LONDON--(BUSINESS WIRE)--The cold chain market in China is expected to grow by USD 44.23 bn during 2020-2024, expanding at a CAGR of almost 19%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Cold Chain Market in China: Growing demand for cold chain solutions to reduce food wastage in the supply chain will be the growth catalyst
There is a constant increase in the demand for frozen and perishable food, resulting in an increase in cold chain solutions to reduce food wastage and meet the current demand. Lack of effective cold chain infrastructure is one of the leading causes for food wastage. The Chinese government is also taking steps to reduce food wastage. These factors coupled with the notion that cold chain facilities will reduce the carbon emission from food wastage will drive the growth of the cold chain market in China during the forecast period.
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As per Technavio, the rapid growth in the blockchain technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Cold Chain Market In China: Increasing use of blockchain to maintain the Cold Chain Market
The increasing use of blockchain in the cold chain market will enhance the process digitalized and more effective. The increasing application of the technology is also aid stakeholders in maintaining identical copies on multiple computer systems. All records on frozen food products can be maintained and distributed to related computer systems, thus eliminating the need for the central authority to maintain records. This will eventually reduce the requirement of manual hours and subsequently human errors, making maintaining cold chains much easier and cost-effective.
“The transportation of perishable and frozen food requires controllable temperature, cold warehouse, and cold chain logistics. Therefore, the growth in the demand for perishable consumable products will boost the growth of the cold chain infrastructure in China during the forecast period," says a senior analyst at Technavio
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Cold Chain Market In China: Segmentation Analysis
This market research report segments the cold chain market in China by End-user (MFS sector, Dairy and frozen desserts sector, Fruits and vegetables sector, Healthcare sector, and Bakery and confectionery sector) and Type (Refrigerated warehouse and Refrigerated transportation).
The meat, fish, and seafood sector will lead to the cold chain market sector in China during 2019. Even though their shelf-life is limited, their growing consumption and demand is will result in the rise of this sector. One of the main reasons for this is that consumers prefer frozen meat, as it is considered convenient, healthy, and fresh for consumption.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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