Cold Chain Market: Segmented by Type (Storage, Transportation and Monitoring Components); By Application (Fruits & Vegetables, Fruit Pulp & Concentrates, Dairy Products, Fish, Meat, and Seafood, Processed Food, Pharmaceuticals, Bakery & Confectionery, and Others); and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
The term "cold chain" refers to a system that combines temperature-controlled surface transportation with a supply chain. It refers to the freezing solutions used to keep items like fresh agricultural produce, fish, frozen food, photographic film, chemicals, and prescription drugs in good condition and with a long shelf life. Cold chains are critical for maximizing the shelf life of products, preventing overcapacity, reducing transportation bottlenecks during peak periods, and ensuring product quality. The method entails storing goods in temperature-controlled warehouses and transporting them in cold-insulated transport vehicles. Fruits, vegetables, poultry, beef, medications, and narcotics are all transported and stored using cold chain logistics solutions. Refrigerated trucks, refrigerated railcars, refrigerated freight, and air cargo are among the modes of transportation used.
Global Cold Chain Market is expected to project a notable CAGR of 18.7% in 2030.
Increased consumer demand for perishable products, increased space for food retail chains by multinationals, and increased usage of RFID and barcode scanners in refrigerated warehouses would all help to drive market growth.
Storage segment to grow with the highest CAGR during 2020-30
Global Cold Chain market is segmented by type into Storage, Transportation, and Monitoring components. Storage segment held the largest market share in the year 2020. The market for frozen foods is being driven by changing consumer eating preferences and lifestyles. The demand for storage solutions is expected to rise as a result of this. Supplying food, drinks, and healthcare goods require the use of cold chain systems. The transportation segment is expected to be driven by demand for high-cube refrigerated trailers, connected refrigerated trucks, insulated containers, and vehicles that prefer cross-product transportation over the forecast period.
Fish, Meat, and Seafood segment to grow with the highest CAGR during 2020-30
Global Cold Chain market is divided by application into Fruits & Vegetables, Fruit Pulp & Concentrates, Dairy Products, Fish, Meat, and Seafood, Processed Food, Pharmaceuticals, Bakery & Confectionery, and Others. Over the forecast period, the Fish, Meat, and Seafood segment is projected to expand at the fastest pace. Technological advancements in the processing, packaging and storage of seafood are expected to boost this segment's development. A rise in fish production is also expected to contribute in the growth of the segment. However, due to ongoing packaging material developments, processed food is expected to be the fastest-growing application segment over the forecast years. Foods have a longer shelf life thanks to advancements in packaging materials. Over the last few years, this has resulted in a rise in the trade of processed foods.
Increased Consumer Awareness and Technological Advancement
Because of increasing consumer awareness, the refrigerated storage market in emerging economies is being driven by a transition away from carbohydrate-rich diets and toward protein-rich foods. Countries like China is projected to have a substantial growth rate in the coming years as a result of a consumer-led economic transition. The demand in emerging economies is expected to increase as technological advances in warehouse management and refrigerated transportation continue. In addition, rising government subsidies have allowed service providers to tap into these emerging markets with creative transportation solutions. Cold chain systems are designed to transport and store temperature-sensitive goods in optimal conditions. The growing demand for perishable goods and the need for fast delivery associated with the e-commerce-based food and beverage delivery industry have boosted cold chain operations significantly.
Increasing Penetration of Connected Devices and Trade Liberalization
Over the forecast period, the industry is expected to expand due to the increasing penetration of connected devices and the automation of refrigerated warehouses around the world. Increased demand for cold chain solutions is being driven by a rise in the number of organized retail stores in emerging economies. Furthermore, over the forecast period, trade liberalization, government efforts to minimize food waste, and multinational company expansion of retail chains are expected to fuel industry growth.
Environmental Concerns and High Cost Associated with the Market
Increasing public knowledge of environmental concerns and the high costs involved in the process stifle business expansion. The introduction of RFID technology to cold chain applications, as well as the software that is used, would provide a lucrative growth opportunity in the cold chain industry. The cold chain industry faces some difficulties due to packaging failure. Manufacturing firms' poor packaging results in product loss and a reduction in shelf life during transportation. The primary function of the cold chain is to regulate temperature; however, insufficient training will degrade product quality, rendering it unsuitable for end-user use and thereby impacting the global cold chain market.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Cold Chain market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Cold Chain in North America held the largest market share in the year 2020. Over the forecast period, market growth is expected to be fueled by increasing penetration of connected devices and a strong customer base. However, due to increased government investments in logistics infrastructure growth and the penetration of Warehouse Management Systems, Asia Pacific is expected to be the fastest-growing regional market over the forecast period.
Global Cold Chain Market is further segmented by region into:
Cold Chain Market Segments:
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