Cold Chain Market by Type (Refrigerated Storage and Transport), Temperature Type (Chilled and Frozen), Application (Dairy & Frozen Desserts; Meat, Fish, and Seafood, Fruits & Vegetables, Bakery & Confectionery), and Region - Global Forecast to 2023
Cold chain market projected to grow at a CAGR of 7.6% during the forecast period
The primary factors driving the global success of cold chain is the growth in international trade for perishable food products, expansion of food retail chains by multinationals, and government support for infrastructure development of cold chain industry. On the other hand, factors such as high energy and infrastructure costs are restraining the growth of the cold chain market. The cold chain market is estimated to be valued at USD 203.14 billion in 2018 and is projected to reach a value of USD 293.27 billion by 2023, at a CAGR of 7.6%.
Fruits & vegetables to be the fastest growing segment among other applications from 2018 to 2023
On the basis of application, the frozen cold chain market is segmented into fruits & vegetables; bakery & confectionery products; dairy & frozen desserts; meat, fish, and seafood products; and others. The fruits & vegetables segment is projected to be the fastest-growing market during the forecast period. The frozen fruits & vegetables have longer storage with minimal wastage, and are hence growing at the highest CAGR. Also, the global demand for healthy foods has subsequently fueled the demand for fruits & vegetables. Globalization and trade liberation have increased the global trade of fruits & vegetables. The cold chain also plays a key role in storage and transport of meat, fish, and seafood products, as they require refrigeration right after slaughter, during processing, and during packaging.
Chilled segment to dominate the cold chain market by temperature type during the forecast period
Deterioration of food is mainly caused by the activity of microorganisms, which may be present in food ingredients or may be introduced during the handling and processing of the food. Chilling reduces the food temperature below the ambient temperature, but keeps it above –1 °C (30.2 °F). Effective short-term preservation of food products is possible using this method, as it inhibits microbial, physical, chemical, and biochemical reactions associated with food spoilage and deterioration, driving the chilled segment for cold chain market.
India: The future of the cold chain industry
The cold chain market is segmented on the basis of region into North America, Europe, Asia Pacific, and Rest of the World (RoW). The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The market is growing in this region due to the increasing disposable income of the people, the changing consumption patterns, and increasing expansions and acquisitions of key players such as Americold Logistics (US), Preferred Freezer Services (US), and Nichirei Logistics (Japan) in South Africa and Thailand for profitable returns. The Indian government is encouraging the setting up of cold storage facilities by providing subsidized power tariffs, public-private partnerships, and awareness campaigns to ensure year-round availability of perishable food products and reasonable prices to consumers with equitable distribution throughout the country. The increasing working-class population in India is one of the major drivers for growth in the food & beverages market and also creating an opportunity for cold chain service providers.
Break-up of primaries:
By Company Type: Tier 1 - 33 %, Tier 2 - 45%, and Tier 3 - 22%
By Designation: C-level - 56%, Director level - 22%, and Others - 22%
By Region: North America - 34%, Europe - 22%, Asia Pacific - 33%, and RoW - 11%
The global market for cold chain is dominated by large players such as Americold Logistics (US), Preferred Freezer Services (US), Burris Logistics (US), Lineage Logistics (US), and Nichirei Logistics (Japan). Other players include AGRO Merchants (US), Kloosterboer Group (Netherlands), Swire Cold Storage (Australia), and Interstate Cold Storage (US).
Reasons to buy this report:
• To get an overview of the global cold chain market
• To get an overview of the key players in the cold chain industry and service portfolios and key strategies adopted by key players to attain the market presence
• To gain insights of the major regions in which the cold chain market is growing
• To gain knowledge of the growth of various food products that the cold chain is used for
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