The global Cold Chain market size is expected to be worth around US$ 728.3 billion by 2030, according to a new report by Vision Research Reports.
The global Cold Chain market size was valued at US$ 310.49 billion in 2020 and is anticipated to grow at a CAGR of 24.8% during forecast period 2021 to 2030.
The growing penetration of connected devices and automation of refrigerated warehouses across the globe is anticipated to spur the industry growth over the forecast period. An increasing number of organized retail stores in emerging economies are leading to increased demand for cold chain solutions. Moreover, trade liberalization, government efforts to reduce food waste, and expansion of retail chains by multinational companies are expected to boost industry growth over the forecast period. The World Trade Organization (WTO) and bilateral free trade agreements, such as the European Union Free Trade Agreement (FTA) and the North America Free Trade Agreement (NAFTA), have created opportunities for exporters in the U.S. and Europe to increase trade of perishable foods in a manner that is free of import duties.
In developing economies, the refrigerated storage market is driven by a shift from carbohydrate-rich diets to protein-rich foods, owing to rising consumer awareness. Countries, such as China, are expected to portray a significant growth rate over the coming years due to a consumer-led transition in the economy. With growing technological advancements in warehouse management and refrigerated transportation, the market is likely to expand in developing economies.
Furthermore, growing government subsidies have enabled service providers to tap these emerging markets with innovative solutions to overcome complex transportation. Cold chain services are designed to provide ideal transportation and storage conditions for temperature-sensitive products. Increasing demand for perishable products and fast delivery requirements associated with the e-commerce-based food and beverages delivery market has created a significant boost in cold chain operations.
This is a stark shift from the earlier trend of consumers buying processed foods that had a longer shelf life. The rising trend of purchasing perishable products online has led to new opportunities and challenges. These include the need for innovative solutions to provide last-mile delivery, automated warehouses to manage inventories and reduce per-item costs, and low-cost and advanced temperature monitoring devices to maintain the safety of fresh food products.
In terms of revenue, the storage segment accounted for the largest revenue share of more than 58% in 2020 and will retain the dominance over the forecast period owing to increasing preference for across the globe. Changing dietary patterns and lifestyles of consumers is driving the demand for . This is expected to boost the demand for storage solutions.
Cold chain systems are crucial for supplying food, beverages, and healthcare products. Demand for high-cube refrigerated trailers, connected refrigerated trucks, insulated containers, and vehicles favoring cross-product transportation is expected to drive the transportation segment over the forecast period.
The use of monitoring components in the cold chain is particularly increasing. This growth can be attributed to the technological advancements and growing need to ensure the integrity, efficiency, and safety of shipments. Advances are equally noticeable in backend IT infrastructure and frontend devices deployed for collecting and reporting real-time shipment information.
Efficient management of cold storage greatly depends on software and hardware components used for monitoring purposes. Hardware components include data loggers, remote temperature sensors, RFID devices, networking devices, and telematics devices. The stringent regulatory environment in the pharmaceutical industry surrounding the maintenance of product quality has positively influenced the adoption of cold chain temperature monitoring solutions.
The product packaging segment held the largest revenue share of over 73% in 2020. The product segment includes a detailed analysis of crates, insulated containers and boxes, cold packs, labels, and temperature-controlled pallet shippers. The materials segment includes an in-depth analysis of insulating materials and refrigerants. The insulating materials and refrigerants are considered complete systems for temperature-sensitive products. The insulating materials segment is further classified into Expanded Polystyrene (EPS), Vacuum Insulated Panel (VIP), Polyurethane (PUR), cryogenic tanks, and others.
Temperature-controlled Packaging (TCP) is a majorly used element in the refrigerated storage market. TCP is developed in accordance with various standards to maintain the products at specific temperatures for a particular period. Active TCP systems include pallet shippers and refrigerated boxes that are operated through power sources, such as a lithium battery. On the other hand, passive systems are cost-effective and practical as they rely on insulated packaging along with refrigerants. At present, Styrofoam and water-based Phase Change Material (PCMs) are preferred by most pharmaceutical companies.
Demand for PUR is declining, as the material happens to be heavier than Styrofoam and is also not recyclable. Temperature-sensitive materials used for shipments of non-bulk packaging include PUR foam, EPS foam, cryogenic tanks, insulated pallet shippers, and VIPs. Three types of commonly used refrigerants are dry ice, gel packs, and PCM. Key factors to be considered while evaluating temperature-sensitive packaging solutions include system cost, thermal performance, pack-out simplicity, and physical performance. The variable that determines system cost comprises payload maximization, re-usable systems, packaging costs, and the trade-off between custom packaging solutions and off-the-shelf solutions.
The storage equipment segment accounted for the largest revenue share of over 75% of the global market in 2020. Storage equipment is crucial in the refrigerated storage industry as they ensure the quality of products and increase their shelf life. The equipment used includes refrigerators, deep freezers, vaccine carriers, and others. Storage equipment is further divided into on-grid and off-grid.
The demand for off-grid storage equipment is attributed to the increasing need to prevent food losses post-harvesting and processing in developing countries. According to the Food and Agriculture Organization (FAO) of the United Nations (UN), more than 40% of food losses occur during post-harvesting and processing, especially in developing countries. This creates the need to establish sustainable and energy-efficient cold chains that can increase food supply in these countries by nearly 15% or about 250 million tons.
Increasing efforts taken by the governments in developing countries to promote off-grid cold chains are expected to stimulate the demand for off-grid solar energy-based storage equipment. For instance, in March 2018, the Global Lighting and Energy Access Partnership’s (LEAP) competition to develop energy-efficient cold storage facility encouraged the adoption of off-grid solar energy-based storage equipment. This facility is aimed at meeting storage requirements for dairy products and fresh fruits and vegetables in Sub-Saharan African countries.
The fish, meat, and seafood segment led the global market accounting for the highest revenue share of 24% in 2020, and will retain the leading position growing at a steady CAGR from 2021 to 2028. Technological developments in the processing, packaging, and storage of seafood are anticipated to stimulate the growth of this segment. Moreover, a rise in fish production is expected to boost segment growth. However, processed food is projected to be the fastest-growing application segment over the forecast years owing to continued innovations in packaging materials. Advancements in packaging materials increase the shelf life of foods. This has increased the trading of processed foods over the past few years.
High product demand in the pharmaceuticals segment can be attributed to its importance in maintaining the efficacy and safety of pharmaceuticals. The cold chain in the pharmaceutical industry is driven by stringent regulatory norms, such as Goods Distribution Practices (GDP) in the European Union (EU). These regulations are a shift witnessed in governments across the world toward standardizing regulations globally for better transportation systems for healthcare-related products.
North America held the largest revenue share of more than 35% in 2020 and will retain the dominant position throughout the forecast period as the region has significant growth opportunities for the companies planning to invest for a long haul. Increasing penetration of connected devices and a large consumer base are also expected to fuel market growth over the forecast period. However, Asia Pacific is anticipated to be the fastest-growing regional market over the projected period owing to increasing government investments for logistics infrastructure development and penetration of Warehouse Management Systems (WMS).
China is the major contributor to the APAC regional market. The market growth in China is attributed to factors, such as technological advancements in packaging, processing, and storage of seafood products. Rising demand and growing cold chain infrastructure development have made China a top market for cold chains. Currently, China is undergoing a rapid transition from a construction- & manufacturing-led economy to a consumer-led economy. Rising innovations in the pharmaceutical sector in China are also expected to boost the demand for cold chain solutions. Another major factor driving the market includes the rapid expansion of biopharma in the region.
Agro Merchant Group (U.S.)
Nordic Logistics and Warehousing, LLC (U.S.)
Preferred Freezer Services, LLC (U.S.)
Cold Chain Technologies, Inc. (U.S.)
Cryopack Industries, Inc. (U.S.)
Cold Box Express, Inc. (U.S.)
Insulated Containers & Boxes
Large (32 to 66 liters)
Medium (21 to 29 liters)
Small (10 to 17 liters)
X-small (3 to 8 liters)
Petite (0.9 to 2.7 liters)
Cold Chain Bags/Vaccine Bags
Temperature-controlled Pallet Shippers
Others (Insulating Pouches, Hard Cased Thermal Boxes, and Active Thermal Systems)
Solar-powered Cold Boxes
Others (Solar Refrigerators and Products related to Solar Panels)
Fruits & Vegetables
Fruit Pulp & Concentrates
Fish, Meat, and Seafood
Bakery & Confectionary
Others (Ready-to-Cook, Poultry)
The Cold Chain market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Cold Chain market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Cold Chain market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Cold Chain market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Cold Chain market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Cold Chain capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Cold Chain by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Cold Chain market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Cold Chain market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Cold Chain market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Cold Chain industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Cold Chain market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Cold Chain market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Cold Chain market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Cold Chain market. These factors have benefited the growth of the global market for Cold Chain. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Cold Chain. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Cold Chain are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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