Cold Chain Logistics Market to grow at a CAGR of 22.18% | A Surge in Consumer Demand for Perishable Foods to Boost Growth | The Brainy Insights
NEWARK, N.J., Feb. 18, 2022 /PRNewswire/ -- As per the report published by the Brainy Insights, the global cold chain logistics market is anticipated to grow from USD 188.80 billion in 2020 to USD 842.91 billion by 2028, at a CAGR of 22.18% during the forecast period 2021-2028.
The surge in consumer demand for perishable foods and the surge in the number of refrigerated warehouses are some of the factors fuelling the cold chain logistics market.
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The movement of shipment requires time and coordination. If the shipment consists of perishable goods, then it is very important that shipment does not get delayed because with every delay the quality of the product gets deteriorated. To make sure that the product does not get damaged or compromised while shipment, the organizations in the pharmaceutical, medical and food industries sectors heavily depend on the cold chain. There are different means of transportation for cold chain products like refrigerated railcars, trucks, refrigerated cargo ships, etc.
The main elements of the cold chain are 1) a cooling system, which is used to keep the products at the appropriate temperature for storage, processing, and transportation. 2) cold storage, this provides the facilities for the storage of goods, which are in the process of shipment 3) cold transport, the goods are transported maintain the stable temperature and humidity conditions of the conveyances 4) cold processing and distribution, these are the facilities for transformation, like consolidating and deconsolidation of goods, and processing of goods. The advancement in cold chain logistics is likely to provide a great opportunity for the market in the forecasting period. New technologies like cloud-based platform, big data, transport management system, and the use of RFID to track shipment is fuelling the market. Big data enhances the supply chain process while transportation management services help in finding the shortest path. The RFID is used to give more transparency in the process to both the customer and the logistics company by proper tracking of the vehicle and the shipment.
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There is a huge electricity consumption for everyday operations in the cold chain logistics industry. The cold chain service providers are unable to reduce operational costs due to an increase in the cost of electricity consumed by the cold chain industries. The consumption of energy and real estate cost is the biggest challenge for the cold chain logistics service providers. The refrigerators are responsible for consuming around 53% of the total power consumed in daily operation; similar is the case with heating, lighting, cooling, etc. All these factors lead to high operational costs, which are acting as a major restraint for the market.
Key players for the global cold chain logistics market include AmeriCold Logistics LLC, Preferred Freezer Services Inc., Lineage Logistics Holdings LLC, Nichirei Corporation, Snowman Logistics Ltd, Burris Logistics Inc., AGRO Merchants Group LLC, Kloosterboer Group B.V, Tippmann Group, Conestoga Cold Storage and Congebec Logistics Inc. among others.
- The big players are now focused on the implementation of strategies like joint ventures, product innovations, mergers and acquisitions, partnerships, etc. to gain the market share and to strengthen its position in the global Cold Chain Logistics industry. For instance, in April 2019, AmeriCold Logistics LLC agreed to acquire Cloverleaf Cold Storage. This acquisition would provide diversification in the business for the organization.
- In April 2019, Burris Logistics signed a merger with Trinity Logistics. This merger would bolster the freight brokerage service of the organization.
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The storage segment is accounted for the highest market value of USD 76.75 billion in 2020
The service segment is divided into storage, transportation, and value-added services. The storage segment is accounted for the highest market value of USD 76.75 billion in 2020. This is due to the surge in the sales of online grocers.
The chilled segment accounted for USD 95.37 billion of the market value in 2020
The temperature segment includes chilled and frozen. The chilled segment accounted for USD 95.37 billion of the market value in 2020. This is due to the surging demand for chilling the food product these days for the preservation of food and to extend their shelf life by weeks.
The dairy and frozen desserts segment accounted for USD 59.21 billion of market value in 2020
The application segment consists of dairy & frozen desserts, fish, meat, and seafood products, fruits & vegetables, bakery & confectionery products, and others. The dairy and frozen desserts segment accounted for USD 59.21 billion of market value in 2020. Consumers are much more inclined to frozen desserts and dairy products, as they can be consumed at any time, and have less preparation time.
Latest technologies like cloud-based platform, big data, transport management system, and the use of RFID to track the shipment is fuelling the market and will drive the cold chain logistics market.
Regional Segment Analysis of the Cold Chain Logistics Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East & Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the cold chain logistics market include North America, Europe, South America, Asia Pacific, and the Middle East & Africa. Europe region is having the highest market value of USD 65.57 billion in 2020. The surge in demand for the consumption of perishable food in the region is driving the cold chain market in the region. The Asia Pacific had the second-largest market value of USD 40.57 billion in 2020 owing to the expansion of the retail sector in the region.
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About the report:
The global cold chain logistics market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
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