Cold Chain Market to Exhibit 13.3% CAGR during the Forecast Period | Leading Players: Preferred Freezer Services, Americold Logistics, Burris Logistics, Nichirei Corporation, Lineage Logistics Holdings LLC

The Global Cold Chain Market is projected to reach USD 611.65 Billion by 2028, at a CAGR of 13.3% during the forecast period. The rising demand for organized retail, as well as customer understanding of the importance of reducing food waste, is driving up demand for cold chain. The use of cold chains in the food and beverage industry has benefited from the advancement of emerging technology, as it helps to avoid food quality deterioration. Because of new technology, government funding, and a rise in food and beverage exports, the Asia Pacific region is rising at the fastest rate.

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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. The World Trade Organization (WTO) and bilateral free trade agreements, such as the North America Free Trade Agreement (NAFTA), the European Union Free Trade Agreement (FTA) have enabled exporters in the United States and Europe to increase perishable food trade while avoiding import tariffs.

Growth Drivers that Support the Global Cold Chain Market:

• The refrigerated items extend the shelf life of foods while also making them more inert. The freezing process slows the biological and chemical reactions that cause food to spoil and shorten its shelf life. The flavor, texture, and nutritional value of the products are all preserved by freezing. These factors are primarily driving the use of refrigerated storage segment in the type segment.

• In the temperature control segment, the packaging material segment had the highest revenue share. For temperature-sensitive products, insulating materials and refrigerants are called full systems. High demand for these materials is expected to drive the growth of the segment over the forecast period.

• Constant temperature regulation, dust, and exposure to sunlight are the main concerns when transporting dairy and frozen desserts. Cold chain transportation systems assist in overcoming these issues by ensuring that goods are transported at low temperatures and extend their shelf life. Maintaining the quality of dairy products necessitates the use of cold chain logistics. In application segment, the food and beverage segment is expected to grow due to increasing consumption of milk and other beverages which require cold storage.

• In terms of volume, the European region is expected to have the largest share of the global economy. Due to an increase in domestic consumption of high-quality perishable products, demand is steadily increasing, especially for the cold chain.

• Due to increased awareness of food waste prevention prior to consumption, organized retail sector development, increased consumer demand for perishable food, and government support and initiatives, the Asia-Pacific has significant growth potential for the cold chain industry.

• Consumers' evolving habits have pushed them into processed foods with longer shelf lives. Consumer tastes are shifting, and convenience stores, supermarkets, and quick-service restaurants are becoming more common in countries like India, China, South Korea, Japan, and Indonesia. This has increased sales of ready-to-eat and ready-to-cook foods like ice creams and frozen desserts, frozen fruits and vegetables, fish, and meat.

Recent Developments in the Global Cold Chain Market:

• Agro Merchants Group (US) expanded its operations at its Nashville facility in April 2020 by adding more refrigerated storage space. This decision was made in order to meet the growing demand. The temperature in the new storage facility will be kept between 32 and 38 degrees Fahrenheit. It will increase the focus on frozen food storage and handling.

• Agro Merchants Group (US) opened a new drayage operation in Southern California in March 2020. This would bring value to its consumers while also assisting in the integration of its supply chain. Customer freight is collected from port terminals in Los Angeles/Long Beach and sent to Agro's temperature-controlled distribution centre in Carson, CA, as part of the new operation.

• Nova Cold Logistics (Canada), an owner and operator of three temperature-controlled storage facilities in Canada, was acquired by Americold Logistics (US) in January 2020. This decision would assist the company in strengthening its role in Canada. Canada is a growing market with a smattering of cold storage facility ownership.

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Major companies functioning in the global Cold Chain Market are Preferred Freezer Services, Americold Logistics, Burris Logistics, Nichirei Corporation, Lineage Logistics Holdings LLC, Swire Cold Storage Ltd, Cloverleaf Cold Storage, AGRO Merchants Group, Kloosterboer, Henningsen Cold Storage Co., Al RaiLogistica K.S.C, Interstate Cold Storage Inc., and Versacold Logistics Services.

Market Segmentation:

By Type:
• Refrigerated Storage
o Warehouse
o Refrigerated Container
• Cold Chain Logistics
o Roadways
o Airways
o Railways
o Waterways

By Temperature Control:
• Conventional Refrigeration
• Packaging Material
o Dry ice
o Wet Ice
o Liquid Nitrogen
o Gel Packs
o Eutectic Packs
o Expanded Polystyrene
o Insulated Blankets

By Temperature Type:
• Chilled
• Frozen

By Application:
• Pharmaceuticals
• Food & Beverage
o Fruits & Vegetables
o Dairy & Frozen Desserts
o Bakery & Confectionery
o Fish, Meat & Seafood
o Others
• Chemicals

By Region:

North America
o By Country (US, Canada, Mexico, Rest Of North America)
o By Type
o By Temperature Control
o By Temperature Type
o By Application

Western Europe
o By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
o By Type
o By Temperature Control
o By Temperature Type
o By Application

Eastern Europe
o By Country (Russia, Turkey, Rest of Eastern Europe)
o By Type
o By Temperature Control
o By Temperature Type
o By Application

Asia Pacific
o By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
o By Type
o By Temperature Control
o By Temperature Type
o By Application

Middle East
o By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
o By Type
o By Temperature Control
o By Temperature Type
o By Application

Rest of the World
o By Region (South America, Africa, Rest of the World)
o By Type
o By Temperature Control
o By Temperature Type
o By Application

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