The Global "Cold
Chain Market" Industry research
report covers the industry overview with Marketplace Size, Share, Development,
futuristic cost, earnings, demand, and distribution data. Its vast repository
offers an analytical summary of the marketplace that can help to the new and
existing player to take a significant decision.
The global
Cold Chain Market is anticipated to exhibit a healthy CAGR during the forecast
period, according to a report available on Million Insights. Cold chain refers
to temperature-controlled supply chain technique that involves refrigerated
production, storage, and distribution of various products. Specially designed
equipment is used in logistics to ensure constant temperature and to maintain
shelf life of stored products. Such products include frozen food, seafood,
chemicals, and pharmaceutical drugs.
Rising demand
for processed or frozen food owing to convenience is anticipated to propel cold
chain industry growth. Growing need for non-seasonal vegetables and fruits
among consumers require long term storage of seasonal products. Vegetables and
fruits are highly perishable in nature and offer short shelf life. Thereby,
wholesale distributors of fruits and vegetables have to adopt cold storage
method to perverse the stock from contamination. Advent of technologically
advanced storage and transportation solutions to maintain high quality of
products is driving the market. Stringent food safety regulations by
governments across various nations regarding focus on construction of
warehouses will drive the cold chain market over the forecast period.
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To cater to
rising demand for advanced cold chain solutions, manufacturing companies are
investing in R&D to develop innovative methods. For instance, in May 2019,
Nordic launched drain safe gel packs for cold chain packaging. The pack is
filled with new developed refrigerant that is supposed to break down in waste
stream. Consumers can open the gel pack and throw the refrigerant into sink and
flush it using running water.
Type
Insights:
Based on type,
the cold chain industry can be categorized into monitoring components,
transportation, and storage. Storage segment is anticipated to hold largest
market share attributed to growing need for packaged food. Changing consumer’s lifestyle
and eating habits is driving demand for frozen food. This factor will drive
demand for advanced storage solutions over the forecast period.
Transportation
segment, on the other hand, is also expected to witness significant growth in
the coming years owing to rising demand for connected refrigerated trucks and
insulated containers. In addition, increasing use of vehicles for cross-product
transportation will boost segment’s growth in the coming years.
Packaging
Insights:
On the basis
of packaging, the cold chain market can be classified into product and
materials. Product segment includes insulated containers, cold packs, crates,
temperature-controlled pallet shippers, and labels. Materials segment includes
refrigerants and insulating materials. Temperature controlled packaging (TCP)
is expected to be the most used element in refrigerated storage market. TCP is
designed according to set standards, which are required to maintain product
quality at specific temperature for mentioned time period. The system includes
refrigerated boxes and pallet shippers that run on lithium battery.
Equipment
Insights:
In terms of
equipment, the market can be bifurcated into transportation equipment and
storage equipment. Storage segment is further divided into off-grid and
on-grid. Technologically advanced storage equipment help in maintaining quality
of food by increasing its shelf life. Such equipment include deep freezers,
refrigerators, vaccine carriers, and others.
Application
Insights:
Based on
application, the cold chain industry can be classified into dairy products,
fruit pulp & concentrates, fruits & vegetables, fish, meat, and
seafood, processed food, pharmaceuticals, bakery & confectionary, and
others. The processed food segment is expected to exhibit highest growth over
the forecast period. This is attributed to technological advancements in
packaging materials to increase shelf life of food.
Regional
Insights:
Regional
segmentation includes Europe, Asia Pacific, North America, South America, and
Middle East and Africa. North America is anticipated to dominate and account
for largest market share over the forecast period. This is attributed to rising
consumer base and growing penetration of connected devices in the region.
Asia Pacific,
on the other hand, is also expected to witness significant growth in the coming
years owing to rising demand for warehouse management systems in the region.
Technological advancements in processing, storage, and packaging of food will
drive regional growth.
Some of the
key players in the cold chain market are Lineage Logistics; Al Rai Logistica
K.S.C; Agro Merchants Group LLC; Americold Logistics LLC; and Swire Group.
Know
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