Description
The global Cold Chain Equipment Market accrued earnings worth approximately 108.60 (USD Billion) in 2021 and is predicted to gain revenue of about 205.80 (USD Billion) by 2028, is set to record a CAGR of nearly 9.8% over the period from 2022 to 2028. The study provides assessment and analysis of the Cold Chain Equipment Market on a global & regional level. It offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2021 along with a forecast from 2022 to 2028 based on revenue (USD Billion).
Cold Chain Equipment Market: Outlook
Vaccines, specialty chemicals, and medicines are to be stored & transported at a specific temperature for retaining their features and cold chain equipment serves this purpose. Moreover, cold chain equipment includes ice-packs, refrigerators, vaccine carriers, foam pads, bio-tech items, insulin, and cold boxes. Escalating demand for frozen diet across world has resulted in huge need for cold chain equipment in recent years. Furthermore, cold chain equipment is a key component of immunization supply chain in healthcare sector. Reportedly, cold chain equipment such as freezers, cold rooms, vaccine carriers, cold boxes, and refrigerators are expected to comply with performance protocols set by World Health Organization.
Cold Chain Equipment Market: Growth Drivers
Growth of cold chain equipment market over ensuing years can be credited to storing of processed food & frozen products. In addition to this, altering lifestyle of individuals has resulted into rise in intake of food & drinks and this will prop up cold chain equipment demand over forecasting years. Furthermore, strict government norms for food & pharmaceutical safety during storage & transit will propel expansion in size of cold chain equipment market. Moreover, escalating popularity of chilled & frozen, ready-to-eat diet, and packaged foods will open new growth avenues for cold chain equipment industry.
Additionally, consumers are transiting their food preferences towards value-added food categories including salads, cheese, ready-to-eat diet, fresh vegetables, and processed meat. Apparently, the most commonly utilized cold chain equipment for storing & transporting these kinds of foods include boxes, walk-in-refrigerators, and milk coolers. This will enlarge scope of cold chain equipment business. Apart from this, there is humungous need for baby food & organic fruit pulps and cold chain equipment is used to store these products along with maintaining their key nutrients for elongated timespan.
Cold Chain Equipment Market: Regional Landscape
Asia Pacific Cold Chain Equipment Market To Register Double Digit Growth With 22% CAGR Over 2022-2028
Expansion of cold chain equipment industry in Asia Pacific zone over forecasting timespan is subject to increase in transport of temperature sensitive medicines across the sub-continent. Apart from this, rapidly expanding food sector in APAC is projected to contribute notably towards regional market size. Presence of key manufacturers in sub-continent will push growth of regional market over upcoming years.
Cold Chain Equipment Market: Competitive Landscape
Key participants profiled in study and leveraging market progression are AmeriCold Logistics LLC, Lineage Logistics, ColdEX Logistics, Preferred Freezer Services, LLC, Swire Cold Storage Pty. Ltd., Cloverleaf Cold Storage, A.B. Oxford Cold Storage Pty. Ltd., Bring Frigo S.L., Burris Logistics, Claus Sorensen Gruppen, and Columbia Colstor.
The global Cold Chain Equipment Market is segmented as follows:
By Equipment Type
- Storage Equipment
- Transportation Equipment
By Application
- Meat
- Dairy & Frozen Desserts
- Bakery & Confectionary
- Processed Food
- Pharmaceuticals
- Vegetables & Fruits