Cold Chain Market touched USD 216 billion in 2019 and will grow at 7.6% CAGR during 2020-2027 | Size, Trends & Forecast

Cold Chain Market

The Cold Chain Market was valued around USD 216 billion in 2019 and is expected to grow at a CAGR of 7.6% over the forecast period (2020-2027).

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The factors driving the growth of Cold Chain Market includes rise in the consumption of perish able food items such as fruits and vegetables and dairy products, growing consciousness amongst consumers about reducing food wastage and increase in the number of organized retail outlets around the world. According to the report published by Statista, the output value of fruits and vegetables market in India has increased from INR 3.16 trillion in FY 2016 to INR 3.57 trillion in 2020, which will boost the Cold Chain Market size in the approaching years. Moreover, Free Trade Agreements (FTAs) signed between Governments of different countries, technological innovations in warehouse management and refrigerated transportation systems and rising focus on enhancing the infrastructure of cold chain and pre-cooling facilities, are some of the additional factors supplementing the Global Cold Chain Market. In addition, the increasing investments by leading players on research and development, expansion of the pharmaceutical industry, rising disposable incomes and rapid urbanization, are further contributing towards the market growth.

However, growth of the Cold Chain Market is hindered attributed to rising concerns related to greenhouse gas emissions.

The prominent players operating in the market are Swire Group, Agro Merchants Group, Burris Logistics, Inc., Henningsen Cold Storage Company, Tippmann Group, Kloosterboer Group B.V., Interstate Cold Storage, Inc., Americold Logistics LLC, Lineage Logistics Holdings, LLC and Nichirei Corporation, among others.

Based on Temperature Type, the Frozen segment is predicted to dominate the market over the forecast period

Cold chain maintains temperature environment at each stage such as harvesting, processing and transportation, is pushing growth of the segment.

Based on Application, the Dairy & Frozen Desserts segment is projected to hold the maximum market share during the forecast period

Growing demand for Bakery & Confectionery food products and changes in eating habit of consumers, are some of the factors responsible for the segment's growth.

Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR over the forecast period 

As per the Cold Chain Market Report, Government subsidies on the cold chain projects, increasing consumption of dairy food products, technological advancements in cold chain infrastructure, growing per capita incomes, and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Developments

In 2019, Lineage Logistics Holdings, LLC completed the acquisition of Preferred Freezer Services to meet increasing demand for cold storage worldwide.

Market Segmentation

Segmentation by Type

Refrigerated Storage
Refrigerated Transport

Segmentation by Temperature Type

Chilled
Frozen

Segmentation by Application

Dairy & Frozen Desserts
Fish, Meat and Seafood Products
Fruits & Vegetables
Bakery & Confectionery Products
Others

Segmentation by Technology

Blast Freezing
Vapor Compression
Programmable Logic Controller (PLC)
Evaporating Cooling
Cryogenic Systems
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.