The cold chain market involves a temperature-controlled supply chain that allows products that are temperature sensitive, such as frozen foods, chemicals, photographic films and pharmaceutical drugs, to be transported and stored at a specific temperature range. The cold chain enables perishable items to maintained within the maximum and minimum temperature threshold for preserving the quality and extending shelf life of products.
The global cold chain market is estimated to be valued at US$ 360.01 Mn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period from 2024 to 2031.
Key Takeaways
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. The key players are focusing on mergers and acquisitions to expand their global presence. For instance, Americold acquired Cloverleaf Cold Storage in 2020 to broaden its network in Northeastern US.
The growing pharmaceutical industry offers significant opportunities for cold chain service providers. Strict regulations regarding temperature-controlled storage and transportation of drugs and vaccines demand sophisticated cold chain logistics. Moreover, the rising demand for perishable food items such as fruits, vegetables, dairy products globally is propelling the cold chain market. Additionally, the increasingonline food delivery trends during the pandemic has necessitated efficient cold chain networks for last mile deliveries.
The globalization of trade has boosted international food and pharmaceutical trade which requires cross border refrigerated transportation using reefer containers, trucks and ships. This is catalyzing cold chain infrastructure development across major global trade routes. Several countries are making considerable investments to develop modern cold storages, refrigerated trucks and transportation facilities to handle import and export of cold chain products.
Market Drivers
One of the major drivers for Cold Chain Market Growth is the rising need of temperature sensitive pharmaceutical products such as vaccines, biologics and other medical drugs. According to WHO, worldwide vaccine requirements are projected to reach over 5 billion doses by 2030. This immense volume requires reliable cold chain systems for storage and distribution of vaccines worldwide. Moreover, increasing chronic diseases due temperature fluctuations during transportation and storage can degrade the efficacy of pharmaceutical products necessitating robust cold infrastructure.
Get more insights on Cold Chain Market
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)