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Cold chain is a proficient system that involves refrigerated and thermal packaging methods to ensure the safety of temperature-sensitive products while transportation. Cold chain is widely used across the global food & beverage industry to protect the products from any damage caused due to temperature.
Advancements in refrigerated and warehouse technology, coupled with a growing number of specialized retail stores and adoption of innovative technologies by cold chain service providers are further expected to fuel the growth of the cold chain market during the forecast period.
Cold chain market is projected to expand crucially over the forecast period, owing to increasing trade, demand, and consumption of perishable food products across the globe. Rising governmental focus on the development and improvement of cold chain infrastructure, coupled with increased strictness on food safety regulations are expected to propel the growth of the global cold chain market in the forthcoming years.
However, negative environmental impacts posed by cold chain systems, such as the emission of harmful greenhouse gases, can restrain the growth of the global cold chain market in the upcoming years.
Key Market Driver -
Increasing Trade and Demand for Perishable Foods
Key Market Restraint -
Negative Environmental Impact of Cold Chain
The key companies operating in the global cold chain market are, Agro Merchants Group LLC, Americold Logistics LLC., Burris Logistics Inc., Swire Group, Al Rai Logistica K.S.C., Swire Cold Storage, Cold Chain Technologies, Inc., VersaCold Logistics Services, Nichirei Corporation, and Lineage Logistics.
Among type, refrigerated storage segment is expected to expand exponentially over the forecast period, due to changing lifestyle and diet of global population and their rising preference towards frozen, packaged, and convenience food. Overall growth in the food & beverage industry has led to increased trade of food and beverage among countries that is leading to the increased demand for insulated containers, high-cube refrigerated trailers, advanced refrigerated trucks, and other vehicles for the transportation of products. This is a significant reason that can efficiently push the growth of the transport segment in the global cold chain market during the forecast period.
Processed food is expected to be the leading application segment for the cold chain market, due to their rising demand and adaptation of innovative packaging materials in the packaging of processed food such as barrier packaging.
Fruits & vegetables segment is expected to be growing smoothly due to the anticipated increase in their trade-in in upcoming years. According to the Agricultural & Processed Food Products Export Development Authority (APEDA), India, which is the second-largest producer of fruits and vegetables, exported fruits & vegetables of worth USD 1.45 billion in the year 2017-18.
North America is projected to be leading the global cold chain market during the forecast period, due to the higher demand for fresh products by the population of the region. According to research findings, in 2017, the cold warehouse capacity of the United States witnessed a rise of 4.6 percent due to higher reliance on cold chain systems for food & beverage storage and distribution.
Asia Pacific is expected to rise swiftly in the global cold chain market during the forecast period, owing to rising penetration and adoption of advanced warehouse management tools and systems by the region. The presence of a well-established agriculture sector in countries such as India and China are expected to create great scope for export of products and hence expected to boost the growth of the cold chain market of the region.
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