The global cold chain market, within the food industry, has been forecast to increase at a compound annual growth rate (CAGR) of approximately 13% over the next five years, rising from a valuation of $75.57 billion in 2011, to hit a market value of $157.14 billion by the year 2017.
A cold chain is a temperature-controlled supply chain. An unbroken cold chain is an uninterrupted series of storage and distribution activities which maintain a given temperature range.
It is used to help extend and ensure the shelf life of products such as fresh agricultural produce, seafood, frozen food, photographic film, chemicals and pharmaceutical drugs.
After the 2010 economic slowdown, a major shift was observed in frozen food industry due to increased investments of the large players in this sector. Various initiatives taken by the governments have also drastically affected this market positively.
North America represents the largest region within the global cold chain market, having control of approximately 40% of the market share. Europe and Asia-Pacific then follow, with a contribution of 30% and 22% respectively.
Due to the requirement of more cold storage and transport facilities, the leading players are gradually shifting towards emerging markets such as Asia and Latin America. This shift is also majorly influenced by changing preferences and tastes of the consumers in the existing market. Strategic acquisitions with smaller local companies are made by these players to enter the untapped market.
With the industry showing huge potential for growth, the cold chain market is likely to witness a speedy change within the frozen food industry. The sector is predicted to continue flourishing in the developing regions, while a major shift within the cold chain market is anticipated to come from the emerging markets.
For more information on the global cold chain market, see the latest research: Global Cold Chain Market
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