Pune, India, Feb. 01, 2022 (GLOBE NEWSWIRE) -- The global cold chain logistics market size is projected to hit USD 647.47 billion by 2028 and exhibit a CAGR of 15.1% during the forecast period. The surging need for temperature control to evade food losses and the growing consumer demand for perishable and convenience foods globally are driving the growth of the market. Fortune Business InsightsTM has presented this information in the report titled, “Cold Chain Logistics Market, 2021-2028”. The market size stood at USD 221.85 billion in 2020 and USD 242.39 billion in 2021.
Cold chain logistics are the services that are designed to provide the perfect temperature-controlled and refrigerated transportation of food products. The solution providers have been able to tap into emerging markets such as India, Canada, and Japan due to the increasing government subsidies and initiatives. These favorable government initiatives and subsidies are anticipated to foster growth for the market.
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Report Coverage-
- Highlights the main trends and the latest technological progressions in the market.
- Evaluates the influence of the COVID-19 pandemic.
- Applies Porters’ Five Forces examination for a precise market estimation.
- Offers crucial information on the market’s competitive scenario and important player rankings.
- Offers information on latest industry developments.
COVID-19 IMPACT
The humanitarian crisis has wreaked unprecedented challenges on the global economy and stagnated the growth of several industries and markets. The cold market has witnessed a limited impact of the coronavirus pandemic. During the pandemic, the supply of various essential food products such as milk, curd, and other dairy products continued using cold chain service. Since vaccines need to be transported in cold temperatures, the demand for cold chain logistics increased during the pandemic. Major economies called for special cold chain services for the effective and efficient supply of vaccines. The market is anticipated to witness steep growth post-pandemic.
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Increasing Government Initiatives and Subsidies to Propel Market Growth
The global population is increasing at an unparalleled pace. The dynamic dietary patterns and living standards augment the demand for packaged food products globally. The ever-increasing population's increasing demand for processed and perishable food products such as fruits & vegetables, fish, meat, and seafood, dairy & frozen desserts, and others is anticipated to drive the global cold chain logistics market growth.
The increasing globalization and the uplift of various trade barriers have boosted the global trade of food products. In recent years, the government’s efforts to reduce food wastage have augmented the demand for cold chain transportation solutions. The increasing governments' investments in cold chain transportation infrastructure development in developing countries such as India, Japan, South Korea, and China are likely to drive market growth.
The increasing expansion of large retail channels such as Spar, Tesco, 7-Eleven, and others across developed and developing nations such as Germany, China, Argentina, and Brazil are anticipated to accumulate growth for the market.
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North America to Dominate Global Market Due to Presence of a Large Consumer Base
North America is anticipated to dominate the global cold chain logistics market share. The presence of a large consumer base coupled with the increasing penetration of connected devices is projected to boost market growth in the coming years.
Asia Pacific is projected to emerge as the fastest-growing region in the global market. The expanding government initiatives to bolster the cold chain services infrastructure are anticipated to drive the market's growth. China, Japan, India, and South Korea have a strong demand for processed food products, dairy, and meat. This is anticipated to stimulate growth for the market. Additionally, the increasing foreign direct investments in the healthcare sector are expected to garner market growth.
Key Players Upgrade Their Technologies to Offer Added Services to End-Users
The market is highly competitive and comprises several key players such as U.S. Cold Storage, VersCold Logistics Services, and AmeriCold Logistics LLC amongst the top players in the market. The key players emphasize on upgrading their technologies to ensure integrity, safety, and efficiency. They emphasize on increasing their multi-compartment reefer vehicle fleets to offer added services to their end-users. The key players simultaneously adopt ingenious growth strategies such as new product launches, technological advancements, partnerships, mergers, acquisitions, collaborations, and others to enhance their market presence and generate greater revenues.
Latest Industry Developments-
- December 2020: AmeriCold Logistics LLC completed the acquisition of Agro Merchants Group. The acquisition will help the company to offer complimentary infrastructure in South America, Australia, and the U.S..
- July 2020: Lineage Logistics LLC signed an agreement to acquire Ontario Refrigerated Services Inc., to enter the Canadian market.
Key Players in the Global Market are:
- United States Cold Storage (New Jersey, U.S.)
- NICHIREI LOGISTICS GROUP INC. (NICHIREI CORPORATION) (Tokyo, Japan)
- CONGEBEC LOGISTICS INC. (Quebec, Canada)
- CONESTOGA COLD STORAGE (Ontario, Canada)
- Kloosterboer (Netherlands)
- COLD BOX EXPRESS, INC. (Alabama, U.S.)
- AmeriCold Logistics LLC (Georgia, U.S.)
- Lineage Logistics Holding LLC (Michigan, U.S.)
- Burris Logistics (Delaware, U.S.)
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