Cold Chain Logistics Market Size to Grow USD 877710 Million by 2030 at a CAGR of 14.8% | Valuates Reports
Cold Chain Logistics Market is Segmented by Type (Airways, Roadways, Seaways), by Application (Healthcare, Food and Beverages).
BANGALORE, India, March 8, 2024 /PRNewswire/ -- The Global Cold Chain Logistics Market was valued at USD 330680 Million in 2023 and is anticipated to reach USD 877710 Million by 2030, witnessing a CAGR of 14.8% during the forecast period 2024-2030.
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Major factors Driving the Growth of Cold Chain Logistics Market
The demand for temperature-controlled pharmaceutical logistics, the expansion of e-commerce, the growing pharmaceutical and healthcare sector, stricter regulations, technological advancements, the growing global trade of perishable goods, and the growing demand for fresh and frozen food products are all driving significant growth in the cold chain logistics market. The need for cold chain logistics services is anticipated to surge in the next few years as businesses realize how crucial it is to preserve the integrity and quality of temperature-sensitive items across the supply chain. This will propel additional market growth.
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TRENDS INFLUENCING THE GROWTH OF COLD CHAIN LOGISTICS MARKET
The growing international commerce of perishable commodities is one of the main factors propelling the cold chain logistics industry. The demand for fresh vegetables, seafood, dairy products, and medications from around the world is rising due to growing globalization and integrated supply networks. The safe and effective cross-border delivery of these temperature-sensitive goods is crucial for the market's expansion, and cold chain logistics plays a major part in this process. Demand for fresh and frozen food items has increased as a result of shifting consumer dietary and lifestyle habits as well as increased knowledge of food safety and quality. Modern consumers want expediency without sacrificing quality, therefore food producers and merchants must rely on cold chain logistics to ensure timely delivery.
A number of variables, including an aging population, the prevalence of chronic illnesses, and the growing need for personalized medication, are driving solid development in the pharmaceutical and healthcare sectors. For many pharmaceuticals, vaccines, and biologics to be safe and effective, temperature regulation must be strictly adhered to. During storage and shipment, cold chain logistics is essential to maintaining the efficacy and integrity of these temperature-sensitive pharmaceutical items. Thus, a major factor driving the market for cold chain logistics' growth is the expanding pharmaceutical and healthcare industries.
Investments in cold storage facilities are directly associated with the growth of cold chain logistics. A vital part of the cold chain network are cold storage facilities, such as temperature-controlled containers and refrigerated warehouses. The cold chain logistics industry is expanding due to rising expenditures in cold storage facilities brought on by the requirement to maintain strict quality standards and handle increasing amounts of perishable commodities. To meet the rising demand for cold chain logistics services, businesses are implementing cutting-edge refrigeration technology and increasing the amount of cold storage space they have available.
The last mile development of cold chain logistics is being driven by the explosive rise of e-commerce and online supermarket delivery services. The need for cold chain logistics solutions to enable the prompt and secure delivery of fresh and frozen food products to customers' doorsteps is expanding as more and more people buy these products online. Nevertheless, last-mile delivery poses particular difficulties for cold chain logistics, such as the requirement for quick delivery, trucks that maintain a set temperature, and effective route planning. In order to successfully expand cold chain logistics in e-commerce and spur market growth, these obstacles must be overcome.
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COLD CHAIN LOGISTICS MARKET SHARE ANALYSIS
With a combined market share of more than 3%, the top 5 global manufacturers of cold chain logistics are OOCL Logistics, Americold Logistics, Lineage Logistics Holding LLC, Burris Logistics, and Nichirei Logistics Group, Inc. With around 1% of the market, OOCL Logistics is the market leader among them.
With a market share of over 30%, the United States leads the market, followed by China and Europe, with respective shares of over 24% and 16%.
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Key Companies:
- Nichirei Logistics Group, Inc.
- Americold Logistics
- Burris Logistics
- OOCL Logistics
- Lineage Logistics Holding LLC
- AGRO Merchants Group, LLC
- United States Cold Storage
- SSI SCHAEFER
- VersaCold Logistics Services
- DHL
- AIT
- Kloosterboer
- X2 Group
- NewCold Cooperatief U.A.
- Gruppo Marconi Logistica Integrata
- CWT Limited
- Congebec Logistics
- Crystal Logistic Cool Chain Ltd
- Frialsa Frigorificos
- BioStorage Technologies (Brooks Life Sciences)
- JWD Group
- Best Cold Chain Co.
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