The global cold chain market is expected to reach $318.3 billion by 2022, registering a CAGR of 12.1% during 2016–2022 (forecast period). The market is majorly driven by the increasing consumption of processed food, which, in turn, is propelling the demand for cold chain facilities.
Based on type, the cold chain market is classified into refrigerated storage and refrigerated transport. During the forecast period, the market for refrigerated transport is expected to register higher CAGR. This can be attributed to the increasing need for refrigerated transport facilities for the transportation of perishable food items to consumers. With the growing food & beverages (F&B) retail in the Asia-Pacific (APAC) region, the demand for refrigerated trucks and refrigerated milk containers has witnessed double-digit growth in APAC countries, particularly in India and China, in the past few years.
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 dairy & frozen desserts category is projected to witness the fastest growth in the market during the forecast period.
Increasing cold chain capacity is driving the market growth across the globe. The global refrigerated warehouse capacity increased by 28% from 2012 to 2015. Moreover, India was the largest cold chain market in 2014, with a capacity of 139 million cubic meters, followed by the U.S. (119 million cubic meters) and China (82 million cubic meters).
The fragmented supply chain of the F&B industry in developing countries, such as India, Brazil, and China, is hindering the cold chain market growth to some extent. Besides, inadequate value chain infrastructure and low economies of scale are the factors hindering the market growth. According to a study, out of the 85 million tons (MT) of vegetables and 45 MT of fruits produced in India, only about 4 MT of fruits & vegetables are transported in refrigerated vehicles.
According to the Institution of Mechanical Engineers, in 2015, more than 25% of the total food produced in developing countries, such as India, Brazil, and China, was wasted due to improper refrigeration. Thus, improper refrigeration of F&B products often results in the wastage of food in these countries. However, this presents the cold chain market players with ample opportunities to reach and serve their customers in such countries.
Explore Report with Detailed TOC on “Global Cold Chain Market” at: https://www.psmarketresearch.com/market-analysis/cold-chain-market
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.
Global Cold Chain Market Segmentation