Product ID: SQMIG25C2104
Global Cold Chain Market Size, Share, Growth Analysis, By Temperature Type(Frozen, Chilled), By Type(Refrigerated Warehousing, Refrigerated Transport), By Application(Dairy & Frozen Desserts, Fish) - Industry Forecast 2024-2031
Report ID:
SQMIG25C2104 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
92 |
Figures:
76
Global Cold Chain Market Insights
Cold Chain Market size was valued at USD 236.03 billion in 2019 and is poised to grow from USD 279.94 billion in 2023 to USD 1071 billion by 2031, growing at a CAGR of 18.6% in the forecast period (2024-2031).
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 Cold Chain Market Report Snapshots
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