The Cold Chain by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cold Chain, The cold chain market size has grown rapidly in recent years. It will grow from $365.57 billion in 2023 to $411.95 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth in world population, increase in food export and increasing demand from end-use industries.
The cold chain market size is expected to see rapid growth in the next few years. It will grow to $679.31 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to global population growth and urbanization, rapid growth in ecommerce, increasing consumption of packaged food, food security initiatives and increasing demand from end-use industries. Major trends in the forecast period include focusing on sustainability initiatives, focusing on quality and product sensitivity, leveraging internet of things (iot), focusing on smart warehousing, outsourcing processes to third-party logistics and focusing on strategic investments.
Growing consumer demand for perishable foods contributed to the growth of the cold chain market in the historic period. The demand for perishable foods such as dairy products, fruits, vegetables, and meat is growing with the increasing urban population and changes in the eating habits of the populace. Consumers are shifting towards the purchase of perishable goods that have a long time until expiration, owing to the nature of perishability. Developing markets in the Asia-Pacific and Latin America are observing high demand for perishable food products. For instance, in 2021, according to India-based retail intelligence platform, Bizom, which tracks the sales of 7.5 million retail stores across India, sales of ready-to-eat products increased by 9.1% in August from July 2021. Hence, the increasing consumption of packaged and convenience food is expected to drive the cold chain market in the forecast period. Thus, growing consumer demand for perishable foods supported the cold chain market.
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The cold chain market covered in this report is segmented –
1) By Type: Refrigerated Warehousing, Refrigerated Transport
2) By Temperature Type: Frozen, Chilled
3) By Industry Vertical: Pharmaceuticals And Healthcare, Food And Beverages, Chemicals, Other Industry Verticals
Cold Chain players are increasingly moving forward towards smart warehousing to cut costs and have better efficiencies. Intelligent warehousing integrates cutting-edge technology to increase production and efficiency while reducing mistakes. The ecosystem of technology in the smart warehouse automatically recognizes, receives, sorts, arranges and pulls goods. It seems to breathe life into the warehouse and execute the chores without the need for human intervention. The quality of the perishable consignment is maintained by temperature-controlled storage with suitable cooling and heating systems. This is made possible by integrating a sophisticated warehouse management system that keeps an eye on the storage facility and provides real-time data on the temperature and other variables that can have an impact on the goods. The effectiveness of storage activities is improved by this. For instance, in October 2021, US-based Smart Warehousing, a national warehousing and fulfillment solutions company, launched an Innovation Hub in its headquarters in Edgerton, Kansas. The Innovation Hub is attached to a 500,000-square-foot warehouse, allowing Smart Warehousing to test and optimize its technology and automation in-house, before deploying it to over 34 national warehouse locations.
The cold chain market report table of contents includes:
1. Executive Summary
2. Cold Chain Market Characteristics
3. Cold Chain Market Trends And Strategies
4. Cold Chain market analysis
5. Cold Chain Market Size And Growth
6.Cold Chain Segmentation
7. Cold Chain Regional And Country Analysis
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27.Cold Chain Competitive Landscape And Company Profiles
28. Cold Chain Key Mergers And Acquisitions
29.Cold Chain Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Americold Logistics
- Burris Logistics
- Nichirei Corporation
- United States Cold Storage
- Lineage Logistics Holdings
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