Global Cold Chain Market to Reach USD 436.52 Billion by 2028
Global cold chain market is valued at USD 253.06 billion in 2021, and the market is projected to reach USD 436.52 billion by 2028, at a CAGR of 8.10% over the forecast period 2022 - 2028.
Food wastage due to cold chain logistics costs the world economy about USD 1 trillion per year. The Food and Agricultural Organization of the United Nations has reported that about one-third of all food produce is lost or wasted between the farm and the table, primarily due to spoilage, incorrect storage, transportation and distribution issues, and Failures in Agronomic/ Process Control.
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The growth in the cold chain market can be attributed to the increasing demand for safe food products, as well as the increase in the number of businesses that are looking to protect their intellectual property. In addition, the increased adoption of electronic health records (EHRs) is also expected to drive growth in the cold chain market. Following are some of the key factors driving market revenue.
Global population is growing, and with it, the number of people who are vulnerable to foodborne illnesses and hunger
Businesses are becoming more aware of the importance of maintaining a safe supply chain. This is especially important when it comes to high-value products, such as food and pharmaceuticals.
Technological advances have made it easier to store and transport food products
Stringent government regulations regarding food and pharmaceutical safety are compelling distributors to develop safe and efficient cold chain logistics and warehouses
USD 750 Billion Lost due to Poor Cold Chain Storage and Insufficient Logistics
Every year, food worth USD 750 billion is wasted due to poor cold chain storage and logistics across the globe. As per our recent findings, food wastage due to the poo cold chain logistics is a major issue worldwide in the global cold chain market. The study looked at data from 60 countries and found that food wastage, as a result of misinformation about the quality of food products, is the second biggest environmental problem after climate change. The report showed that approximately 34% of all food produced is wasted each year, with animal feed being the biggest contributor (36%). Food losses from retail and catering added up to another 17%, while 11% was lost during processing. In addition, a whopping 44% of agricultural land is used to produce crops that are then wasted. This study is an important reminder that we need to do more to reduce food wastage, especially in developed countries where it is often seen as wasteful.
Warehouses are the Key Consumers in the global Cold Chain Market
Warehouses are an important part of the food and pharmaceutical supply chain, and the demand for cold chain storage is high. This is because warehouses are responsible for storing perishable foods, such as meat, vegetables, and fruits. The cold chain is a system that ensures these foods remain safe to eat. It consists of four stages: storage at a temperature below 35 degrees Celsius or 95 degrees Fahrenheit, transportation to the store, display on the shelves, and sale to consumers.
As per latest report published by Global Cold Chain Alliance, total capacity of refrigerated warehouses worldwide cold chain market was 719 million cubic meters in 2020, 16.7% greater than the capacity reported in 2018. Wherein, countries like China and the US are contributed the highest as compared to last two years.
The cold chain is essential for preserving food quality and safety. It is particularly important when it comes to perishable foods, like meat. If meat is not held at a frigid temperature, it can spoil and cause food poisoning. In addition, improper storage can also lead to lose of weight or flavor in vegetables and fruits. As the demand for cold chain storage in warehouses continues to grow, companies that provide this service will continue to thrive.
North America to Continue Leading Cold Chain Market Thanks to Well-Established Logistics Infrastructure
Currently, North America is dominating the global cold chain market. It has been found that cold chain plays a key role in the food market. For instance, at any given day, food items weighing around 92 billion pounds are refrigerated in the US. As of 2021, the regional market is valued at over USD 62.5 billion and is projected to grow at a CAGR of 8.5% during the forecast period. However, the sad truth is that the country had to face a loss of around USD 18 billion while exporting perishable items and pharmaceutical. This indicates that there is still an opportunity for the mature market like North America to improve the market growth projection by addressing the issue.
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The demand for cold chain storage in North America is increasing, thanks to the increasing popularity of food delivery and other services that require refrigeration. Cold chain market is a critical part of the food supply chains, and ensures that food arrives at the correct temperature and remains safe until it is consumed. This demand is likely to continue rising in the future, as consumers become more aware of the importance of eating healthy and avoiding foodborne illnesses.
Companies are Trying to Stay Competitive and Improve their Outlook in Cold Chain Market
The cold chain market is growing exponentially, as businesses strive to maintain the quality of their products. It is important for companies to be competitive in this market, as it can mean the difference between success and failure. There are a number of ways in which companies are statying competitive in the cold chain market. One way is by ensuring that their products are properly stored and transported. This will ensure that they remain safe and intact during transport, and that they do not spoil. Another factor is that companies are focusing on ensuring that their suppliers are reliable. If a supplier is unreliable, it could mean that products produced by the company are also unreliable. It is important for companies to have a good relationship with their suppliers, so that they can be sure that the products they receive are of the highest quality.
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Companies must also ensure that their employees are properly trained in order to maintain the quality of their products. Employees who are not properly trained could introduce errors into products, which could lead to them being rejected or even harmful. It is important for companies to ensure that all employees are properly trained in order to ensure the quality of their products.
Top Company Profiles in Global Cold Chain Market
Americold Logistics (US)
Lineage Logistics Holdings (US)
Nichirei Corporation (Japan)
Burris Logistics (US)
Agro Merchants Group (US)
United States Cold Storage (US)
Tippmann Group (US)
VersaCold Logistics Services (Canada)
Henningsen Cold Storage Co. (US)
Congebec Inc. (Canada)
Conestoga Cold Storage (Canada)
Hanson Logistics (US)
Confederation Freezers (Canada)
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