Pharmaceutical And Healthcare Logistics Is The Largest Segment Driving The Growth Of Cold Chain Market
Market key trends:
The cold chain market has been witnessing a rising demand for temperature-controlled warehouses and transportation solutions over the past few years. One of the key trends in this market has been the increasing focus on reducing food wastage during transportation and storage of perishable goods. According to estimates, over one-third of the total food produced globally gets wasted every year. Cold chain logistics helps reduce food wastage by maintaining proper temperature levels during transit and storage of food items. Increasing international trade of perishable goods has also been driving the need for an efficient cold chain network across major economies.
SWOT Analysis
Strengths: Well-established global distribution network and supply chain infrastructure of key players. Increased government initiatives and investments in cold chain infrastructure development.
Weaknesses: High operating costs associated with maintaining temperature controls throughout the supply chain. Dependency on fluctuating fuel costs for transportation.
Opportunities: Growing demand for cold chain services from the pharmaceutical, floriculture, and aquaculture industries. Advent of temperature monitoring devices and innovations in cold chain equipment/technology.
Threats: Shortage of trained professionals, particularly in developing markets. Risks of disruption from natural/geopolitical calamities and price volatility of key raw materials.
Key Takeaways
Global Cold Chain Market Demand was valued at US$ 270.8 Mn in 2023. The market is expected to witness high growth, exhibiting a CAGR of 15% over the forecast period of 2023 to 2030. The growth is supported by the rising demand for temperature-controlled logistics from the food and beverage industry.
Regional analysis: The cold chain market in Asia Pacific is anticipated to grow at the fastest pace during the forecast period. The increasing demand for frozen and processed food in densely populated countries like China and India is expected to drive the need for cold chain logistics in the region. China currently dominates the global cold chain market, owing to its large production and consumption of perishables.
Key players: Key players operating in the cold chain market are Americold Logistics, Lineage Logistics, AGRO Merchants Group, Nichirei Corporation, Preferred Freezer Services, Swire Cold Storage, Kloosterboer, DHL Global Forwarding, UPS Cold Chain Solutions, FedEx Custom Critical, Burris Logistics, and Maersk Line. These players are focusing on expanding their service networks and facilities to cater to the rising demand across major economies.
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