Cold Chain Logistics Market Share Will Hit $585,105.6 Billion By 2026 | Growth With Recent Trends & Demand
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The global cold chain logistics market garnered $159.98 billion in 2018 and is estimated to reach $585.10 billion by 2026, growing at a CAGR of 17.9% from 2019 to 2026. The surge in refrigerated warehouses, growth of the processed food industry and pharmaceutical sector, and the adoption of automated software drive the growth of the cold chain logistics market. However, high operational costs and lack of standardization hinder the market growth. On the other hand, the implementation of RFID technologies creates new pathways in the industry.
Meat fish & seafood segment to maintain its dominant position by 2026
Based on type, the meat fish & seafood segment accounted for more than one-third of the total market share in 2018 and is expected to maintain its dominant position during the forecast period. This is due to the significant rise in consumption of meat, fish, and seafood every year. However, the dairy & frozen desserts segment would grow at the fastest CAGR of 20.7% from 2019 to 2026, owing to the rise in the retail industry and rapid surge in demand for frozen food.
Asia-Pacific to maintain its leadership position during the forecast period
Based on region, Asia-Pacific held the major market share in 2018, accounting for nearly two-fifths of the total share, and will maintain its leadership position during the forecast period. This is attributed to rising of the pharmaceutical sector in this region. However, LAMEA is estimated to register the fastest CAGR of 22.0% from 2019 to 2026, owing to the growth of the processed food industry in the region.
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The key players including AmeriCold Logistics, LLC, Lineage Logistics Holdings, LLC, VersaCold Logistics Services, AGRO Merchants Group, LLC, Nichirei Logistics Group Inc., Preferred Freezer Services, Congebec Logistics Inc., Burris Logistics Inc., Conestoga Cold Storage, Tippmann Group, and others hold major share in cold chain logistics market.
Driving factors for the Market
1 Increase in refrigerated warehouses
2 Growth in pharmaceutical sector
3 Growth in processed food sector
Market Restraints and Opportunities:
1 Lack of standardizationLack of standardization
2 High operational cost
3 RFID technologies for cold chain applications
4 Adoption of automated software for cold chain logistics
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Key questions answered in the Cold Chain Logistics Market research report:
1 What is the growth rate of the Cold Chain Logistics Market during the forecast period?
2 What will be the global Cold Chain Logistics Market size from 2019 to 2026?
3 What are the leading manufacturing companies in the Cold Chain Logistics Market?
4 How the major current trends will shape the market in the future?
5 What are the driving factors and opportunities in the Cold Chain Logistics Market?
6 Which will be the niches at which players profiling with thorough plans, financials, and also recent advancements should set a presence?
7 Why are some of the segments flourishing at the highest growth rate while others experience a steady growth?
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