Cold Chain Market is anticipated to grow at a CAGR of 7.0% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Cold Chain Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global cold chain market is estimated to be over US$ 217 Bn in 2019 It is anticipated to grow at a CAGR of 7.0% from 2019 to 2030.
The significant growth of the market can be attributed to rising consumer demand for perishable food items, growth of international trade due to trade liberalization, and expansion of the organized food retail industry are some of the factors that will boost the growth of market over the forecast period. Moreover, factors such as increasing need for temperature control to prevent potential health hazards also fuels the growth of this market. However, concerns regarding environment such as greenhouse gas emissions and usage high energy and infrastructure cost will restrain the growth of the market to certain extent.
Cold chain services are designed to provide ideal transportation and storage conditions for temperature sensitive products. Rising consumer demand for dairy & frozen desserts, fruits & vegetables, meat, fish and seafood. Similarly, bakery & confectionery products and fast delivery requirements is associated with the e-commerce based food delivery market have given a significant boost to cold chain market. Moreover, growth of international trade due to trade liberalization, and expansion of the organized food retail industry are some of the factors are driving the growth of the market.
In emerging countries, cold chain market is driven by shift from carbohydrate rich diet to protein rich foods, owing to rising consumer awareness. Country China are expected to portray a significant growth in the coming years due to a consumer led transition in the economy. The growing technological advancements in warehouses management, refrigerated transportation, and growing government subsidies have enabled service providers with innovative solutions to overcome complex transportation in the emerging market. This in turn aids the substantial growth of the cold chain market.
Browse key industry insights spread across 220 pages with market data tables & figures & charts from the report, Cold Chain Market by Type (Refrigerated Storage and Refrigerated Transport), Temperature Type (Chilled and Frozen), Application (Dairy & Frozen Desserts, Fish, Meat, and Seafood Products, Bakery & Confectionery Products, Fruits & Vegetables and others) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/cold-chain-market/156
Maintaining food quality and safety are major priorities for manufacturers, retailers, and consumers. To achieve this, it becomes necessary for service providers to invest in modern cold storage facilities, and advanced vehicles that have cold storage unit. Thereby increasing overall energy cost of the cold chain service providers. Moreover in North America and Europe the major factors of concerns for cold chain providers is, rising fuel costs and fuel consumption due to an increasing use of refrigerated vehicles. Similarly in emerging countries operating costs is too high and power deficit is another concern. Therefore it becomes difficult for small scale players to invest in energy back-up systems as there is high capital investment and costs escalates with the usage of new technologies in cold storage systems. These are few factors that are expected to restrain the growth of the cold chain market to a certain extent.
Europe is estimated to account for the highest CAGR in cold chain market over forecast period. Increasing demand of high-quality short-lived commodities such as dairy products, eggs, meat, seafood, fruits and vegetable are factors which create lucrative opportunity for growth of the market in this region. Asia Pacific is anticipated to witness significant growth over the projected period owing to increasing awareness and prevention of food wastage before consumption, growth of the organized retail sector and support & initiatives from government in this sector. China is the major regional contributor and is expected to witness considerable growth over the forecast period. Rising innovations in pharmaceutical sector, expansion of biopharmaceuticals and technological advancements in packaging, processing, and storage of perishable food products are anticipated to drive the growth.
The prominent players in the global cold chain market are Burris Logistics, Americold Logistics, LINEAGE LOGISTICS HOLDING, LLC, NICHIREI CORPORATION., Swire Cold Storag, Agro Merchants Group, Kloosterboer Group B.V., Interstate Cold Storage, Inc., VersaCold Logistics Services, Aamong others.
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