The cold chain market is projected to grow at a CAGR of 7.0%, in terms of value, from 2017 to reach a projected value of USD 271.30 Billion by 2022. The growing consumer demand for perishable foods, growth of international trade due to trade liberalization, and expansion of food retail chains by multinationals are the factors driving the cold chain market. Government support for infrastructure development drives the cold chain industry.
The cold chain market has been segmented by type into refrigerated storage and refrigerated transport. Refrigerated storage capacities are growing in the Asia-Pacific countries due to the increased need to reduce the loss of perishable foods. In North America and Europe, in the refrigerated transport industry is booming, mainly due to the advancement of technology in refrigerated trucks, vans, trailers, and maritime reefer containers. The refrigerated transport market is further segmented into subtypes which include air-blown evaporators and eutectic devices.
Based on temperature type, the frozen segment is estimated to account for the largest market share in 2017. The global demand for frozen food products is higher than chilled food products. The chilled segment is expected to grow due to the wide usage of chilled temperatures for food preservation to extend the shelf life from a few days to a few weeks.
The cold chain market has been segmented on the basis of application into fruits & vegetables, bakery & confectionery, dairy & frozen desserts, fish, meat, & seafood, and others which include sauces, condiments, salad dressings, and dips. Dairy & frozen desserts are also witnessing high demand due to economic growth and rapid urbanization, along with sophisticated marketing channels which have led to significant changes in dietary patterns. Frozen fruits & vegetables are often available in easy-to-open re-sealable packaging, allowing for longer storage and portion control without wastage.
The European region is estimated to account for the largest share, in terms of value, in the global cold chain market, in 2017. There is a steady increase in demand, particularly for cold chain due to a continuous increase in domestic consumption of high quality of perishable commodities. Asia-Pacific region indicates significant growth potential for the cold chain industry due to increasing awareness about the prevention of food wastage before consumption, growth of the organized retail sector, rising consumer demand for perishable foods, and government support & initiatives in this sector.
High energy & infrastructure costs are the growing concerns for cold chain service providers and environmental concerns regarding greenhouse gas emissions restrains the total market for cold chain.
The leading players that dominated the cold chain market include Americold Logistics (U.S.), Preferred Freezer Services (U.S.), Burris Logistics (U.S.), Lineage Logistics Holding LLC (U.S.), and Nichirei Logistics Group Inc. (Japan).
The key players have been exploring the market in new regions by adopting mergers & acquisitions, expansions, investments, new service launches, agreements, collaborations, and joint ventures as their preferred strategies. Key players have been exploring new geographies through expansions and acquisitions across the globe to avail competitive advantage through combined synergies.
The years considered for the study are as follows:
Objectives of the study are as follows:
This report includes estimations of market size in terms of value (USD billion) and volume (million cubic meters) (units). Both, top-down and bottom-up approaches have been used to estimate and validate the size of the cold chain market and of various other dependent submarkets in the overall market. Key players in the market have been identified through secondary research, and their market share in respective regions has been determined through primary and secondary research. All percentage shares, splits, and breakdowns have been determined using secondary sources, such as Global Cold Chain Alliance (GCCA), European Cold chain Manufacturers Association (EFEMA), Food Additives and Ingredients Association (FAIA), Food and Agriculture Organization (FAO), European Food safety Authority (EFA), and Food and Drug Administration (FDA) to identify and collect information useful for this technical, market-oriented, and commercial study of the cold chain market.
The various contributors involved in the value chain of food cold chain include raw material suppliers, manufacturers, cold chain service providers, wholesalers/distributors, retailers, and end users. Major manufacturing companies outsource their logistics activities to cold chain service providers to produce their products into the market. The type of cold chain service to be used depends on the type of the food product, its shelf life, storage, and movement of food products by various modes of transport such air, water, rail, and road. The market is dominated by key players such as Americold Logistics (U.S.), Preferred Freezer Services (U.S.), Burris Logistics (U.S.), Lineage Logistics Holding LLC (U.S.), and Nichirei Logistics Group Inc. (Japan). Other players include AGRO Merchants Group, LLC (U.S.), Cloverleaf Cold Storage (U.S.), Kloosterboer Group (Netherlands), Swire Cold Storage Ltd (Australia), and Interstate Cold Storage Inc. (U.S.).
Scope of the Report
Based on Type, the market has been segmented as follows:
Based on Technology, the refrigerated transport market has been segmented as follows:
Based on Temperature Type, the market has been segmented as follows:
Based on Application, the market has been segmented as follows:
Based on Region, the market has been segmented as follows:
With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs.
The following customization options are available for the report: