The global cold chain market is predicted to grow at 9.4% CAGR during the forecast period with the market size reaching USD 325.9 billion by 2024. The increasing demand for processed food and the increasing need for its preservation, increasing demand for the temperature control system to avoid health hazards, increasing penetration of e-commerce in the food and beverage industry are the key factors leading to the growth in the cold chain market, globally.
Consumer inclination towards convenience foods with the least amount of chemical preservatives uses further supports the demand for refrigeration in the supply chain for storage and transport purposes. Refrigeration is vital in ensuring the consumption of safe food with regard to microbial, nutritional, and organic quality. With the changing lifestyle and urbanization, people tend to visit retailers or grocery outlet once a week, therefore, fruits & vegetables, meat, and dairy products must have a self-life of a minimum one week. This supports the growth of the cold chain market, globally.
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Based on type, the cold chain market is categorized into refrigerated transport and refrigerated storage. Of both the categories, refrigerated storage holds a larger share in the market, due to the huge demand for processed food, globally. Also, the demand for refrigerated transport is increasing at the faster CAGR during the forecast period, due to the increasing demand for processed or convenience food in the retail sector and increasing adoption of an online distribution channel.
Asia-Pacific accounted for the major share in the cold chain industry in 2017, globally due to the increasing foreign direct investment (FDI) inflow in the emerging economies such as India, Vietnam, and Indonesia. The large population base, increasing urbanization, increasing demand for processed food are other key factors leading to the largest share of the region. North America is the second-largest cold chain market as the U.S. is home to most of the major players worldwide, which is due to the fact that the U.S. population is more inclined towards the adoption of convenience food.
Market players in the cold chain industry are investing capital to develop and adopt technologically advanced systems with lower greenhouse emission and energy-efficient refrigeration systems. Americold Logistics, Interstate Cold, Preferred Freezer Services, VersaCold Logistics, Agro Merchants Group, Nichirei Corporation, Lineage Logistics Holdings, LLC, Burris Logistics, Swire Cold Storage and Kloosterboer Group B.V. are some of the key players offering solutions in cold chain industry.
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