Cold Chain Market worth $733.7 million by 2030, at a CAGR of 15.3 %, says Coherent Market Insights

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Jan 09, 2024, 17:05 ET

BURLINGAME, Calif., Jan. 9, 2024 /PRNewswire/ -- Coherent Market Insights published a report, titled, "Cold Chain Market By Type (Storage, Transportation, and Monitoring Components), By Packaging Products (Crates, Insulated Container and Boxes, Payload Size, Cold Packs, Labels, and Temperature Controlled Pallet Shippers),By Application (Fruit and Vegetables, Fruits and Pulp Concentration, Processed Food, Pharmaceuticals, Bakery and Confectionaries, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2030". According to the report, the global cold chain market size was valued at US$ 270.8 million in 2023 and is projected to reach US$ 733.7 million by 2030, registering a CAGR of 15.3% from 2023 to 2030.

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Key Market Takeaways:

The cold chain packaging market is anticipated to witness a CAGR of 15.3% during the forecast period 2023-2030, owing to the increasing demand for temperature-sensitive products and the need for effective cold chain management.

On the basis of type, the storage components segment is expected to hold a dominant position, owing to the critical role it plays in maintaining food and drug quality. The transportation and monitoring components segments are also expected to grow significantly, as the demand for efficient logistics and real-time monitoring increases.

In terms of packaging products, crates are expected to dominate the market due to their versatility and durability. However, there is a growing demand for insulated containers and boxes, payload size, cold packs, labels, and temperature-controlled pallet shippers, driven by the need for better insulation and temperature control during storage and transportation.

Concerning materials, insulating material is expected to dominate the market, as it helps maintain temperature stability. Refrigerants are also in demand as they provide the necessary cooling effect to perishable goods.

The storage equipment segment is expected to hold a dominant position in the equipment category, due to the increasing need for temperature-controlled storage solutions. The transportation equipment segment is also expected to witness significant growth to cater to the rising demand for efficient cold chain logistics.

In terms of applications, fruits and vegetables, as well as pharmaceuticals, are expected to drive the demand in the cold chain industry. The processed food, bakery and confectionary, and others segments are also anticipated to grow as the need for temperature-controlled storage and transportation of these products increases.

By region, North America is expected to hold a dominant position over the forecast period, due to the well-established cold chain infrastructure and the presence of key market players.

Key players operating in the cold chain packaging market include Americold Logistics, Lineage Logistics, AGRO Merchants Group, Nichirei Corporation, Preferred Freezer Services, Swire Cold Storage, Kloosterboer, DHL Global Forwarding, UPS Cold Chain Solutions, FedEx Custom Critical, Burris Logistics, and Maersk Line. These companies play a crucial role in providing innovative cold chain packaging solutions and services to meet the growing demand for temperature-sensitive products in various industries. Overall, the market opportunities in storage components and temperature controlled pallet shippers, along with the key market takeaways, highlight the significant growth potential of the cold chain packaging market in the coming years.

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Recent Developments:

UPS expanded its cold chain capabilities through strategic partnerships and acquisitions. In 2020, the company acquired Marken, a global provider of supply chain solutions for the life sciences industry, to strengthen its healthcare and pharmaceutical logistics services. This acquisition allowed UPS to offer enhanced cold chain solutions for biopharmaceuticals, clinical trials, and other temperature-sensitive healthcare products.

Carrier Global Corporation, a leading provider of Heating, Ventilation, and Air Conditioning (HVAC) solutions, launched new energy-efficient refrigeration systems for cold storage facilities. In 2021, the company introduced its Eco-Safe Natural Refrigerant Solutions to help cold chain operators transition to environment-friendly refrigerants, reducing greenhouse gas emissions and aligning with sustainability goals.

Market Dynamics:

The Cold Chain Market is experiencing high growth due to the increasing demand for perishable food products. The growing population, along with changing food preferences and busy lifestyles, has led to a rise in the consumption of refrigerated and frozen food items. The cold chain logistics system ensures the safe transportation and storage of perishable products, maintaining their quality and freshness. This factor is driving the growth of the cold chain market.

Furthermore, the advancements in technology have improved the efficiency and effectiveness of cold chain logistics. The integration of IoT, GPS tracking, and temperature monitoring systems allows real-time tracking and remote management of cold storage facilities and transportation vehicles. Moreover, the development of eco-friendly refrigeration systems, which do not harm the environment, has further boosted the demand for cold chain solutions.

Read complete market research report," Cold Chain Market, By Type, By Packaging Products, By Material, By Equipment, By Application, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.

Market Trends:

One of the key trends in the cold chain market is the increasing adoption of blockchain technology. Blockchain provides enhanced transparency and traceability in the cold chain network, ensuring the integrity and authenticity of the food products. It enables real-time monitoring of temperature and location data at every stage of the supply chain, reducing the risk of spoilage and contamination. Additionally, blockchain can help in preventing food fraud and improving the efficiency of compliance and regulatory processes.

Another significant trend in the cold chain market is the growing preference for cloud-based cold storage solutions. Cloud technology offers numerous benefits such as remote access, scalability, cost-effectiveness, and data security. By storing the data on the cloud, cold chain companies can access it from any location and streamline their operations more efficiently. Cloud-based solutions also provide real-time analytics and predictive modeling for better decision-making and inventory management.

In conclusion, the Cold Chain Market is witnessing high growth due to the increasing demand for perishable food products. The adoption of advanced technologies such as blockchain and cloud-based solutions is also contributing to the market

Market Opportunities:

Storage Components in Cold Chain Packaging

The storage components segment in the cold chain packaging market offers a significant market opportunity. This segment includes storage equipment such as refrigerated warehouses and cold rooms that are essential for maintaining the temperature and quality of perishable goods. With the increasing demand for temperature-sensitive products, the need for efficient storage solutions in the cold chain is growing.

Storage components dominate the cold chain packaging market due to their crucial role in preserving the integrity of perishable goods. These components ensure that the products are stored at the required temperature throughout the supply chain, minimizing the risk of spoilage, degradation, or contamination. Refrigerated warehouses and cold rooms offer ample space and advanced technological systems to maintain the desired temperature and humidity levels, providing optimal conditions for storage.

Temperature Controlled Pallet Shippers

Temperature controlled pallet shippers present another market opportunity in the cold chain packaging industry. These shipping solutions are designed to maintain a consistent temperature during transportation to ensure the quality and safety of perishable goods. Temperature controlled pallet shippers are used for transporting a wide range of products, including pharmaceuticals, fresh produce, and processed food.

The demand for temperature controlled pallet shippers is expected to increase rapidly due to the expanding cold chain network and the growing global trade of perishable goods. These shippers provide efficient insulation and precise temperature control, minimizing the risk of temperature fluctuations that can lead to product degradation. Additionally, they offer customizable configurations and advanced monitoring systems to ensure the integrity of the cold chain during transportation.

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Detailed Segmentation:

Global Cold Chain Market, By Type
- Storage
  - Warehouses
  - Reefer Containers
- Transportation
  - Road
  - Sea
  - Rail
  - Air
- Monitoring Components
  - Sensors
  - RFID Devices
  - Telematics
  - Networking Devices
  - On-premise
  - Cloud-based
  - Hardware
  - Software
Global Cold Chain Market, By Packaging Products
- Crates
  - Dairy
  - Pharmaceuticals
  - Fisheries
  - Horticulture
- Insulated Container and Boxes
  - Cold Chain Bags/Vaccine Bags
  - Corrugated Boxes
  - Others
- Payload Size
  - Large (32 to 66 liters)
  - Medium (21 to 29 liters)
  - Small (10 to 17 liters)
  - X-small (3 to 8 liters)
  - Petite (0.9 to 2.7 liters)
- Cold Packs
- Labels
- Temperature Controlled Pallet Shippers
Global Cold Chain Market, By Material
- Insulating Material
  - EPS
  - PUR
  - VIP
  - Cryogenic Tanks
  - Others (Insulating Pouches, Active Thermal Systems, and Active Thermal Systems)
- Refrigerants
  - Ammonia
  - CO2
  - Fluorocarbons
  - Inorganics
  - Hydrocarbons
Global Cold Chain Market, By Equipment
- Storage Equipment
  - On Grid
    - Walk-in Coolers
    - Walk-in Freezers
    - Ice-lined Refrigerators
    - Deep Freezers
  - Off Grid
    - Solar Chiller
    - Milk Cooler
    - Solar powered Cold Boxes
    - Others
- Transportation Equipment
Global Cold Chain Market, By Application
- Fruits and Vegetables
- Fruits and Pulp Concentration
- Processed Food
- Pharmaceuticals
  - Vaccines
  - Blood Banking
- Bakery and Confectionaries
- Others
Global Cold Chain Market, By Region
- North America
  - U.S.
  - Canada
- Latin America
  - Brazil
  - Mexico
  - Rest of Latin America
- Europe
  - Germany
  - U.K.
  - Spain
  - France
  - Italy
  - Russia
  - Rest of Europe
- Asia Pacific
  - China
  - India
  - Japan
  - Australia
  - South Korea
  - Rest of Asia Pacific
- Middle East & Africa
  - South Africa
  - GCC Countries
  - Rest of Middle East & Africa

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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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