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Cold Chain Market Size, Growth Insight, Share, Emerging Technologies, Share, Regional, Industry Forecast To 2029
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According to a recent study by Report Ocean, the size of the global cold chain market was estimated to be USD 255.36 billion in 2022. During the forecast period from 2023 to 2029, the market is projected to grow at a CAGR of 9.21%, reaching a value of USD 469.79 billion by 2029. Key growth drivers for the global cold chain industry include the automation of refrigeration warehouses and the adoption of connected devices, AI technology, and IoT sensors. Trade liberalization, government programs to reduce food waste, and the expansion of retail chains by multinational corporations are also expected to contribute to the market's growth.
A cold chain refers to a system of temperature-controlled facilities used for manufacturing, warehousing, and distribution, supported by hardware that can consistently maintain the required low-temperature range. The structure of the cold chain varies depending on the product being handled. Failure to maintain proper temperatures can result in microbiological growth, discoloration, bruising, and degradation of product quality. Maintaining high-quality products ensures customer satisfaction, increased demand, and public health protection.
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The global cold chain market is segmented by application into seafood, meat, fruits and vegetables, dairy products, alternative proteins, and others. The fruits and vegetables segment holds the largest market share. This segment's growth is attributed to the rising demand for frozen fruits and vegetables, as well as the year-round demand and the import and export of seasonal and exotic produce globally. Stringent government regulations to maintain nutritional value also contribute to the market's expansion.
The COVID-19 pandemic had a significant impact on the global cold chain market. During the pandemic, the demand for cold chains increased substantially due to vaccine development and immunization efforts worldwide. Vaccines require specific temperature ranges to maintain their efficacy, and the establishment of cold chain warehouses and refrigerated transportation became crucial. Government agencies, NGOs, and private organizations worked together to bolster cold chain infrastructure, leading to the growth of the global cold chain market.
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Major players in the global cold chain market include Americold, Lineage Logistics, United Parcel Service, Inc. (UPS), FedEx Corporation, DHL International GmbH, Swire Cold Storage, Nichirei Logistics Group Inc., Burris Logistics, Kloosterboer, AGRO Merchants Group, VersaCold Logistics Services, NewCold, Henningsen Cold Storage, Interstate Cold Storage, Inc., and Preferred Freezer Services. These companies employ various strategies such as mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches to enhance their market share.
The report provides an in-depth analysis of the global cold chain market, including information on growth potential, upcoming trends, and market size forecasts. It offers insights into recent technology trends and industry dynamics to assist decision-makers in making informed strategic decisions. Additionally, the report analyzes the growth drivers, challenges, and competitive landscape of the market.
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