The strong demand for perishable food items, followed by the rising requirement for temperature control to prevent health hazards, are the key drivers that are boosting the growth of the cold chain market over the forecast period.
Dublin, Ireland – July 15, 2020 /MarketersMedia/ —
The major factors contributing to the growth of the cold chain market include the accelerating demand for perishable food items, increasing need for temperature control to prevent health hazards, and the growing emphasis on preservation of convenience food products driven by the increasing modernization around the world. An increase in the international trade of perishable products as a result of trade liberalization, development of the organized food retail industry, and technological advancements will further enhance the demand for cold chains at the global level. Additionally, continuous technological advancements in processing, packaging, and storage of different products is another factor that is bringing numerous growth opportunities in the global cold chain market.
As per the cold chain market report, the increasing support of the government to decrease post-harvest and processed food wastage for infrastructure development in several developing regions is anticipated to further drive the demand of the cold chain market in the coming years. Moreover, the rising disposable income of consumers, followed by rapid urbanization, is attracting new consumer base into the market over the coming years. On the other edge of the spectrum, the rising environmental concerns related to greenhouse gas emissions and the high operational costs are the two factors that will restrain the growth of the global cold chain market.
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On the basis of type, the refrigerated storage type segment exhibits substantial growth potential and is projected to gain traction over the forecast period. This is attributed to the increasing capacity of the refrigerated storage in the Asia-pacific countries and the growing preference for packaged food across the globe. Furthermore, the significant shift in the storage of food products from cold storage warehouses to the provision of value-added services to consumers will further boost the demand of the refrigerated storage type segment in the global cold chain market.
Based on the temperature type, the frozen temperature type segment is expected to witness considerable growth in the next six years. Cold chain systems, specially designed for chilled and frozen foods, provide uninterrupted handling of products and helps in maintaining low- temperature environments at each stage of the value chain, including harvesting, collection, packing, processing, storage, transportation, and marketing.
On the basis of the application, the dairy & frozen desserts segment is projected to maintain its dominance over the forecast period owing to the increasing economic growth, rapid urbanization, and changing dietary patterns of the consumer around the world. On the other hand, the Bakery & Confectionery products segment is expected to experience a higher CAGR over the forecast period. This is due to the rising disposable income, along with the changing food habits of the consumers.
On the basis of the region, the European region is predicted to be the fastest growing region in the next six years due to the strong demand for cold chain and the growing consumption of high-quality perishable commodities in this region. On the other hand, the Asia-Pacific region is expected to grow at a faster CAGR during the forecast period owing to the rising awareness related to the prevention of food wastage before consumption, the growing demand for perishable food among consumers, and several government initiatives in the food industry in this region.
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The key players of the cold chain market include Nichirei Corporation, Burris Logistics, Inc., Henningsen Cold Storage Company, Swire Group, Agro Merchants Group, Kloosterboer Group B.V., Americold Logistics LLC, Lineage Logistics Holdings, LLC, Interstate Cold Storage, Inc., and Tippmann Group, among others.
The research report on the cold chain market provides an in-depth analysis of the market revenue based on type, temperature type, application, technology, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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