Global Cold Chain Logistics Market Size, Share, Growth Analysis, By Product(Mechanical & Cryogenic Refrigeration Systems, Reefers), By Application(Food & Beverages, Medical Goods) - Industry Forecast 2023-2030

Global Cold Chain Logistics Market size was valued at USD 280.25 Billion in 2022 and is poised to grow from USD 323.97 Billion in 2023 to USD 1033.15 Billion by 2031, at a CAGR of 15.60% during the forecast period (2024-2031).

Cold chain logistics play a crucial role in extending the shelf life of products, enabling suppliers to access new markets and meet the substantial local demand. This logistical approach offers various benefits, including enhanced inventory accuracy, reduced cycle times, improved supply chain efficiency, operational cost savings, and minimized contamination and spoilage risks, consequently prolonging product shelf life. The advantages provided by cold chain logistics have gained traction among businesses and services involved in supply chain operations. Its significance has surged due to the evolving dynamics of the global economy and the escalating demand for goods requiring temperature-controlled environments, notably fresh produce, manufactured items, and pharmaceutical vaccines. Cold chain logistics facilitates the safe and quality transport of perishable goods and food items. Comprising temperature-controlled warehouses and insulated delivery vehicles, cold chain logistics has witnessed notable expansion, supported by growing government subsidies that enable service providers to introduce innovative transportation solutions in burgeoning markets. Tailored for products requiring specific temperature conditions during transportation and storage, cold chain services have experienced remarkable growth, driven by the increasing demand for perishable goods and the rapid delivery requirements inherent in the e-commerce-driven food and beverage delivery sector.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Cold Chain Logistics Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Global Cold Chain Logistics Market Segmental Analysis

Global Cold Chain Logistics Market is segmented on the basis of product, application and region. By product, the market is segmented into mechanical & cryogenic refrigeration systems, reefers, cold chain transport monitoring equipment, packaging materials. By application, market is segmented into food & beverages, medical goods, temperature sensitive chemicals, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Cold Chain Logistics Market

The global demand for perishable items like food and pharmaceuticals is on the rise, fuelled by consumers' preference for fresh and premium-quality products necessitating precise temperature management across the supply chain. This escalating demand for perishable goods underscores the imperative for effective cold chain logistics.

The increase in international trade due to globalization has resulted in a substantial rise in the import and export of perishable goods. To satisfy the global demand for fresh products, robust cold chain logistics networks are vital. This entails seamless collaboration among suppliers, transportation services, and regulatory agencies to guarantee prompt delivery and adherence to international standards.

Restraints in the Global Cold Chain Logistics Market

Establishing and sustaining a dependable cold chain logistics infrastructure can pose challenges, particularly in developing regions or remote locales. The accessibility of sufficient cold storage facilities, transportation systems, and skilled workforce may be constrained. Inadequate infrastructure could result in shipment delays, product spoilage, and diminished quality during transit and storage.

Market Trends of the Global Cold Chain Logistics Market

The rising consumer inclination towards fresh and organic food items has spurred a surge in the requirement for cold chain logistics services. Consumers are increasingly opting for premium-quality food products with extended shelf life and enhanced nutritional benefits, thus fuelling the demand for effective temperature-regulated transportation and storage solutions.