The Global Cold Chain Market was valued at USD 187.8 billion in 2016 and is projected to be growing at a CAGR of 7.5%, to grasp a market worth of USD 269.61 billion by 2021.
A temperature controlled supply chain is known as a Cold Chain. Cold Chains are used to enhance and safeguard the shelf life of fresh agriculturalproducts, frozen foods, seafood, dairy and bakery & confectionary products.
The above items, when in transport and storage are referred to as Cool Cargo.
Cold Chain goods & products are perishable and are always on-the-way towards end-users or to further distribution channels and are hence referred to as Cargo.
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The Cold Chain market is set to expand due to growing demand from consumers for goods involving cold supply chains like dairy products, fresh vegetables and fruits,. Further, rapid growth of international trade of perishable foods, technological progress in refrigerated transport & storage, infrastructure development support by the government and the upsurge in enlargement of food retail chains by MNCs are the major driving factors for the growth of the Global Cold Chain Market.
High quality check standards set by governmental agencies and the associated costs of temperature management equipment are the constraints faced by the market.
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The Global Cold Chain market is segmented by Type, Temperature Type, Technology, Application and Geography. By the Cold Chain Type, the market is classified into Refrigerated Storage and Transport.
By Temperature Type, the market is separated into Chilled and Frozen. By the type of Technology, the market is segmented into Air-blown and Eutectic.
Lastly, by Application the Cold Chain market is categorised into Fruits & Vegetables, Dairy, Bakery & Confectionary, Meat, and Seafood.
The market is geographically divided into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. The Europe market is the largest consumer and is considered a developed market, also, there is huge growth potential shown by emerging markets like Asia-Pacific, South Africa, and Latin America, this is because the market is projected to expand in developing regions, where consumer demand and expenditure on cold chain products is mounting rapidly.
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The global Cold Chain market is quite competitive because of numerous players operating at the global and local levels. Some key players in the market are Americold Logistics (U.S.), Preferred Freezer Services (U.S.), Burris Logistics (U.S.), Lineage Logistics Holding LLC (U.S.), and Nichirei Logistics Group Inc. (Japan).
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