Pune, India, April 08, 2022 (GLOBE NEWSWIRE) -- The global cold chain market size is expected to grow significantly because of the rising adoption of technologically advanced refrigeration and storage techniques by retailers and storage depots. Thus, this factor can propel market growth in the upcoming years. Fortune Business Insights™ offers this information in its report titled "Cold Chain Market, 2022-2029."
Cold Chain is a thermal packaging and refrigeration system that protects thermally susceptible goods during travel. It is extensively used by the food & beverage sector to safely transport products across several places while preserving the product's quality. It is used to transport biopharmaceutical drugs across several regions globally. A cold chain system is also used to transport agricultural produce across a country or globally to conserve the freshness and vitamins of fruits and vegetables. Adoption of technologically advanced cold chain methods is likely to propel the product's demand.
The incorporation of several technologies such as artificial intelligence (AI) technology, real-time data tracking, and cloud platforms are likely to facilitate market growth. For example, companies such as Godamwale are utilizing artificial technology (AI), machine learning (ML), natural language processing, and deep learning technologies to simplify their manufacturing process. Hence this factor can foster market growth in the upcoming years.
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Impact of COVID-19
Rising Demand for Vaccines and Medical Gear to Boost Market Growth
The cold chain system is in high demand during the COVID-19 pandemic due to the demand for vaccines and medical gear. The sudden spike in cases has led to the demand for vaccines, medical gear, medicines, and other medical goods. These system helps track the number of goods transported and aids in protecting the goods from damages. Transportation facilities have resumed after the initial lockdown for transporting vaccines, face masks, and other medical gears. Therefore, this market is expected to grow despite the pandemic steadily.
List of Key Players Profiled in the Cold Chain Market Report
- Argo Merchants Group LLC
- Americold Logistics LLC.
- Burris Logistics Inc.
- Swire Group
- Al Rai Logistica K.S.C.
- Swire Cold Storage
- Cold Chain Technologies, Inc.
- VersaCold Logistics Services
- Nichirei Corporation
- Lineage Logistics
Segments
Based on technology, the market is divided into vapor compression, programmable logic controller, blast freezing, and others. By type, it is bifurcated into refrigerated storage and transport. On the basis of application, it is categorized into processed food, bakery & confectionery, dairy & frozen food, meat & salad, and fruit & vegetables. Geographically, it is clubbed into Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
Highlights of the Report
- This report offers an analysis of the latest market trends and the top segments.
- It conducts a comprehensive analysis of the driving and restraining factors and the impact of COVID-19 on the global market.
- The report examines the regional developments and the strategies devised by the market's key players.
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Drivers and Restraints
Robust Demand for Biodegradable Food Products to Facilitate Market Growth
The cold chain system's demand is increasing rapidly because of the rising trade activities and strong demand for biodegradable food products such as vegetables, fruits, milk, poultry products, fish, red meats, and others. The governments are investing heavily in improving cold chain facilities and strengthening their food safety policies. For example, the Ministry of Food Processing Industries has incorporated cold chain schemes to provide excellent products to consumers. This scheme has been under effect since 2008. There are corporations, companies, partnership/proprietorship firms under the scheme guidelines. In addition, the growth of international trade has led to the demand for vegetables, fruits, and other imported food items from other regions or countries. Thus, this factor can drive the cold chain market growth.
However, the negative impacts on the environment, such as greenhouse gas emissions, can hamper the market growth.
Regional Insights
Rising Consumer Preference to Consume Fresh Food Products to Fuel Growth in North America
North America is projected to dominate the cold chain market share due to the increasing consumer preference to consume fresh food products. As per research conducted in the region, the United State's warehouse capacity reached 4.6% due to the reliance on cold chain systems for food & beverage distribution and storage.
In Asia Pacific, the warehouse management tool's adoption is expected to boost the product demand. In developing countries such as India and China, the prevalence of the agricultural sector is likely to spur opportunities for the export and import of fresh products. Thus, this factor can propel market growth.
Competitive Landscape
Prominent Companies to Acquire Crucial Players to Enhance their Market Position
The prominent companies operating in the market acquire certain key players to enhance their market position. For example, Lineage Logistics Holdings LLC successfully acquired Yearsley Group Limited in November 2018 to enhance its market position in the US and improve its global reach. Furthermore, companies' launch of innovative products and security systems such as artificial technology and machine learning technologies can attract consumer attention. Hence this factor can enhance the company's brand image.
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Key Industry Development:
- June 2021: Dr. Reddy tied up with Rockwell to store its vaccines. Rockwell will supply over 500 freezers to Dr. Reddy for preserving the sputnik V vaccine. This partnership can enhance Dr. Reddy's brand image as a seller of high-quality vaccines.
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