According to MarketsandMarkets, the global cold chain market size is estimated to be valued at USD 233.8 billion in 2020 and is projected to reach USD 340.3 billion by 2025, recording a CAGR of 7.8%. The growing demand for organized retail, as well as the increase in awareness among consumers to mitigate food wastage, are propelling the demand for cold chain. With the advancement of recent technologies, the usage of cold chains in the food and beverage sector helps in preventing the degradation of food quality. The development of technology has contributed to the growth of cold chain market around the world. The Asia Pacific region is growing fastest owing to modern technologies, government support, and an increase in the export of food and beverages.
The frozen temperature type segment is projected to account for a major share in the cold chain market during the forecast period
By temperature type, the cold chain market is dominated by the frozen segment. Products passing through the cold chain are either chilled or frozen. Frozen products include ice cream and meat & seafood. A typical temperature range for frozen food products is –18° to –25°C. With the development of technology, there are wide options available such as chillers, blast freezers, individual quick freezing (IQF), and freeze dryers to maintain cold conditions and better food handling, processing, storage, and transportation.
The Asia Pacific region is the largest in the cold chain market during the forecast period.
The growth of the cold chain market is expected to be a key contributor in the rise of international trade of perishable products. Several countries are becoming the key importers and exporters of perishable food products. In emerging economies, such as China and India, governments are also extending support for infrastructure development in the cold chain industry. For instance, in 2010, the Chinese National Development and Reform Commission (NDRC) prepared a development plan for Cold Chain Logistics for Agricultural Products. It identifies key projects and will provide lucrative growth opportunities for manufacturers in the cold chain market. The major challenge faced by the Asia Pacific region is the lack of an integrated supply chain from farm to fork. Infrastructure and setups have been one of the major challenges in the implementation of cold chain for seafood in Asian countries.Governments in the region have been initiating the required steps to improve the cold chain industry.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Americold Logistics (US), Lineage Logistics Holdings (US), Nichirei Corporation (Japan), Burris Logistics (US), Agro Merchants Group (US), Kloosterboer (Netherlands), United States Cold Storage (US), Tippmann Group (US), VersaCold Logistics Services (Canada), Henningsen Cold Storage Co. (US), Coldman (India), Congebec Inc. (Canada), Conestoga Cold Storage (Canada), NewCold (Netherlands), Hanson Logistics (US), Confederation Freezers (Canada), Seafrigo (France), Trenton Cold Storage (Canada), Merchants Terminal Corporation (US), and Stockhabo (Belgium).
The bakery & confectionery application segment is projected to witness significant growth during the forecast period.
Based on the application, the cold chain market is dominated by dairy & frozen desserts. However, the bakery & confectionery segment have been among the fastest-growing segment during the forecast period. Temperature monitoring is a key aspect of quality control and food safety for various bakery and confectionery products. Refrigerated warehousing is used for bakery & confectionery products, which include bread, cakes & pastries, pizza crusts, waffles, biscuits, cookies, pastry shells, bagels, pretzels, and donuts. The increasing demand for convenience foods have increased demand for frozen bakery & confectionery products. The temperature range of frozen bakery & confectionery products plays an important role in maintaining product quality.