Based on Reports and Data's current analysis, the global cold chain market was worth USD 253.00 Billion in 2021 and is predicted to achieve a value of USD 490.76 Billion by 2030, with a compound annual growth rate (CAGR) of 7.6%. The cold chain market plays a vital role in the agricultural sector as it involves pre-cooling, refrigerated storage, and transportation of perishable food items. However, cold chain management remains weak in most developing countries, despite its growing significance in the food and pharmaceutical industries. To reduce food wastage and support farmers in obtaining better value for their produce, it is crucial to establish an uninterrupted chain of storage and distribution for perishable goods that guarantees safe and high-quality delivery to end-users. Key market players are implementing various strategies such as expansion, product launches, partnerships, mergers, and acquisitions to enhance their market share and sustain their competitiveness. For example, in May 2019, Americold, a major cold chain market player, acquired Lanier Cold Storage to bolster its poultry business. The urban areas of both developing and developed countries are expected to experience substantial growth in the industry.
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Top Companies Operating in the Global Cold Chain Market Report:
Americold Logistics LLC, Burris Logistics, Lineage Logistics Holding, LLC, Preferred Freezer Services, Inc., Nichirei Logistics Group Inc, Nordic Logistics and Warehousing LLC, Swift Transportation, Trenton Cold Storage, Interstate Cold Storage Inc, Henningsen Cold Storage Co., and VersaCold Logistics Services.
Major Driving Factors of Cold Chain Market
· Increasing Demand for Perishable Food: The demand for perishable food products such as fruits, vegetables, dairy products, meat, and seafood is rising globally. Cold chain logistics ensures that these products are transported and stored at controlled temperatures to maintain their quality and freshness. As the demand for such products grows, the need for efficient cold chain solutions increases, driving the market growth.
· Increasing Pharmaceutical and Healthcare Industry: The pharmaceutical and healthcare industry relies heavily on cold chain logistics to maintain the efficacy and safety of temperature-sensitive drugs, vaccines, and medical supplies. With the growing global population and the need for quality healthcare, the demand for cold chain solutions in the pharmaceutical sector is expanding.
· Stringent Government Regulations and Food Safety Standards: Governments across the world have implemented strict regulations and standards regarding the transportation and storage of perishable goods. Compliance with these regulations necessitates the adoption of advanced cold chain technologies and practices, driving the market growth.
· Increasing International Trade of Perishable Goods: The globalization of trade has led to a significant increase in the international transportation of perishable goods. Cold chain logistics plays a crucial role in maintaining the quality and integrity of these products during long-distance shipments. As international trade continues to grow, the demand for cold chain services is expected to rise.
The global Cold Chain market is segmented into:
· North America (U.S.A., Canada, Mexico)
· Europe (Italy, U.K., Germany, France, Rest of Europe)
· Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
· Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Further market segmentation
Type Outlook (Revenue, USD Billion; 2019 – 2030)
- Refrigerated Transportation
- Refrigerated Warehouse
Technology Outlook (Revenue, USD Billion; 2019 – 2030)
- Blast Freezing
- Vapor Compression
- Programmable Logic Controller
- Evaporative Cooling
- Cryogenic Systems
- Others
Application Outlook (Revenue, USD Billion; 2019 – 2030)
- Dairy and Frozen Desserts
- Meat and Seafood
- Fruits and Vegetables
- Bakery and Confectionery
- Pharmaceutical
- Others
Key Questions Addressed in the Report:
· What are the dominating factors that are influencing the growth of the industry?
· In the forecast period, which market segment is expected to rise the most?
· What are the risks and challenges that the industry is facing?
· In the coming years, which area is projected to dominate the market?
· Who are the major players in the market? What kind of strategic business plans have they made?
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