The global cold chain market is projected to reach $271.3 billion by 2022 in terms of value, at a compound annual growth rate (CAGR) of 7.0% from 2017.
This is according to the report “Cold Chain Market by Type (Refrigerated storage, Transport), Temperature type (Chilled, Frozen), Technology (Air blown, Eutectic), Application (Fruits & Vegetables, Bakery & Confectionery, Dairy, Meat, Fish & Seafood), and Region–Global Forecast to 2022,” published by MarketsandMarkets.
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Growth of the cold chain market can be attributed to the growth of international trade of perishable foods, technological advancements in refrigerated storage and transport, government support for infrastructure development of the cold chain industry, and increase of consumer demand for perishable foods. Expansion of food retail chains by multinationals also will enhance international trade and impact the growth of the cold chain market.
Dairy and frozen desserts are estimated to account for the largest market share in the cold chain market in 2017, due to their need for constant temperature control. They are witnessing high demand due to economic growth and rapid urbanization, along with sophisticated marketing channels that have led to significant changes in dietary patterns. Government guidelines in China state that milk is a major source of calcium and protein, and recommend regular milk consumption, which has led to milk and dairy products being incorporated into the daily diet of consumers.
The frozen products segment is estimated to account for the largest share in the cold chain market, in terms of value, in 2017. A variety of products such as ice cream, meat and seafood are stored at freezing temperatures of between –18° and –24° C. Freezing preserves the taste, texture and nutritional value of foods better than other preservation methods. Cold chain for frozen foods provides uninterrupted handling of the product within a low-temperature environment during the steps of the cold chain.
In 2017, Europe is estimated to hold a significant share of the global cold chain market. Major drivers for this are the consumer’s demand for quality attributes such as safety, taste and food freshness. The current trend in the refrigerated transport market in Europe is that food product manufacturers and retailers move from local service providers to larger pan-European service providers. This is due to development of network-focused technological solutions, technological upgradation in refrigerated systems and transport, and focus on implementation of quality standards.
The cold chain market report includes a study of marketing and development strategies, along with product portfolios of leading companies. These companies include Americold Logistics, Preferred Freezer Services, Burris Logistics, Lineage Logistics Holding LLC, and Nichirei Logistics Group Inc.
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