The global cold chain logistics market size is expected to grow at a CAGR of 16% to reach $426 billion by 2022. Cold chain logistics refers to a combination of temperature-controlled surface transportation, distribution, and storage activities. Cold chain provides freezing solutions planned to maintain the quality and shell life of the products, such as fresh agricultural produce, seafood, frozen food, photographic film, chemicals, and pharmaceutical drugs. Moreover, cold chains are essential to avoid over capacity, reduce transport bottlenecks during peak period, and maintain quality of the product.
Cold Chain Logistics Market Segment Review:
Cold chain logistics market is segmented by application type and geography. Based on application type, the segments are fruits & vegetables, bakery & confectionary, dairy & frozen desserts, meat, fish, and seafood, drugs and pharmaceuticals, and other industries. Among all applications types, meat, fish & sea food was the highest revenue generating segment in 2015. However, drugs & pharmaceuticals segment is expected to witness fastest growth over the forecast period. Other emerging applications in cold chain logistics market such as bakery & confectionary and other industries are expected to witness good growth in the coming years. However, these applications currently possess small market size in terms of value.
Based on geography, the market is segmented in North America (U.S., Canada, and Mexico), APAC (China, India, Japan, Australia, South Korea, and Rest of Asia-Pacific), Europe (Germany, France, U.K., Italy, and Rest of Europe), and LAMEA (Latin America, Middle East, and Africa).
TOP FACTORS IMPACTING GLOBAL COLD CHAIN LOGISTICS MARKET
Reducing the wastage of perishable goods.
Increase in the use of cold chain logistics and warehousing practices have led to reduction in wastage of food and other perishable products. In a research study, the fact was discovered that India stores only 2% of its horticulture products in temperature-controlled conditions, whereas China stores 15%, Europe and North America store around 90%. Presently, around 30-40% of horticulture products get wasted before consumption, in many developing countries. Increase in adoption of temperature-controlled facilities would reduce the wastage of perishable goods.
Changing government regulations
Developing economies as well as developed countries stress on implementation of policies and regulations focused toward consumer health and safety. The U.S. department of agriculture introduced hazard analysis programs to maintain quality of products such as juice, meat, and other food & beverages. There has been focus toward improvement of storage infrastructure in India after increase in FDI limit by the government.
Cold Chain Logistics Market Competitive Landscape
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. (U.S.).
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.
Cold Chain Logistics Market Key Benefits:
- This study provides an in-depth cold chain logistics market analysis to elucidate the imminent investment pockets.
- The report provides information regarding key drivers, restraints, and opportunities with a detailed impact analysis.
- Porter’s Five Forces analysis highlights the potency of suppliers & buyers and describes the competitive scenario of the market, which is expected to facilitate efficient business planning.
- This report presents a detailed quantitative analysis of the current cold chain logistics market along with trends and future estimations to identify the prevailing market opportunities.
Cold Chain Logistics Market Key Market Segments:
- Fruits & Vegetables
- Bakery & Confectionary
- Dairy & Frozen Desserts
- Meat, Fish & Sea Food
- Drugs & Pharmaceuticals
- Other Industries
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East