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Cold Chain Global Market Report 2024 To 2033 | Americold Logistics, Burris Logistics, Nichirei Corporation, United States Cold Storage, Lineage Logistics Holdings
Cold Chain Market Trends
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According to The Business Research Company's, The cold chain market size has grown rapidly in recent years. It will grow from $365.57 billion in 2023 to $411.95 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth in world population, increase in food export and increasing demand from end-use industries.
The cold chain market size is expected to see rapid growth in the next few years. It will grow to $679.31 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to global population growth and urbanization, rapid growth in ecommerce, increasing consumption of packaged food, food security initiatives and increasing demand from end-use industries. Major trends in the forecast period include focusing on sustainability initiatives, focusing on quality and product sensitivity, leveraging internet of things (iot), focusing on smart warehousing, outsourcing processes to third-party logistics and focusing on strategic investments.
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Market Drivers and Trends:
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 the eating habits of the populace. Consumers are shifting towards 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. For instance, in 2021, according to India-based retail intelligence platform, Bizom, which tracks the sales of 7.5 million retail stores across India, sales of ready-to-eat products increased by 9.1% in August from July 2021. Hence, the increasing consumption of packaged and convenience food is expected to drive the cold chain market in the forecast period. Thus, growing consumer demand for perishable foods supported the cold chain market.
Cold Chain players are increasingly moving forward towards smart warehousing to cut costs and have better efficiencies. Intelligent warehousing integrates cutting-edge technology to increase production and efficiency while reducing mistakes. The ecosystem of technology in the smart warehouse automatically recognizes, receives, sorts, arranges and pulls goods. It seems to breathe life into the warehouse and execute the chores without the need for human intervention. The quality of the perishable consignment is maintained by temperature-controlled storage with suitable cooling and heating systems. This is made possible by integrating a sophisticated warehouse management system that keeps an eye on the storage facility and provides real-time data on the temperature and other variables that can have an impact on the goods. The effectiveness of storage activities is improved by this. For instance, in October 2021, US-based Smart Warehousing, a national warehousing and fulfillment solutions company, launched an Innovation Hub in its headquarters in Edgerton, Kansas. The Innovation Hub is attached to a 500,000-square-foot warehouse, allowing Smart Warehousing to test and optimize its technology and automation in-house, before deploying it to over 34 national warehouse locations.
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Major Key Players of the Market:
LG Chem Ltd, Kumho Petrochemical, Arkema S.A, Showa Denko K.K., Cabot Corporation, OCSiAl, Jiangsu Cnano Technology Co. Ltd., Hyperion Catalysis International, Nano-C, Nanocyl SA, Meijo Nano Carbon Co. Ltd, Zeon Corporation, Chengdu Organic Chemicals Co. Ltd, Shenzhen Sanshun Nano New Materials Co. Ltd, The Linde Group, Messer Group, Amcs Corporation, Mitsubishi Heavy Industrial Ltd, Air Liquide, Praxair Inc, Ngk Spark Plug Co Ltd, Taiyo Nippon Sanso, Oxair, Air Products And Chemicals Inc, Royal Dutch Shell, Aker Solutions, Equinor, Total Energies, Nano - C, Canatu, Nanomix, Nantero, Cheap Tubes, Exxonmobil Russia, Lukoil, Polish Energy Group, Zeroco2, Terrasigna, Continental Carbon Company, Klean Commodities, Raymor Industries Inc, Carbon Solutions Inc, Nanoshel Llc, Hanwha Chemical Corporation, Sabinano, Sasol, Carbacid Investments Limited, Afrox.
Cold Chain Market 2024 Key Insights:
• The cold chain market size is expected to see rapid growth in the next few years. It will grow to $679.31 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%.
• Consumer Demand For Perishable Foods Fueling Growth In The Cold Chain Market
• Enhancing Efficiency And Precision In Cold Chain Operations
• North America was the largest region in the cold chain market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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