The global cold chain market size is estimated to reach USD 447.50 billion by
2025, according to a new study conducted by Grand View Research, Inc.,
exhibiting a CAGR of 15.0% during the forecast period. Technological
advancements in packaging, processing, and storage of seafood products are
expected to drive the market over the forecast period.
Cold chain solutions
have become an integral part of supply chain management for transportation and
storage of temperature-sensitive products. Increasing trade of perishable
products is anticipated to drive market demand over the forecast period.
Players operating in the marketplace for cold chain are increasingly adopting
alternative energy solutions such as wind and solar to minimize overall
operating cost.
Among cold chain
solutions, the refrigeration system is used to prolong shelf life and maintain
quality of products. Refrigerants used in refrigeration systems pose a threat
to the environment because of their high Global Warming Potential (GWP) and
Ozone Depletion Potential (ODP).
Growing stringent food
safety regulations, such as the Food Safety Modernization Act that requires
increased attention toward construction of cold storage warehouse, is slated to
benefit the market. Adoption of environmental audit systems such as Leadership
in Energy and Environmental Design (LEED) or Building Research Establishment
Environmental Assessment Method (BREEAM) can evaluate designs at initial stage.
Thus, operational performance of completed buildings can be assessed through
these audit systems.
Temperature-controlled
warehouses are highly energy-sensitive as they incorporate refrigeration and
ventilation systems that require high power consumption. However, better design
can reduce power consumption and can help build net-zero energy warehouses.
Intelligent warehouse automation and control systems are one of the factors
assisting buildings to achieve net-zero energy to become self-sustainable. Less
energy consumption notably lowers operating expenditure, eventually
contributing to protection of ecology and climate.
The North America region
is anticipated to dominate the market for cold chain in terms of revenue owing
to continuing innovation in autonomous trucks. Mexico is expected to have
exponential growth over the forecast period owing to the rising investments for
the development of logistics infrastructure and increasing penetration of
warehouse management system.
In South America, Brazil
is a major contributor to market growth. Implementation of dietary guidelines
on usage of fresh food products over processed food led by the Brazilian
government is expected to boost the cold chain market. These guidelines would
necessitate development of cold chains to meet requirements for storage,
transportation, and packaging of fresh food.
Key companies operating
in the cold chain market include Agro Merchant Group (U.S.), Cloverleaf Cold
Storage (U.S.), Henningsen Cold Storage (U.S.), Nordic Logistics and
Warehousing, LLC (U.S.), and Preferred Freezer Services, LLC (U.S.). Cold chain
service providers have invested aggressively in adding onboard tracking
equipment to refrigeration units. This provides real-time location and
temperature data to shippers and third-party logistics. It further helps them
with increased visibility and opportunity to mitigate or prevent losses.
Along with the
aforementioned players, cold chain packaging companies such as Cold Chain
Technologies, Inc. (U.S.); Cryopack Industries, Inc. (U.S.); Creopack (Canada);
and Cold Box Express, Inc. (U.S.) contribute significantly to market growth.
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Further key findings from the report suggest:
· Connected products help companies develop
closer customer relationships through product differentiation and moving away
from price competition
· Due to a shift in focus from increase in
productivity to providing better transport and storage facilities, the market
has gained prominence in developing countries such as China and India
· Cold chain monitoring, smart packaging,
sample lifecycle management, men and material tracking, and connected equipment
are among IoT applications of key importance for the pharmaceuticals industry
· Radio Frequency Identification
(RFID)-enabled supply chain provides higher efficiency and has opened up new
opportunities by offering product level visibility
· Globalization and growing number of
pharmaceutical and food safety counterfeit incidents have compelled governments
to tighten regulations on production and supply. Rising trend of buying food
products online and adoption of e-commerce in China are key demand drivers
· The Government of India remains keen on
supporting development of the cold chain industry and is encouraging private
participation by launching subsidy schemes and offering grants. In 2012, it
permitted 100% FDI in cold storage under automatic route.
Grand View Research has
segmented the global cold chain market on the basis of type, packaging,
equipment, application, and region:
Cold Chain Type Outlook (Revenue, USD Million,
2014 - 2025)
·
Storage
·
Transportation
·
Monitoring Components
Cold Chain Packaging Outlook (Revenue,
USD Million, 2014 - 2025)
·
Product
·
Materials
Cold Chain Equipment Outlook (Revenue,
USD Million, 2014 - 2025)
·
Storage Equipment
·
Transportation Equipment
Cold Chain Application Outlook (Revenue,
USD Million, 2014 - 2025)
·
Fruits & Vegetables
·
Fruit Pulp & Concentrates
·
Dairy Products
·
Fish, Meat, and Seafood
·
Processed Food
·
Pharmaceuticals
·
Bakery & Confectionary
·
Others (Ready-to-cook, Poultry)
Cold Chain Regional Outlook (Revenue,
USD Million, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Middle East
·
Africa
·
South America
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting services.
To help clients make informed business decisions, we offer market intelligence
studies ensuring relevant and fact-based research across a range of industries,
from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
