New York, NY, Aug. 13, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Cold Chain Market by Type (Refrigerated Storage and Transport), by Temperature Type (Chilled and Frozen), and by Application (Dairy & Frozen Desserts; Meat, Fish, and Seafood, Fruits & Vegetables, Bakery & Confectionery, Pharmaceuticals, and Others) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024” . According to the report, the global cold chain market was valued at around USD 188.42 billion in 2017 and is expected to reach approximately USD 269.61 billion by 2024, growing at a CAGR of around 7.5% between 2018 and 2024.
The cold chain is a system that is used for the management and transportation of temperature sensitive products through refrigerated and thermal methods of packaging. There are various ways in which cold chain products are transported such as railcars, refrigerated trucks, air cargo, and refrigerated ships. The cold chain is a technology that completely depends on the physical means for maintaining appropriate conditions of temperature. The cold chain is also referred to as the temperature controlled supply chain.
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The global cold chain market is anticipated to grow at the highest CAGR during the forecast period. The growth of the market is primarily driven by rapidly expanding industry of perishable products including vegetables, fruits, meat, and fish and the increasing investments in distribution and logistics industry. Increasing trend of online shopping, rising penetration of cold chain in agriculture produce transportation, and growing movement of medical supplies & pharmaceuticals internationally are the main factors anticipated to increase the growth of the cold chain market in the forecast period.
On the basis of type, the cold chain market is categorized into refrigerated storage and transport. Growing preference for packaged and ready to eat products and changing lifestyles are driving the growth of the refrigerated storage segment. On the basis of temperature type, the market categorized into chilled and frozen. Increasing disposable income and busy lifestyles are boosting the demand for frozen food products. Based on application, the cold market is divided into fruits & vegetables, dairy & frozen desserts, bakery & confectionery, meat, fish and seafood, pharmaceuticals, & others. The growing importance of the cold chain supply chain in storing and transporting biological products such as vaccines are expected to contribute to the high demand of the cold chain in the pharmaceutical segment in the forecast period.
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North America displayed the highest growth in 2017 and is projected to attain a significant market share in the global market during the forecast period. This growth is owing to constant advancement in autonomous trucks. Moreover, intelligent warehouse automation and control systems are an imperative factor supporting to build net-zero energy warehouses to achieve less power consumption. Furthermore, the U.S. and Mexico are expected to accelerate the cold chain market growth over the forecast period. Government regulations and custom programs are contributing to the overall market growth.
Europe was the second largest region contributing the global cold chain market growth during the forecast period. The European Cold Storage and Logistics Associations (ECSLA) represent the cold logistics industries at European and International Associations. For instance, on 31 May 2012, the European Cold Storage and Logistics Associations (ECSLA) collaborated with Cool Chain Association to decrease wastage and improve efficiency, quality, and value of the temperature sensitive supply chain by aiding and allowing horizontal & vertical partnership, education, and innovation amongst their stakeholders and members.
Browse the full "Cold Chain Market by Type (Refrigerated Storage and Transport), by Temperature Type (Chilled and Frozen), and by Application (Dairy & Frozen Desserts; Meat, Fish, and Seafood, Fruits & Vegetables, Bakery & Confectionery, Pharmaceuticals, and Others) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/cold-chain-market
Followed by Europe and North America, Asia Pacific is also projected to attain considerable market share during the forecast period. On 12 November 2017, the Asian Productivity Organization (APO) organized 5 days workshop on cold chain and logistics management for agrifood products in Nadi, Fiji. This workshop was conducted to improve the handling of agrifood products for the benefits of producers and consumers. The experts from APO intend to offer insights on strategies to deal with specific needs of developing countries in the Asia Pacific.
Latin America and the Middle East & Africa anticipate attaining considerable growth during the forecast period.
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The key players in this industry are AGRO Merchants, Lineage Logistics, Preferred Freezer, Burris Logistics and Nichirei Logistics, Americold Logistics, Kloosterboer, Interstate Warehousing, VersaCold Logistics and Swire Cold Storage. The detailed description of players includes parameters such as company overview, financial overview, business strategies, and recent developments of the company.
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This report segments the global cold chain market as follows:
Global Cold Chain Market: Type Segment Analysis
- Refrigerated Storage
- Transport
Global Cold Chain Market: Temperature Type Segment Analysis
- Chilled
- Frozen
Global Cold Chain Market: Distribution Channel Segment Analysis
- Dairy & Frozen Desserts
- Meat, Fish, and Seafood
- Fruits & Vegetables
- Bakery & Confectionery
- Pharmaceutical
- Others
Global Cold Chain Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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