LONDON--(BUSINESS WIRE)--The cold chain market in China will grow at a CAGR of over 13% during the forecast period, 2018-2022, according to Technavio market research analysts. One of the key factor driving the market’s growth is the growing demand for cold chain solutions to reduce food wastage in the supply chain.
Food wastage because of the inadequate and inefficient cold chain infrastructure is significantly actuating the growth of the cold chain market in China. On an average, the loss of perishable food in developing countries such as China is estimated to be between 20% and 50%. This is mainly due to the lack of cold chain facilities. In 2014, the percentage loss of fruits and vegetables accounted for around 20%-30% in China. This is because only 5% of these products are transported through cold chain. For aquatic products and meat, the percentage loss accounted for 12% and 15%, respectively during the same year.
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In this report, Technavio highlights the introduction of blockchain technology in cold chain as one of the major emerging trends in the cold chain market in China:
Introduction of blockchain technology in cold chain
The blockchain technology is a digitally distributed transaction ledger. It assists various stakeholders in maintaining identical copies on multiple computer systems. The ledger records or transactions are recorded in a series of blocks. In general, a blockchain system uses a thread of cryptographically protected records and details of transactions for all the stakeholders in the supply chain. The records are further distributed across the network of related computer systems, eradicating the requirement for a central authority to maintain records. This helps in developing cost-efficient and effective supply chains while reducing delays.
“Several cold chain logistics and retail companies are implementing the blockchain technology in their cold supply chain to enhance efficiency and data security in the supply chain. The use of blockchain in the cold chain system will streamline operations and expedite the sharing of information and data. The application of blockchain in the cold chain will also create secure documentation of storage temperatures at every point in the product supply chain,” says a senior analyst at Technavio for research on logistics.
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Cold chain market in China segmentation
This market research report segments the cold chain market in China based on service type (refrigerated storage and refrigerated transportation) and end-user (meat, fish, and seafood sector; dairy and frozen desserts sector; fruits and vegetable sector; healthcare sector; and bakery and confectionery sector).
In 2017, the refrigerated storage segment held the highest market share of around 79%. This segment will continue to dominate the cold chain market in China due to the increased investment in the warehousing infrastructure.
In 2017, the meat, fish, and seafood sector held the highest market share of around 41%. It was followed by the dairy and frozen desserts sector. The significant consumption of meat and seafood will continue to support the dominance of the meat, fish, and seafood sector in the cold chain market in China during the forecast period. The growth of aquaculture in China will further strengthen the growth of the market.
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