LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global cold chain market to grow at a CAGR of more than 12% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global cold chain market for 2017-2021. The report has taken into consideration the revenue generated by the refrigerated warehousing and refrigerated transportation vendors.
The global cold chain market is expected to grow steadily during the forecast period. Some of the key factors that are contributing to the growth of the global cold chain market are the increase in the demand for frozen foods, the growth of the organized retail sector, and increased concern about food wastage. The growth in international trade is also contributing to the growth of the market.
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Technavio transportation and logistics analysts highlight the following three factors that are contributing to the growth of the global cold chain market:
Rise in trade of frozen food and sea food products
The demand for seafood continues to increase globally, and the significant population growth in China, India, and Brazil constitutes an important demand driver in the frozen fish and seafood industry. Increased demand for seafood has led to a rise in its imports and exports among countries, which require cold storage and transportation. China and Norway were the largest exporters of seafood in 2015.
Sharan Raj, a lead logistics research analyst at Technavio, says, “Consumers are also increasingly seeking out frozen foods that have functional benefits and can contribute to their health and well-being. These frozen foods require an effective cold storage system and need to be transported in a refrigerated manner to ensure that the chemical composition of the frozen food is intact even after several months.”
Increased container capacity of reefers
Growth in the global perishable commodity production has resulted in the reefer manufacturers increasing the capacity of their containers. Globally, there is a change in the food consumption pattern, where consumers prefer ready-to-eat frozen prepared meals that are convenient. Hence, these require efficient logistic services.
“The increasing demand and need to transport temperature-sensitive food and beverage products that include milk, meat, dairy products, and processed food will require high capacity containers, to accommodate more amount of goods. Millions of cases of food and beverage products are delivered to hotels, restaurants, universities, and hospitals,” adds Sharan.
Demand for security of pharmaceutical supply chain
Counterfeit issues among the pharmaceutical drugs have become a major challenge for the logistics companies in the shipment of the drugs. As a result, many logistics companies have introduced several tracking solution and devices in order to enhance the security of the drugs during the transportation.
Excel, a 3PL company, has introduced a number of tracking solutions and devices to track the pharmaceutical products. These solutions and devices are video analytics, GPS tracking, biometric scanning, and infrared detection. In the US market, many pharmaceutical logistics companies have established their own serialization on the drug's packaging, which helps the companies to track any unit of the products anywhere in the supply chain.
Top vendors:
- Americold Logistics
- Lineage Logistics
- Preferred Freezer Services
- John Swire& Sons
- Swift Transportation
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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