Cold Chain Logistics Market

Market Synopsis:

The Global Cold Chain Logistics Market was valued at USD 238.47 Million in 2022 and is projected to reach a value of USD 685.02 Million by 2030. Over the projection period, the Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 14.10%.

The technique and method, known as "Cold Chain Logistics," enables the supply chain to safely move temperature-sensitive commodities and products such as fresh produce, seafood, frozen foods, photographic film, chemicals, and pharmaceutical medications. Cold Chain Logistics has an extensive range of applications. The use of Cold Chain Logistics impacts the supply chain cycle, including last-mile delivery, transportation, and storage. In addition, refrigerated trucks, refrigerated railcars, refrigerated cargo, and air freight are some transportation methods used to deliver goods. For cold storage purposes, the method includes temperature-insulated transport vehicles for product distribution and temperature-controlled warehouses for storing the goods, to name a few.

Additionally, cold chains are crucial for extending marketing, avoiding capacity issues, minimizing traffic jams during peak hours, and preserving product quality. Cold supply chain logistics significantly contribute to the economy and labor force and supply consumers with high-quality and safe items. High-quality goods increased demand and helped the economy grow. In addition, it is crucial to lowering the loss of perishable goods and commodities, which gives farmers fair prices. The number of refrigerated warehouses is forecast to rise, and the pharmaceutical industry is anticipated to expand, two factors that will fuel the market for Cold Chain Logistics. Furthermore, it is projected that expansion in the processed food industry will accelerate market expansion. In addition, adopting the software for Cold Chain Logistics and using Radio Frequency Identification (RFID) technology for cold chain applications offer lucrative potential opportunities for the market's participants.

On the other hand, market expansion is constrained by issues such as a lack of standardization and expensive operating costs.

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Market Segmentation:

The Cold Chain Logistics Market is segmented based on Type, Application, Temperature, and Region. Based on the Type, the market is further segmented into Refrigerated Warehousing and Refrigerated Transport. Furthermore, based on the Application segment, the market is further bifurcated into Dairy & Frozen Desserts, Fish, Meat, And Seafood Products, Bakery & Confectionery Products, Fruits & Vegetables, and Other Applications. In addition, based on the Temperature, the market is further divided into Frozen and Chilled.

Based on Type:

Refrigerated Warehousing category dominated the market in 2021

The Refrigerated Warehousing segment dominated the market due to the global increase in the popularity of packaged food products. In addition, demand for frozen food products is driven by people's shifting lifestyles and dietary habits. Therefore, the market for Refrigerated Warehouses is predicted to increase because of this shift. In addition, due to the rising need for secure, refrigerated transportation of goods and products that require controlled temperatures, the refrigerated transportation segment is also anticipated to expand at the quickest rate throughout the projection period.

Based on Application:

Dairy & Frozen Desserts category dominated the market in 2021

The Dairy & Frozen Desserts segment dominated the market and is expected to continue this dominance in the projection timelines. This supremacy can be attributed to the rise in demand for goods containing animal proteins like cheese, milk, and meat. Transporting frozen bakery goods like bread and cakes and frozen meats like fish, chicken, cattle, shellfish, and hog requires the usage of a cold chain. In addition, the demand for products from the bakery and confectionary segments is increasing due to changing consumer dietary preferences and rising disposable income levels.

Based on Regional Analysis:

Asia Pacific is projected to grow at the highest CAGR during the forecast period

Asia Pacific is accounted to rapidly grow at a considerably high CAGR (Compound Annual Growth Rate) during the forecast period. This growth results from rising public investments in constructing infrastructure for Cold Chain Logistics. In addition, the demand for meat, dairy, and processed food is high in nations like South Korea, China, Japan, and India, and it is projected that this will propel the cold chain industry in the area. Furthermore, factors like boosted foreign direct investments in the healthcare industry and the development of pharmaceutical businesses are also encouraging market expansion for the pharmaceuticals sector in the Asia Pacific area.

Recent Developments:

• In June 2021, the company announced that Lineage Logistics would acquire Claus Sorensen's Cold Storage Division. The cold storage section of Claus Sorensen, a Danish cold storage firm, will be developed according to a plan made public by Lineage Logistics, LLC. With the help of this acquisition, Lineage could increase its supply chain services for clients in the Nordic region by expanding its network of warehouses.
• In December 2020, Maersk and Novo Nordisk partnered on Global Cold Chain Logistics. Leading healthcare organizations Novo Nordisk A/S and Maersk cooperated. The alliance aims to offer a Cold Chain Logistics service that includes interior and coastal transportation services.

Competitive Landscape:

The key players in the Global Cold Chain Logistics Market include- Americold Logistics, Lineage Logistics Holdings, Nichirei Corporation, Burris Logistics, Agro Merchants Group, Kloosterboer, United States Cold Storage, Tippmann Group, VersaCold Logistics Services, Henningsen Cold Storage Co., Coldman, Congebec Inc, Conestoga Cold Storage, NewCold, Hanson Logistics Confederation Freezers, Seafrigo, Trenton Cold Storage, Merchants Terminal Corporation, Stockhabo and others.

Segmentation of the Global Cold Chain Logistics Market: