Cold Chain Market - Forecast(2021 - 2026)
Cold Chain Market Overview:
Global seafood import value was recorded to be more than $1.26 million in 2018. [1]Seafood is categorized as a perishable food product and require cold storage warehouse and transportation with preservation. Consequently, there is high demand of cold storages from the food and beverage industry owing to growing food consumption rate worldwide. The global cold chain market stood at $170.56 billion as of 2018. Frozen food trends is increasing among millennials owing to hassle-free preparation and authentic taste. Frozen food business is increasing globally and cold chain facilities are required to maintain the food fresh. As a result, there is a significant rise in cold chain market with an impressive consumer-led transition, the global cold chain market demand is evaluated to grow at a CAGR of 4% through 2025. Recent resorting to e-commerce sites for purchasing of perishable food products is boosting the cold chain market.
Cold Chain Market Outlook:
The perishability of processed and frozen foods act as a major challenge to the global food and beverage industry. Cold chain provides an all-in-one solution by providing storage and transition in temperature controlled warehouses, trucks, cargo, and containers that enhance the shelf life and maintain the perishability of the product. The cold chain services include warehouse cold storage, transient storage, and express refrigerated transportation via rail, road, marine, and air. The application of cold chain in the food and beverage industry accounted a CAGR of 6% and continue to expand in the foreseeable future. The pharmaceutical industry is widely accepting the potential benefits of cryogenic cold chain utility for storing vaccines, blood samples, and other cellular testers exerting huge demand on global cold chain market. The APAC region is home to world's largest population with a diverse climatic condition. This is reflective of the necessity for cold chain services for the effective transporting of food and delicate goods from one state to another. This is why APAC led the global cold chain market with 34% contributing share.
Cold Chain Market Growth Drivers:
· Current world population is estimated as 7.6 billion with rising at continuous pace through years.[2] This resonates with the fact that the overall consumption and economic power is increasing gradually creating viable impact on the global food and beverage market thereby boosting the cold chain market.
· According to recent findings from IndustryARC, global frozen food market was valued between $225 billion to $228 billion as of 2018. The rampant revenue income creates a scope for cold chain market to prosper.
· Initiatives from government and international agencies to provide vaccines and other basic medication globally require cold chain transportation and containers for preserving related products to improve its medicinal efficacy and shelf life. This approach is increasingly growing resulting in cold chain market growth.
Cold Chain Market Challenges:
Cold chain market experience certain challenges on the ground of packaging failure. Low quality packaging of products by manufacturing companies result in damage and decreased shelf life of products during transportation. Cold chain primary works to control the temperature; inadequate training can destroy the product quality making it unsuitable for end-user usage hence, affecting the global cold chain market. Aforementioned critical issues can be handled both by cold chain and manufacturing companies with proper monitoring and tracking of product delivery, incorporating advanced technical solutions, adequate training to workforce, and strategic solutions for abrupt situations.
Cold Chain Market Key Players:
The market pioneers include Henningsen Cold Storage, Burris Logistics, Americold Logistics, Company, Kloosterboer Group B.V., Nichirei Logistics, Cloverleaf Cold Storage, Lineage Logistics, and others.
Henningsen Cold Storage is an international cold storage company providing necessary services such as warehousing, single-source, transportation, and carrier provider facilities. With computer assisted refrigeration technology they keep a check on the temperature flux reduction. Alternative energy sourcing reduces the burden of power failure and additional product damage issues in the warehouse locations. Cool roof, insulated panels, and transportation management systems are other vital offerings by the company.
Cold Chain Market Trends:
· Plug & Play Cloud Cold Chain System:
Poseidon pharmaceutical is collaborating with other pharmaceutical manufacturers, cold chain specialists, insurers, and logistics to introduce a cost-effective, safer, and sustainable cold chain method in the market. Poseidon’s plug and play cloud marine freight system employs enhanced technologies to handle temperature fluctuations, non-remedial risk factors, and any uncertainty linked with quality of the product.
· Breakthrough Technology for Temperature Excursions:
Global food business faces significant issues such as food loss and health risks due to spoiled packaged foods. The parent companies experience negative economic peaks thereby switching to rational solutions such as smart sensors to increase the cold chain efficiency and reliable product delivery. Smart sensor radio frequency identification technology offers active monitoring and responding to temperature excursions while long or short transportation. Additional advancements include adequate electricity supply using solar refrigerators, and controlled tracking systems to lessen overheating and excessive freezing and maintaining quality of vital ingredients such as vaccines, vegetables, and fruits.
Cold Chain Market Research Scopes:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the cold chain market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for the growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cold chain in cold chain market, and their specific applications in different areas.
Cold Chain Market: Industry Coverage:
Global cold chain market can be bifurcated into mode of transport, temperature range, application, and technology. On the basis of mode of transport, it is divided into road, air, rail, and marine. Categorization based on temperature range include frozen and chilled. By application, the segmentation include food and beverage, pharmaceuticals, chemicals, and others. Bifurcating the market by technology include vapor compression, eutectic plates, air blown evaporators, and others.
The cold chain market also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia
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