Chicago, March 21, 2023 (GLOBE NEWSWIRE) -- The Cold Chain Market is estimated at USD 278.2 billion in 2023; it is projected to grow at a CAGR of 9.0% to reach USD 428.4 billion by 2028 according to a new report by MarketsandMarkets™. The pharmaceutical industry is growing rapidly, and many drugs and biologics require cold storage to maintain their efficacy. This has led to an increase in demand for cold chain logistics in the pharmaceutical industry.
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Browse in-depth TOC on "Cold Chain Market”
280 – Tables
59 – Figures
328 – Pages
Leading players profiled in this report:
- Americold Logistics (US)
- Lineage Logistics Holdings, LLC. (US)
- Nichirei Corporation (Japan)
- Burris Logistics (US)
- A.P. Moller Maersk (Denmark)
- United States Cold Storage (US)
- Tippmann Group (US)
- VersaCold Logistics Services (Canada)
The chilled segment by temperature type is projected to achieve highest CAGR in the global Cold chain market.
The growing urbanization and changing consumer preferences are driving the demand for convenience food, which requires a chilled supply chain. The chilled segment of the cold chain logistics system ensures the quality and freshness of food products, thereby meeting the growing demand for high-quality food products. The chilled segment of the cold chain logistics system is subject to stringent regulations and standards to ensure the quality and safety of food products. Compliance with these regulations is driving the growth of the chilled segment in the cold chain market.ducts, thereby meeting the growing demand for high-quality food products.
The fruits and vegetables by application is projected to attain the fastest market growth in Cold chain market over the forecast period.
The demand for organic fruits and vegetables has been increasing over the years. Cold chain logistics plays a crucial role in maintaining the quality of organic produce during transportation and storage, thereby enabling the supply of high-quality organic produce to meet the growing demand. The fruits and vegetables cold chain market is subject to stringent regulations and standards to ensure the quality and safety of food products. Compliance with these regulations is driving the growth of the fruits and vegetables cold chain market.
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Europe accounted for the second highest share of the cold chain market during the forecast period.
The cold chain market in Europe is driven by the increasing demand for frozen and chilled food products, as well as the need for pharmaceuticals, vaccines, and other medical supplies to be kept at specific temperatures during transport and storage. In Europe, France is one of the largest markets for frozen food. The frozen food segment includes frozen ready meals, frozen pizza, fruits & vegetables, seafood, meat, and others. The market for frozen food has grown owing to the advantages offered by frozen convenience food compared to other unhealthy fast foods. French consumers prefer high-quality, good flavor, and less-calorie food & beverages. Thus, market players are developing innovative frozen products with superior quality. According to the CBI Ministry of Foreign Affairs 2022, France is Europe’s second-largest importer of frozen vegetables and the world’s fourth-largest. In 2021, its imports totaled €547 million, accounting for approximately 18% of total EU imports. However, between 2017 and 2021, the volume of French imports fell by 3.2% to 536,341 tons, representing a 1.2% decline in value.
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