DUBLIN--(BUSINESS WIRE)--The "Cold Chain Global Market Report 2021: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
The global cold chain market is expected to grow from $212.24 billion in 2020 to $239.67 billion in 2021 at a compound annual growth rate (CAGR) of 12.93%. The market is expected to reach $344.51 billion in 2025 at a CAGR of 9.49%.
Major players in the cold chain market are Agro Merchants Group LLC, Americold Logistics, Lineage Logistics LLC, Nichirei Corporation, Burris Logistics Inc., Kloosterboer Group B.V., Henningsen Cold Storage, VersaCold Logistics, Cold Chain Technologies Inc., Hanson Logistics, Trenton Cold Storage, United States Cold Storage, Tippmann Group, Swire Cold Storage Ltd, and Nova Cold Logistics.
The cold chain market consists of sales of cold chain and related services by entities (organizations, sole traders, and partnerships) that provides cold chain storage services. These services are used for the management and transportation of temperature-sensitive products through refrigeration, thermal packaging, and other methods. This plays a crucial role in temperature control for the perishable goods and assures the quality and health of the perishable goods to the final consumer across the distribution chain.
The main types of cold chains are refrigerated warehousing and refrigerated transport. Refrigerated warehousing or cold storage is a place where temperature-controlled goods are cooled or stored to prevent it from decaying or not adhering to laws and regulations that apply to that item. Refrigerated transport or reefer freight is the vehicle transporting of products using a built-in refrigeration system that helps maintain a desired temperature throughout the transportation process. The various temperatures used in cold chain include frozen and chilled. Cold chain storage used in different sectors such as pharmaceutical, healthcare, food & beverages, chemical, others.
North America was the largest region in the cold chain market in 2020. Asia Pacific region is projected to record fastest growth over the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The high operational costs for cold chain could act as a restraint for the market in the forecast period. The operating costs include energy costs for electricity, real-estate costs, labor costs and others. For instance, according to Global Cement and Concrete Association (GCCA) Cold Chain Index 2020, labor accounted for the largest share of expenses, at 46% in the North American refrigerated warehouse market. The high operational costs could hamper R&D expenditure by companies, thus impacting the cold chain market in the forecast period.
Growing consumer demand for perishable foods contributed to the growth of the cold chain market in the historic period. The demand for perishable foods such as dairy products, fruits, vegetables, and meat is growing with the increasing urban population and changes in eating habits of the populace. Consumers are shifting towards to the purchase of perishable goods that have a long time until expiration owing to the nature of perishability. Developing markets in the Asia Pacific and Latin America are observing high demand for perishable food products.
Major companies operating in the cold chain market are continuously investing in automation solutions to survive in the competitive business environment. For instance, in January 2020, Kloosterboer, a Netherlands-based company engaged in providing innovative and sustainable solutions in the supply chain for temperature-controlled food products, invested in an automated and extremely sustainable reefer container terminal in its place in the port of Vlissingen.
Scope
Markets Covered:
1) By Type: Refrigerated Warehousing; Refrigerated Transport
2) By Temperature Type: Frozen; Chilled
3) By Industry Vertical: Pharmaceutical; Healthcare; Food & Beverages; Chemical; Others
Companies Featured: Agro Merchants Group LLC; Americold Logistics; Lineage Logistics LLC; Nichirei Corporation; Burris Logistics Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Time Series: Five years historic and ten years forecast.
Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Companies Mentioned
- Agro Merchants Group LLC
- Americold Logistics
- Lineage Logistics LLC
- Nichirei Corporation
- Burris Logistics Inc.
- Kloosterboer Group B.V.
- Henningsen Cold Storage
- VersaCold Logistics
- Cold Chain Technologies Inc.
- Hanson Logistics
- Trenton Cold Storage
- United States Cold Storage
- Tippmann Group
- Swire Cold Storage Ltd
- Nova Cold Logistics
For more information about this report visit https://www.researchandmarkets.com/r/u3jn2t
