Cold Chain Market

Innovative Cold Chain Technology Is Fastest Growing Segment Fueling The Growth Of Cold Chain Market

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The global 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The cold chain market involves storage and transportation of temperature sensitive goods through a supply chain. This allows perishable items such as seafood, frozen food, pharmaceuticals and chemical to be transferred from one location to other under specified temperatures. The use of innovative technologies in cold chain such as thermal blankets, refrigerants and monitoring systems helps extend shelf life of products and reduce wastage.

Market key trends:
One of the major trends in the cold chain market is adoption of Internet of Things (IoT) based cold chain monitoring devices. IoT devices such as sensors are being installed in refrigerated trucks and containers to precisely monitor temperature, location, humidity and other parameters. This real time data helps businesses ensure integrity of cold chain and take timely corrective actions in case of issues. Other trends include growing popularity of mobile refrigeration systems for last mile delivery, increased focus on renewable energy solutions for cold storage infrastructure and use of advanced materials for more efficient thermal insulation.

Segment Analysis

The global cold chain market is segmented into temperature controlled warehousing and transportation. Among these, the temperature controlled warehousing segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. This is because warehousing forms an integral part of the cold chain network for storage of temperature sensitive goods between transportation. The temperature controlled warehouses provide reliable temperature controlled environment for storage of frozen and chilled products like fruits, vegetables, dairy, meat and seafood products.

Key Takeaways

Global Cold Chain Market Demand is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing consumption of perishable foods products worldwide.

Regional analysis – North America dominated the global cold chain market in 2022 due to stringent regulations regarding food safety in countries like the US and Canada. Asia Pacific is expected to be the fastest growing region, expanding at a CAGR of over 17% during the forecast period. This high growth can be attributed to rising affluence, growing middle class population and increasing domestic consumption of perishables in developing economies like India and China.

Key players – 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. The leading players are focusing on expansion in emerging markets through strategic partnerships to gain higher market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it