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The global cold chain market generated revenue worth $142.2 billion in 2015 and is expected to register a CAGR of 12.1% during the forecast period (2016–2022). The market is mainly driven by the growing demand for ready-to-eat food products, including beverages and frozen food.
Based on type, the cold chain market is classified into refrigerated storage and refrigerated transport. Of the two categories, the refrigerated storage category held the larger market share in 2015. Besides, the category exhibited faster growth in the market during the same period, owing to increased capital investments in refrigerated warehouses and cold storage facilities in developing countries.
On the basis of application, the cold chain market is categorized into fruits & vegetables, bakery & confectionery, dairy & frozen desserts, meat & seafood, and others, wherein others include biopharmaceuticals and sauces. Among these, the meat & seafood category held the largest share in the market in 2015. This can be attributed to the high requirement for appropriate cold storage facilities for meat and seafood products across the world. China, Indonesia, Chile, and India are some of the major meat- and seafood-producing countries in the world.
Geographically, Asia-Pacific (APAC) led the cold chain market in 2015. The market in APAC is mainly driven by the establishment of several refrigerated warehouses in India and China. Within the APAC region, China is observed to be a matured cold chain market, owing to the fact that the country is one of the largest producers of fruits and vegetables, globally. Besides, China has a well-developed refrigeration infrastructure for food processing and logistics, which continues to drive the market across the country.
North America, another matured cold chain market, witnessed comparatively low growth in the past few years. However, the growing focus on temperature-sensitive pharmaceutical storage and legislative pressure for food safety are expected to drive the growth of the cold chain industry in the region during the forecast period.
In 2012, the government of India approved 100% foreign direct investment (FDI) in the cold chain industry. In 2014, the Indian government allowed 100% FDI in the food processing industry and railways. Moreover, several other developing countries, such as China and Brazil, have allowed tax relaxations for cold chain companies in recent years. These measures are expected to boost the cold chain logistic infrastructure in the coming years.
The consumption of ready-to-eat food products has increased considerably in emerging countries, such as China, Brazil, and India, over the past few years. The growth in disposable income along with the increasing influence of the Western lifestyle has encouraged the acceptance of such products. Besides, the expanding consumer base of middle-class population in developing countries has fueled the growth of the cold chain market. Moreover, changes in food consumption patterns are being supported by the rapid expansion of supermarkets, hypermarkets, and quick service restaurant (QSRs) chains around the world. The rise in number of such stores has led to the increased requirement for cold storage and refrigerated transportation facilities for perishable products.
A key trend observed in the cold chain market is the increased focus on product quality among consumers. The expanding middle-class population in developing countries constitutes a vast health-conscious customer base for food and beverage products. This has led to increased focus on quality and integrity across the value chain of such products.
In recent years, the market for temperature-sensitive premium processed food products with relatively shorter shelf life has witnessed double-digit growth. The biopharmaceutical storage and logistics industries have also grown significantly over the last few years. These products often have specific temperature requirements during storage and transportation. The end users track and monitor the temperature of these products during the cold chain storage and logistics, with increased focus on the quality of services.
Some of the key players operating in the global cold chain market are AmeriCold Logistics LLC, Burris Logistics, Nichirei Logistics Group Inc., Agro Merchants Group LLC, Kloosterboer Group B.V., Preferred Freezer Services Inc., Lineage Logistics Holdings LLC, Swire Cold Storage Ltd., Cloverleaf Cold Storage Co., and Henningsen Cold Storage Company Co.
Key questions answered in the report