The cold chain market is estimated to account for a value of USD 203 billion in 2018 and is projected to grow at a CAGR of 7.6% from 2018, to reach a value of USD 293 billion by 2023. The rise in consumer demand for perishable food items, growth of international trade due to trade liberalization, and expansion of the organized food retail industry are some of the factors driving the growth of the cold chain market. Government support for infrastructural development in several developing regions also fuels the growth of this industry.
The refrigerated storage segment is projected to be the fastest-growing segment in the cold chain market during the forecast period.
The cold chain market has been segmented, by type, into refrigerated storage and refrigerated transport. Refrigerated storage capacities are growing in Asia Pacific countries due to the increased need to reduce wastage of perishable foods. In the last few years, the market for refrigerated storage has drastically grown, with a shift from food products stored in cold storage warehouses to the provision of value-added services to customers.
By temperature type, the frozen segment is projected to dominate the cold chain market during the forecast period.
A cold chain for chilled and frozen foods provides uninterrupted handling of the products within a low-temperature environment during each stage of the value chain—including harvest, collection, packing, processing, storage, transport, and marketing—until it reaches the final consumer. By temperature type, the frozen segment is estimated to have a comparatively larger market share in 2018. The chilled segment is expected to grow due to a large-scale chilling of food products for their preservation and to extend their shelf lives from few days to few weeks.
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The increasing demand for cold chain services in the European and Asia Pacific regions is driving the growth of the cold chain market.
The European region is estimated to account for the largest share, in terms of value, in the global cold chain market, in 2018. There is a steady increase in demand, particularly for cold chain due to a continuous increase in domestic consumption of high-quality perishable commodities. Asia Pacific shows significant growth potential for the cold chain industry due to the increase in awareness about the prevention of food wastage before consumption, growth of the organized retail sector, rise in consumer demand for perishable foods, and government support & initiatives in this sector. The region is projected to surpass the size of the European market by 2023.
Key Market Players
The leading players that dominated the cold chain market include Americold Logistics (US), Preferred Freezer Services (US), Burris Logistics (US), Lineage Logistics (US), and Nichirei Logistics (Japan).
The key players have been exploring the market in new regions by adopting mergers & acquisitions, expansions, investments, new service launches, agreements, collaborations, and joint ventures as their preferred strategies. These players have been exploring new geographies through expansions and acquisitions across the globe to avail a competitive advantage through combined synergies.
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