Publication Month: Aug 2020 | Report Code: TIPRE00004442 | No. of Pages: 188 | Category: Automotive and Transportation | Status: Published
The rising trade of perishable products and favorable government support for the development of cold chain infrastructure are the key factors expected to propel the growth of the cold chain market. The cold chain service players are also adopting pioneering technologies to accommodate the increasing demand for food safety, particularly for processed foods. It is projected to offer abundant opportunities, thus propelling the proliferation of several multinational vendors into the market, intending to offer efficient cold chain solutions.
Further, strict food safety regulations, such as the Food Safety Modernization Act, which necessitates better attention toward creating a cold storage warehouse, are anticipated to support the growth of the market. However, challenges regarding environmental concerns such as the emission of greenhouse gasses are projected to hamper the market during the forecast period.
APAC is the second leading region in the cold chain market. It is anticipated to notice a significant growth over the estimated period owing to the growing government investments in logistics infrastructure development and deployment of the warehouses management systems (WMS). China is the key regional contributor and is anticipated to observe a considerable CAGR during the forecast period. Advancements in technologies pertaining to packaging, processing, and food storage are estimated to drive the growth of the cold chain market. Also, rapidly growing demand and development in cold chain infrastructure have made the country a key market. At present, China is witnessing a rapid shift from a manufacturing-led economy to a consumer-led economy.
The COVID-19 outbreak, which began in Wuhan (China) during December 2019, has spread at a fast pace worldwide. The global factory shutdowns, travel bans, and border lockdowns, to combat and contain the outbreak, have impacted every industry and economy worldwide.The majority of the manufacturing plants are either temporarily shut or operating with minimum staff; due to which the cold chain and related components are disrupted. Additionally, the demand for frozen foods has been showcasing a slowdown since the outbreak of COVID-19 in the countries.
Asia's developing common populace is creating compelling interest for excellent food supplies sourced from home and abroad. Imports of organic berry products, including strawberries and blackberries to the Asia Pacific, recorded a CAGR of 7.5% from 2017to 2019.The development of omni channel dispersion is encouraging developing utilization. The online shopping for food is still at an early stage, with under 5% of essential food item spending in most Asia Pacific markets happening on the web in 2019. This proportion is relied upon to increment of quick delivery, particularly in Korea and China. At present, major online primary food delivery websites, such as JD.com and Suning.com in China, and Big Basket in India presently offer sameday or under 24-hour conveyance in top-level urban communities.
In terms of offering, the storagesegment captured a dominating share of the global cold chain market in 2019.Frozen food & beverages, chemicals, medicinal products, and starting materials used in the manufacture of the above products, should be stored under preserved condition to maintain the quality. Manufacturers’ recommendations concerning storage temperatures should be followed, which involves the use of specialized storage facilities. Temperature-monitoring devices should be used to exhibit compliance with the preferred temperature ranges. Good warehousing practices include maintenance of optimum temperature for temperature-sensitive products as per the suggestion of manufacturers. Measuring and monitoring equipment should be calibrated and tested at defined intervals. These products should be transported in such a way that they are not subjected to unacceptable degrees of heat and cold, and specialized means of transportation should be used wherever necessary.
Generally, frozen cargo refers to commodities or foodstuffs that need to be shipped and stored at the optimum temperature for the protection against decomposition, and growth of disease-forming organisms. Specific frozen cargo needs to be transported or stored at temperatures lower than -20°C (-4°F) to maintain quality, texture, and flavor. Commodities with high-fat content, such as ice cream and surimi, should be transported and stored at -26.1°C (-15°F) or lower. Low temperatures conserve the quality of frozen food, aroma, flavor, texture, and appearance and protect it from spoilage.
Cold chain for perishable foods generally refers to the continuous handling of the product within a low-temperature condition during the post-harvest steps of the value chain, including collection, harvest, processing, storage, packing, transport, and marketing until it reaches the consumer. A combined cold chain includes the management of the transportation of perishable food products from the ranch, field, or body of water through the entire post-harvest chain to the end user.
|Market Size Value in||US$ 207,510.8 Million in 2019|
|Market Size Value by||US$ 398,723.4 Million by 2027|
|Growth rate||CAGR of 10.8% from 2020-2027|
|No. of Pages||188|
|No. of Tables||117|
|No. of Charts & Figures||92|
|Historical data available||Yes|
|Segments covered||Offering ; Temperature ; Industry Vertical ,|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
In the cold chain market, companies are adopting different strategies including product development, acquisition, and other expansion related strategies to expand their footprint worldwide by meeting the growing demand for their offerings. A few of the recent initiatives in the cold chain market are listed below:
2020:Americold Realty Trust announced intentions to invest around US$ 43 million in a planned expansion of its Dalgety site in Auckland, New Zealand.
2020:AmerisourceBergen enhanced its logistics offering by integrating two of its businesses, World Courier, a global logistics provider, as well as ICS, a third-party logistics. This has created the first and only specialty logistics partner to deliver complete support from clinical trials through commercialization.
2020:Pelican BioThermal opened a network station in Toronto to service its Credo on Demand rental program. The new network station joined the company’s growing system of over 100 network stations and drop points worldwide. Apart from serving as a drop point for Credo On Demand rental customers, network stations service, refurbish, repair, and condition company's reusable Credo Cargo as well as Credo Xtreme shipping containers for reuse.
The List of Companies - Cold Chain Market