- Asia Pacific (APAC)
- Latin America (LATAM)
- Middle East and Africa (MEA)
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