According to the report, global cold chain market was valued at USD 110.20 billion in 2014 and is expected to reach USD 271.9 billion in 2020, growing at a CAGR of 13.9% between 2015 and 2020. In terms of volume, the global cold chain market stood at 552.09 million cubic meters in 2014.
A cold chain is a temperature controlled supply chain that involves the storage and transportation of temperature-sensitive perishable goods. A cold chain is series of storage and distribution activities at the desired temperature. Cold chain helps to preserve and extend the shelf life of various products including seafood, agricultural produce, frozen food, pharmaceuticals, etc. Food and pharmaceuticals are major end users industries of cold chain services.
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Global cold chain market is mainly driven by increasing need for an efficient storage system for perishable goods to avoid wastage of food products. Cold chains facilitate farmers to store perishable agriculture products such as vegetables and fruits and increase its shelf life. Cold chains prevent farmers from significant losses because of spoilage of agriculture produce. Moreover, increasing population of the world has resulted in growing demand for food. This, in turn, has been resulted in growing need for cold chains. Rapid growth in the frozen food market is also expected to drive cold chain market in the years to come. However, the high cost of real estate and energy are expected to produce a significant challenge for the growth of this industry.
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Fruits & vegetables, bakery & confectionery, dairy & frozen desserts, meat, fish & seafood and others (including sauces, condiments, salad dressings, and dips) are key end-users industries of cold chain market. Meat, fish & seafood dominated the global cold chain market with around 45% share of the total market in 2014. Meat, fish & seafood needs cold chain storage to avoid wastage as these products are extremely perishable. Growing import-export of meat, fish, and seafood is expected to fuel the growth of cold chains. Dairy & frozen desserts and fruits & vegetables are other important end-user segments of the cold chain industry having significant market share.
North America dominated the cold chain market with around 40% share in the global market in 2014. North America was followed by Europe and Asia-Pacific. However, Asia-Pacific is expected to witness fastest CAGR during the forecast period. Rising disposable income, growth in food retail market, and rapidly growing demand for frozen food in the region is expected to trigger the cold chain industry in the years to come.
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Key players involved globally in cold chain market include AmeriCold Logistics, Lineage Logistics, Preferred Freezer Services, Swire Cold Storage. The other prominent players include A.B. Oxford Cold Storage, Bring Frigoscandia, Burris Logistics, Claus Sorensen, Cloverleaf Cold Storage, ColdEX, Columbia Colstor, Conestoga Cold Storage, Confederation Freezers, Congebec, Dev Bhumi Cold Chain, Fresh and Healthy Enterprises, Frialsa Solutions, Gati Kwe, Gruppo Marconi Logistica Integral, Hanson Logistics, Henningsen Cold Storage, Interstate Cold Storage, Kloosterboer, Lineage Logistics , Holdings, MUK Logistik, Nichirei Logistics Group, Nordic Cold Storage, Partner Logistics, Ryder System, Snowman Logistics, Trenton Cold Storage, VersaCold Logistics Services.
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