The Cold Chain Logistics market is expected to garner $426,275 million by 2022, growing at a CAGR of 16% (2016 to 2022). Asia-Pacific is expected to grow at the fastest pace during the forecast period and account for around 42% of the overall cold chain logistics market share by 2022.
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Growth of international trade for perishable processed food, changing consumption pattern for perishable food, and government support toward infrastructure development for the cold chain sector are some of the factors expected to drive the cold chain logistics market in coming years. Cold chain logistics market in the developing economies is still evolving; market is not well organized and is operating under capacity.
Due to current demandsupply gap in the market, the fragmented cold chain logistics market offers lucrative business opportunities for the new entrants.
Based on application type the, cold chain logistics market is segmented into fruits & vegetables, bakery & confectionary, dairy & frozen desserts, meat, fish & sea food, drugs & pharmaceuticals, and others.
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Among all applications types, meat, fish & sea food segment generated the highest revenue, accounting for and accounted for around 35% of the cold chain logistics market revenue in 2015. However, drugs & pharmaceuticals segment is expected to witness fastest growth during the forecast period.
Around 59% of the companies analyzed during research adopted mergers and acquisition as their strategies to gain competitive advantage. In an effort to gain expertise in the field of cold chain logistics, companies are enhancing their market reach.
For instance, in 2016 United States Cold Storage, Inc. (U.S.) completed the purchase of the warehouse and assets of CFC Logistics Inc.
from Clemens Food Group.
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High penetration of cold chain logistics in the U.S. market is attributed to the high consumption of frozen food (ready meals, frozen bakery and others), and increase in government regulations to maintain food quality standards.
China holds the maximum percentage of the cold chain logistics market share in the Asia-Pacific region followed by India, Japan, South Korea, and Australia. However, rural &sub-urban areas of developing markets such as India and China still have underdeveloped cold chain infrastructure.
Key market players present in cold chain logistics market are Americold Logistics (U.S.), Lineage Logistics (U.S.), Swire Group (U.K.), VersaCold Logistics Services (Canada), AGRO Merchants Group, LLC (U.S.), Nichirei Logistics Group Inc. (Japan), Preferred Freezer Services (U.S.), Congebec Logistics, Inc.
(U.S.), Burris Logistics (U.S.), Conestoga Cold Storage (Canada), United States Cold Storage, Inc. (U.S.), and Interstate Warehousing, Inc.
The key strategies adopted by leading players are tracked in the report to provide better understanding of the competitive landscape. On October 17, 2013 “Preferred Freezer”, leader in the state-of-art temperature controlled warehouses joint ventured with Sinotrans, the leading logistics service provider in China, to build and operate cold chain logistics businesses.
Similarly, on March 14, 2016, VersaCold Logistics Services, one of Canada’s reputed supply chain service providers, focused on handling of temperature-sensitive products acquired Coastal Pacific Xpress (CPX), largest refrigerated carrier specializing in the shipping of perishable and ambient products throughout Canada and U.S.
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