PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397137
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397137
Cold Chain Market size was valued at USD 279,121.3 Million in 2022, expanding at a CAGR of 9.1% from 2023 to 2030.
The cold chain encompasses the technology and processes required to ensure the safe transport of temperature-sensitive goods, including items like fresh agricultural produce, seafood, frozen food, photographic film, chemicals, and pharmaceutical drugs, throughout the entire supply chain. It influences every stage of the supply chain, from procurement to transportation, storage, and final-mile delivery. Various transportation methods are employed, including refrigerated trucks, refrigerated railcars, refrigerated cargo ships, and air cargo. Temperature-controlled warehouses and insulated transport vehicles are also vital temperature ranges in this process, supporting the storage and distribution of these products. Cold chains are critical for expanding market reach, averting overstocking, alleviating transport constraints during peak periods, and preserving product quality.
Market growth is expected to be driven by shifts in consumer preferences and the increasing prevalence of e-commerce. The rise of organized retail stores in developing economies is generating a higher demand for cold chain solutions. Increased investments in cold chain infrastructure, along with government initiatives aimed at reducing food waste, are poised to stimulate market expansion. The adoption of technologies like RFID and automation in cold chain applications presents significant growth opportunities. In developing economies, the refrigerated storage market is bolstered by the shift from carbohydrate-heavy diets to protein-rich foods, driven by heightened consumer awareness. Countries like China are anticipated to experience substantial growth due to consumer-driven economic transformations. With ongoing technological advancements in warehouse management and refrigerated transportation, the market is set to expand further in developing economies. Increased IT spending in cold storage logistics is fostering market growth by enabling better inventory management and enhancing overall cold chain efficiency. Through investments in progressive technologies including IoT, cloud computing, and RFID, cold storage machinists can monitor their register in real-time, thereby reducing the risks of food spoilage, waste, and product recalls. The surging demand for temperature-sensitive products underscores the necessity for real-time cold chain monitoring.
The Global Cold Chain Market is segmented on the basis of Temperature range, Type, End User, and Region.
The market is divided into three categories based on temperature range: chilled (0°C to 15°C), frozen (-18°C to -25°C), and deep-frozen (below -25°C). The frozen (-18°C to -25°C) segment dominated the overall market in 2022. The need for freezing temperatures to maintain the freshness of items such as poultry, cakes, bread, and meat is propelling the demand for frozen cold chain solutions. This, in turn, addresses the quality preservation requirements of perishable food and beverage products, as well as pharmaceutical items. Additionally, the widespread availability of cold chain storage and transportation solutions tailored for frozen temperature ranges is contributing to the segment's growth.
The market is divided into four categories based on type: storage, transportation, packaging, and monitoring temperature ranges. In 2022, the storage segment took the lead in the overall cold chain industry. This segment is projected to maintain a steady growth trajectory with a Compound Annual Growth Rate (CAGR) of 17.5% throughout the forecast period. The surge in demand for packaged foods globally, influenced by evolving dietary preferences and consumer lifestyles, is a key driver for the growth in storage solutions. Furthermore, market players are expanding their storage capacities to meet the increasing demand for cold storage.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The cold chain market refers to the logistics and supply chain processes that are focused on the storage, transportation, and distribution of temperature-sensitive products, primarily in a controlled and refrigerated environment. This market has seen significant growth in recent years, driven by factors such as increased demand for perishable goods, pharmaceuticals, and vaccines. Companies in this market are adopting advanced technologies like temperature monitoring systems and refrigeration equipment to maintain product integrity. Additionally, there's a growing emphasis on sustainability, with the development of eco-friendly refrigeration solutions. The COVID-19 pandemic has further accelerated the need for robust cold chain infrastructure, especially for vaccine distribution.
In March 2023, Americold Logistics, Inc. unveiled its plans to expand its facility in Spain. The expansion project aimed to increase the capacity by adding 12,000 pallet positions and 11 additional loading bays in Barcelona, thereby offering a comprehensive range of services including order preparation, storage, transportation, and value-added services throughout Europe. Some key players in the global cold chain market are as follows:
In June 2023, Intelsius introduced the ORCA Pallet as an extension of its ORCA temperature-controlled packaging series. This innovative pallet shipper is designed to cater to the requirements of large-volume pharmaceutical payloads within the cold chain. It is available in three different sizes and covers three temperature ranges. Additionally, its collapsible design addresses budget and storage limitations effectively.