USD 280.25 Billion
Global Cold Chain Logistics Market Size, Share, Growth Analysis, By Product(Mechanical & Cryogenic Refrigeration Systems, Reefers), By Application(Food & Beverages, Medical Goods) - Industry Forecast 2024-2031
Report ID:
SQMIG45M2009 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
65 |
Figures:
77
Global Cold Chain Logistics Market Insights
Global Cold Chain Logistics Market size was valued at USD 280.25 Billion in 2022 and is expected to grow from USD 323.97 Billion in 2023 to reach USD 1033.16 Billion by 2031, at a CAGR of 15.60% during the forecast period (2024-2031).
Cold chain logistics extend the useful shelf life of the product, enabling the providers to reach out to other markets and satisfy the enormous local demand. The cold chain also has benefits like the ability to maximise inventory accuracy, shorten cycle times, increase supply chain efficiency, lower costs for operations, and extend shelf life by minimising contamination and spoilage.
The advantages provided by the solution have gained popularity in supply chain-related businesses and services. The importance of the cold chain in supply chain solutions has increased due to the shifting nature of the global economy and the significantly rising demand for goods produced by industries that operate under temperature control, particularly fresh produce, manufactured goods, and pharmaceutical vaccines. It facilitates the safe and palatable transportation of perishable goods and food items.
Cold chain logistics consists of elements like temperature-controlled warehouses for product storage and cold-insulated delivery vehicles. Growing government subsidies have made it possible for service providers to enter these burgeoning markets with creative transportation-related solutions. For products that need to be transported and stored under ideal temperatures, cold chain services are designed. Cold chain operations have seen a significant increase due to the rising demand for perishable goods and the quick delivery requirements associated with the e-commerce based food and beverage delivery market.
US Cold Chain Logistics Market is poised to grow at sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Reefers
Fastest Growth
Reefers
Growth Rate
15.60% CAGR
Global Cold Chain Logistics Market ($ Bn)
Country Share for North America Region (%)
Global Cold Chain Logistics Market By Product ($ Bn)
Global Cold Chain Logistics Market By Product (%)
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Global Cold Chain Logistics Market Segmental Analysis
Global Cold Chain Logistics Market is segmented on the basis of product, application and region. By product, the market is segmented into mechanical & cryogenic refrigeration systems, reefers, cold chain transport monitoring equipment, packaging materials. By application, market is segmented into food & beverages, medical goods, temperature sensitive chemicals, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Cold Chain Logistics Market Analysis by Product
The reefers segment holds the largest market share in the global cold chain logistics market and is expected to grow at a compound annual growth rate (CAGR) of 16.20% during the forecast period. In order to transport perishable and temperature-sensitive items like meat, vegetables, and ice cream, reefers, which are refrigerated trailers or fridges carried by containerships, are frequently utilized. Regardless of the environment outside, these containers are capable of maintaining accurate cargo temperatures between -35°C and +35°C. Reefers' expansion has been greatly facilitated by the incorporation of cutting-edge technology. With the use of Internet of Things (IoT) sensors, many reefers can be monitored and heated in real time. Assuring that the items are preserved throughout transit, these sensors actively intervene when temperature discrepancies occur.
Cold chain transport monitoring equipment offers crucial functionalities including real-time temperature monitoring, continuous condition and location tracking, package-level monitoring, seamless connectivity, analytics, simplified device reverse logistics to optimize return on investment (ROI), efficient incident response, and more throughout the production, storage, distribution, and logistics processes. The implementation of cold chain transport monitoring equipment leads to enhanced productivity and efficiency in the supply chain, improved inventory accuracy, reduced cycle time, and lowered operational costs, thereby driving the expansion of the cold chain logistics market.
Cold Chain Logistics Market Analysis by Application
With the largest market share and a projected CAGR of 15.96% for the anticipated period, the food and beverage segment is expected to develop the fastest. High-end meals, fruits and vegetables, meat and fish, poultry and dairy products, as well as processed and ready-to-eat food, are among the food items that frequently need to be kept in the refrigerator. In the food and beverage business, the term "cold chain" refers to a system of supply chains and temperature-controlled surface transportation. The demand for perishable foods, such as dairy products, fruits, vegetables, and high-protein animal-based products, is rising along with global food consumption.
Pharmaceuticals, biologics, and vaccines are examples of medical products that require strict temperature control to maintain their efficacy and integrity. The healthcare and pharmaceutical sector has experienced substantial growth due to the significant import and export of pharmaceutical items worldwide. The current COVID-19 outbreak has further emphasized the importance of cold chain logistics in the pharmaceutical sector, as there is an increased demand for medicines to address the global health crisis. Additionally, the rising number of clinical trials utilizing temperature-sensitive substances like blood, tissue, and certain medications has contributed to the growing demand for healthcare cold chain logistics.
Global Cold Chain Logistics Market By Product, 2023 (%)
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Global Cold Chain Logistics Market Regional Insights
North America holds the largest market share in the global cold chain logistics market and is expected to grow at a CAGR of 15.56% during the forecast period. The region, particularly Canada and the United States, is experiencing rapid growth due to factors such as increasing urbanization, a rising demand for organic food, and a shift towards healthier dietary lifestyles. Canada, with its significant fishing zones, is expected to contribute to the growth of the cold chain logistics market. The United States, on the other hand, benefits from a stringent regulatory environment and a growing demand for packaged food. The rapid growth of e-commerce in the United States, particularly for grocery and perishable goods delivery, has led to increased outsourcing of cold storage and transportation to third-party service providers, further fueling the market.
Europe is projected to grow at a CAGR of 15.11% over the forecast period. The region holds a substantial revenue share in the cold chain logistics market, driven by changing consumer behavior and the growth of e-commerce supported by technological advancements. Europe is one of the largest markets for cold chain logistics, with significant storage capacity. The total storage capacity in Europe was approximately 112 cubic meters, with countries like Turkey and Great Britain showing notable growth in storage space. The European pharmaceutical industry, being one of the largest globally, also contributes to the development of the regional market.
Global Cold Chain Logistics Market By Region, 2024-2031
- Largest
- Fastest
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Global Cold Chain Logistics Market Dynamics
Cold Chain Logistics Market Drivers
Increasing Demand for Perishable Goods
- There is a growing demand for perishable goods such as food and pharmaceuticals worldwide. Consumers are seeking fresh and high-quality products, which require proper temperature control throughout the supply chain. This demand for perishable goods is driving the need for efficient cold chain logistics.
Increasing International Trade
- Globalization has led to a surge in international trade, including the import and export of perishable goods. To meet the demand for fresh products across borders, efficient cold chain logistics networks are essential. This includes effective coordination between suppliers, transportation providers, and customs authorities to ensure timely delivery and compliance with international regulations.
Cold Chain Logistics Market Restraints
Infrastructure Limitations
- Developing and maintaining a reliable cold chain logistics infrastructure can be challenging, especially in developing regions or remote areas. The availability of adequate cold storage facilities, transportation networks, and trained personnel may be limited. Insufficient infrastructure can lead to delays, product spoilage, and compromised quality during transportation and storage.
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Global Cold Chain Logistics Market Competitive Landscape
The market's top service providers are always updating their technology to stay ahead of the competition and to guarantee effectiveness, integrity, and safety. To increase efficiency with smaller shipments, vendors have implemented HACCP and RFID technology. To offer consumers more services, they are also expanding their fleet of multi-compartment refrigerated vehicles.
Cold Chain Logistics Market Top Player’s Company Profiles
- Swire Group (China)
- Burris Logistics (United States)
- United Parcel Service, Inc. (United States)
- DHL International GmbH (Germany)
- FedEx Corporation (United States)
- AGRO Merchants Group (United States)
- Kloosterboer (Netherlands)
- Americold Realty Trust (United States)
- XPO Logistics, Inc. (United States)
- Preferred Freezer Services, LLC (United States)
- VersaCold Logistics Services (Canada)
- MSC Mediterranean Shipping Company S.A. (Switzerland)
- C.H. Robinson Worldwide, Inc. (United States)
- NewCold Advanced Cold Logistics (Netherlands)
- SSI SCHAEFER (Germany)
- Interstate Cold Storage, Inc. (United States)
- Kloosterboer Group (Netherlands)
- Henningsen Cold Storage Co. (United States)
- Agro Merchants Group, LLC (United States)
Cold Chain Logistics Market Recent Developments
- In April 2023, UPS announced that it had acquired a majority stake in a cold chain logistics company called Inovatec. The acquisition will give UPS access to Inovatec's network of refrigerated warehouses in Europe and Asia.
- In March 2023, FedEx announced that it had opened a new cold chain logistics facility in Memphis, Tennessee. The facility is designed to handle shipments of temperature-sensitive products, such as food and pharmaceuticals.
Global Cold Chain Logistics Key Market Trends
- Increasing Demand for Fresh and Perishable Food : There is a growing consumer preference for fresh and organic food products, which has led to an increase in the demand for cold chain logistics services. Consumers are seeking high-quality food items with longer shelf life and better nutritional value, driving the need for efficient temperature-controlled transportation and storage.
Global Cold Chain Logistics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global cold chain logistics market plays a crucial role in the transportation and storage of temperature-sensitive goods, including perishable food products, pharmaceuticals, and biologics. It ensures that these products are maintained at the required temperature throughout the supply chain, from production to consumption. The increasing demand for perishable food products, changing consumer preferences towards fresh and organic food, and the growing pharmaceutical industry are key drivers for the cold chain logistics market. advancements in technology have played a vital role in enhancing the efficiency and effectiveness of cold chain logistics operations. Temperature monitoring systems, real-time tracking, and IoT-enabled sensors have improved visibility and traceability, ensuring that products are delivered in optimal condition.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 280.25 Billion |
| Market size value in 2031 | USD 1033.16 Billion |
| Growth Rate | 15.60% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Cold Chain Logistics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Cold Chain Logistics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Cold Chain Logistics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cold Chain Logistics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cold Chain Logistics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Cold Chain Logistics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Cold Chain Logistics Market Report Snapshots
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