CHICAGO, March 13, 2023 /PRNewswire/ -- 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 increased consumption of convenience food is driving the growth of the cold chain market. Customers are drawn in due to their ease of use, variety, and all season availability. The shift from fresh food to convenience food has increased demand for the cold chain market, as these products require temperature-controlled storage and transportation.
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Asia Pacific region dominated the refrigerated warehousing segment by type and is projected to be the fastest-growing market during the forecast period.
Temperature-controlled warehouses are used to store inventory. The purpose of storing food in refrigerated conditions is to preserve the food for a long time and avoid product quality damage. Food manufacturers strive to produce more products and store them in refrigerated warehouses in order to maintain a smooth supply chain and keep demand under control. The Asia-Pacific region is the fastest growing region for refrigerated warehousing, as food production and consumption are increasing rapidly.
By temperature type, the frozen segment is projected to account for the highest CAGR growth in the cold chain market.
Compared to other methods of preservation, freezing food has a number of benefits including improved organoleptic quality and a better overall ability to retain nutrients in the final product. Furthermore, most food spoilage organisms cannot grow at frozen food storage temperatures, and their numbers may actually decrease. Food industries prefer to keep their product frozen in order to take advantage of these properties and optimize the quality of their products.
The dairy & frozen dessert segment by application is projected to account for the second largest market share in the cold chain market over the forecast period.
Preservatives are not added in most dairy, ice cream, or other frozen desserts and these products have longer shelf lives if they are kept below -23 °C. Microorganisms are more susceptible to dairy and frozen desserts. If these products are not stored at a lower temperature, they can be contaminated and spoil quickly. Due to their product sensitivity to storage conditions, the dairy & frozen dessert segment was estimated to have the second largest market share during the forecast period.
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Asia Pacific is projected to achieve the Highest CAGR growth in the cold chain market.
According to the OECD-FAO agricultural outlook 2021-2030, Asia Pacific is the largest producer of agricultural commodities, and the total value of production is expected to expand by 20% by 2030 relative to the 2018-20 base level. Asia Pacific accounted for nearly 45% of the global agricultural land in 2020, according to the FAO. Agricultural activities in this region are supported by average climatic conditions, which enable multiple crops growing sessions in a year. Refrigeration is crucial in reducing the rate of degradation of products, extending the shelf life and maintaining the integrity of the food chain. The demand for the cold chain market was created as a result of the pressure on storing and protecting agricultural products in this region.
Key Market Players
The key players in this market include 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), Coldman (India), Congebec Inc. (Canada), Conestoga Cold Storage (Canada), NewCold (Netherlands), Confederation Freezers (Canada), Seafrigo (France) and Trenton Cold Storage (Canada) These players in this market are focusing on increasing their presence through expansions and technology developments. These companies have a strong presence in North America, Asia Pacific and Europe. They also have advanced warehousing facilities along with strong logistics networks across these regions.
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Browse Adjacent Reports @ Food and Beverage Market Research Reports & Consulting
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Refrigerated Transport Market by Application (Chilled food & Frozen food), Mode of Transport (Road, Sea, Rail & Air), Vehicle Type (LCV, MHCV & HCV), Temperature (Single & Multi-temperature), Technology and Region - Global Forecast to 2027
Refrigerated Warehousing Market by Technology (Blast Freezing, Vapor Compression, PLC, Evaporative Cooling), Temperature (Chilled, Frozen), Application (Fruits & Vegetables, Bakery, Dairy, Meat, Seafood, Beverages), and Region - Global Forecast to 2022
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