USD 236.03 billion
Report ID: SQSG25C2006 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 92 | Figures: 76
Cold Chain Market size was valued at USD 236.03 billion in 2021 and is poised to grow from USD 279.94 billion in 2022 to USD 1071 billion by 2030, growing at a CAGR of 18.6% in the forecast period (2023-2030).
A cold chain is a supply chain that operates at a low temperature. An unbroken cold chain is an unbroken series of refrigerated manufacturing, storage, and distribution activities, as well as accompanying equipment and logistics, that preserve quality by operating within a specified low-temperature range. It is used to preserve, extend, and assure the shelf life of products such as fresh agricultural produce, seafood, frozen food, photographic film, chemicals, and medicinal products. Such products are commonly referred to as cool cargo while in transit or transit storage. Cold chain items, unlike other goods or merchandise, are perishable and always en route to ending usage or destination, even when temporarily housed in cold stores, and are thus usually referred to as "cargo" throughout their full logistical cycle.
Over the projected period, the increasing trade of perishable products and rising government assistance for the building of infrastructure for cold chain facilities are expected to fuel market growth. Cold chain service providers are also implementing cutting-edge technologies to meet the growing demand for food safety in processed goods. This is likely to give several opportunities, resulting in the expansion of numerous multinational suppliers into the market to provide superior cold chain solutions.
Stringent food safety laws, such as the Food Safety Modernization Act, which requires enhanced attention to cold storage warehouse building, are also projected to assist the market. However, environmental worries about greenhouse gas emissions are expected to stymie the growth of the industry.
Global refrigeration warehouse automation and increasing connected device penetration are expected to fuel market growth over the forecast period. The demand for cold chain solutions is rising as organized retail outlets proliferate in emerging economies. Additionally, over the course of the forecast period, industry growth is anticipated to be aided by trade liberalization, government initiatives to reduce food waste, and the expansion of retail chains by multinational corporations. The World Trade Organization (WTO) and bilateral free trade agreements, such as the North America Free Trade Agreement (NAFTA) and the Free Trade Agreement with the European Union (FTA), have made it possible for exporters in the United States and Europe to expand trade in perishable foods without paying import taxes.
US Cold Chain Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 236.03 billion
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The Global Cold Chain Market is segmented based on Temperature Type, Type, Application, and Region. Based on Temperature Type, the Cold Chain Market is segmented into Frozen, and Chilled. Based on Type, the Cold Chain Market is segmented into Refrigerated Warehousing, Refrigerated Transport. Based on Application, the Cold Chain Market is segmented into Dairy & Frozen Desserts, Fish, Meat, & Seafood Products, Bakery & Confectionery Products, Fruits & Vegetables, and Others. Based on Region, the global cold chain market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Cold Chain Market Analysis by Temperature Type
By temperature type, the chilled category is expected to increase at the fastest CAGR during the forecasted period. Chilled products passing via the cold chain are chilled by lowering food temperatures to below ambient temperatures but above –1°C. Chilling food products between 0°C and +5°C is an efficient method of preserving food for shorter periods. Because it slows down many of the microbiological, physical, chemical, and metabolic events that cause food rotting and deterioration. Chilling lowers food spoilage and enhances food safety and quality by slowing the rate of growth of germs. With a 31.5% market share in 2021, the Asia Pacific region is the largest market for chilled cold chains.
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North America had the highest revenue share of more than 35% in 2021 and it is anticipated to maintain its dominance throughout the forecast period, as the region offers enormous growth prospects for enterprises willing to invest for the long term. Increased adoption of connected devices, as well as a huge customer base, are projected to drive market growth over the forecast period. However, due to increased government investments in logistics infrastructure development and the penetration of Warehouse Management Systems, Asia Pacific is expected to be the fastest-growing regional market over the forecast period (WMS). China is the most significant contributor to the APAC regional market. Factors such as technological developments in packing, processing, and storage of marine items are credited to market expansion in China. Rising demand and expanding cold chain infrastructure development have propelled China to the top of the cold chain industry. China is currently undertaking a rapid shift from construction- and manufacturing-led to a consumer-led economy. Rising pharmaceutical innovation in China is also projected to enhance demand for cold chain solutions. Another important element boosting the market is the region's rapid expansion of biopharma.
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Cold Chain Market Driver
Cold Chain Market Restraint
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The key players in the cold chain market are always improving their technologies to keep ahead of the competition and to maintain efficiency, integrity, and safety. Vendors have implemented Hazard Analysis and Critical Control Points (HACCP) and RFID technology to improve efficiency with smaller shipments. In addition, they are expanding their multi-compartment refrigerated vehicle fleets to provide additional services to consumers. Some of the major players in the global cold chain market are Americold Logistics, Lineage Logistics Holdings, Nichirei Corporation, Burris Logistics, Agro Merchants Group, and Kloosterboer.
Cold Chain Market Top Player’s Company Profiles
Cold Chain Market Recent Developments
To maintain quality and extend the shelf life of perishable food products, the demand for cutting-edge temperature monitoring equipment also increase. Nowadays, consumers are more aware of wellness, health, and the impact that food nutrients—particularly protein—have on both general mental and physical growth. This has changed how perishable goods like fruits, vegetables, dairy products, meat, eggs, fish, and seafood are consumed.
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According to our analysis, During the forecast period, the dairy & frozen desserts category is expected to account for the largest share in the cold chain market by application. The primary concern with transporting dairy and frozen desserts is maintaining constant temperature control, as well as avoiding dust and exposure to sunlight. Cold chain transportation services assist in overcoming these issues by maintaining low temperatures (-18°C to 4°C) or (-0.4°F to 39.2°F) to lengthen their shelf-life. For ages, milk and dairy products have been linked to foodborne illnesses. They are one of the most tightly controlled foods. Cold chain logistics are critical for preserving dairy product quality. The cold chain guarantees that low temperatures are maintained throughout the supply chain, as required by dairy products.
|Market size value in 2021||USD 236.03 billion|
|Market size value in 2030||USD 279.94 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Cold Chain 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 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.
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