The Cold Chain Market is estimated to be valued at US$
270.8 Mn in 2023 and is expected to exhibit a CAGR of 15.% over the forecast
period 2023 to 2030, as highlighted in a new report published by Coherent
Market Insights.
Market Overview:
The Cold Chain Market involves the transportation and storage of
temperature-sensitive goods such as pharmaceuticals, vegetables and fruits
along the supply chain at temperatures specified by manufacturers. Cold chain
not only helps to extend the shelf life of products but also ensures food
safety. With growing demand for perishable foods and pharmaceuticals globally,
cold chain logistics plays a vital role in reducing spoilage and wastage during
transportation and storage.
Market Dynamics:
The Cold Chain Market is primarily driven by two key factors. Firstly, the
growing consumption of perishable foods such as dairy products, fruits and
vegetables is driving the need for efficient cold chain logistics for
transportation and storage. Consumers are increasingly demanding access to
fresh foods throughout the year which is propelling the cold chain industry.
Secondly, the pharmaceutical sector is one of the largest end-users of cold
chain services due to strict temperature maintenance requirements for storage
and distribution of drugs, vaccines and other medical products. Expanding
pharmaceutical industry and rising healthcare expenditure is thus supporting
the cold chain market growth globally over the forecast period.
Segment
Analysis
The global cold chain market is dominated by refrigerated warehousing and
transportation sub-segment. This is because refrigerated warehousing and
transportation provides safe temperature controlled storage and transportation
facilities for highly perishable goods like frozen foods, fruits and
vegetables, pharmaceutical drugs etc. It ensures that quality and shelf life of
products is maintained throughout the supply chain.
PEST Analysis
Political: Government regulations regarding food safety, quality standards and
transportation of perishable goods have promoted growth of organized cold chain
sector.
Economic: Rising incomes and changing demographic trends towards more
protein-rich diet have increased demand for temperature sensitive goods driving
cold chain infrastructure development.
Social: Growth of organized retail, preference for convenience packaged foods
and increasing health awareness regarding consumption of fresh foods have
positively influenced market.
Technological: Adoption of digital technologies like IoT sensors, RFID,
telematics and analytics solutions have improved monitoring and management of
cold chain supply facilitating just-in-time delivery.
Key Takeaways
Global
Cold Chain Market Demand is expected to witness high growth, exhibiting
CAGR of 15% over the forecast
period, due to increasing demand for temperature sensitive pharmaceutical drugs
and biologics for healthcare sector. The market size is projected to reach US$
985.6 Mn by 2030.
Regional analysis: Asia Pacific region is expected to witness fastest growth in
cold chain market supported by increasing demand for frozen foods in countries
like China, India due to changing dietary patterns and growing organized
retail. Strong government support for infrastructure development in APAC
countries is also promoting market.
Key players analysis: Key players operating in the cold chain market are
Americold Logistics, Lineage Logistics, AGRO Merchants Group, Nichirei
Corporation, Preferred Freezer Services, Swire Cold Storage, Kloosterboer, DHL
Global Forwarding, UPS Cold Chain Solutions, FedEx Custom Critical, Burris
Logistics, and Maersk Line. These players are focusing on expansion into new
markets and offering end-to-end technology-driven supply chain solutions to
customers.
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