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A recent report published by Infinium Global Research on cold chain logistics market provides in-depth analysis of segments and sub-segments in the global as well as regional cold chain logistics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional cold chain logistics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global cold chain logistics market. According to the report, the global cold chain logistics market is projected to grow at a CAGR of 15.8% over the forecast period of 2020-2026.
The changing global economy and huge increasing demand for the products of temperature controlled industries, especially fresh agricultural products, manufactured food, and medical vaccines has made the cold chain more important in supply chain solution. It helps in transporting the perishable products and food items with assured freshness and palatability. The cold chain logistics include components such as temperature-controlled warehouses for storage and cold insulated transport vehicles for product distribution. Cold chain logistics cause a valuable extension to product shelf life that gives the suppliers the facility to contact overseas markets and to meet the massive local demand. Furthermore, the cold chain offers benefits including the ability to optimize the inventory accuracy, reduced cycle time, enhanced supply chain efficiency, cost-effective operations, and increased shelf life through the reduction in spoilage and contamination. The benefits offered by the solution has gained traction in supply chain industries and services.
In the backdrop of the coronavirus pandemic, demand for fresh and frozen products is growing. Cold chain technologies are helping cold chain operators in managing and keeping products within a specific temperature range throughout the supply chain as many countries impose lockdowns to mitigate the spread of the virus. Cold chain companies all over the world play a very important role in the Covid-19 global pandemic. Food manufacturers, distribution centers, commissaries, and cold storage warehouses are operating to ensure the flow of fresh and frozen foods to convenience stores, supermarkets, and grocery stores. The cold chain sector together with transport and logistics remains an essential service with multiple restrictions implemented by authorities amidst the global pandemic all over the world. The development of the COVID-19 vaccine at a massive level is expected to be one of the major factors to drive the demand for cold chain logistics in the coming years. Higher demand for these products is subsequently increasing the demand for their effective transport without losing their freshness and palatability. Moreover, the stringent regulations regarding the storage and shipment of pharmaceutical products are anticipated to propel the demand for cold chain logistics. Other factors contributing to the growth of the market include rising awareness regarding health, the urge to reduce food wastage, and increasing government investment to upgrade the refrigerated warehouses to prevent corruption in food and other heat liable products. However, the higher cost associated with cold chain systems is one of the major challenging factors. Cargo transportation traveling at a long distance within a specific temperature range requires a huge investment. Furthermore, the requirement of higher investment for innovation of efficient logistic solutions is estimated to hinder the market. Nevertheless, in recent years, the significant growth in the healthcare sector has propelled the demand for temperature-sensitive drugs worldwide. This, in turn, is anticipated to create lucrative opportunities for the key players operating in the global cold chain logistics market.
In terms of geography, North America has generated the highest revenue for the cold chain logistics market. The developed economies, such as the US and Canada, are the major contributor to the growth of the market in North America. The growing investment by the government organizations and logistics firms to develop effective cold warehouse and transportation facilities is majorly driving the growth in this region. Besides, the presence of major players and stringent regulations concerning the cold chain logistics solution is estimated to foster the market. Furthermore, the Asia Pacific region is anticipated to grow at the fastest rate owing to higher demand for frozen food, processed food, and pharmaceuticals. Moreover, new buying habits and trends due to the Covid-19 situation, such as food delivery and e-commerce platforms with last-mile delivery is contributing to the growth of the global cold chain logistic market.
The report on global cold chain logistics market covers segments such as product, and application. On the basis of product, the sub-markets include mechanical & cryogenic refrigeration systems, reefers (reefer vans & trucks), cold chain transport monitoring equipment, and packaging materials. On the basis of application, the sub-markets include food & beverages, medical goods, temperature-sensitive chemicals, and other temperature-sensitive goods.
The report provides profiles of the companies in the market such as AmeriCold Logistics, LLC, Lineage Logistics Holdings, LLC, VERSACOLD LOGISTICS SERVICES, AGRO MERCHANTS GROUP, LLC, NICHIREI LOGISTICS GROUP INC. (NICHIREI CORPORATION), Preferred Freezer Services (U.S.), CONGEBEC LOGISTICS INC., BURRIS LOGISTICS INC., CONESTOGA COLD STORAGE, and TIPPMANN GROUP (INTERSTATE WAREHOUSING, INC.).
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of cold chain
logistics market. Moreover, the study highlights current market trends and
provides forecast from 2020-2026. We also have highlighted future trends in the
market that will affect the demand during the forecast period. Moreover, the
competitive analysis given in each regional market brings an insight into the
market share of the leading players.
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