The cold chain market is anticipated to showcase a considerable CAGR during the forecast period. The changing consumer behavior, growth in the e-commerce industry, and advancement in the cold storage technology are the key factors promoting the end-users of the market to adopt this facility. Fruits & vegetables, floriculture, meat and marine products, pharmaceutical products, dairy products, and the ice-cream sector and confectionary are the major industries that are actively adopting the cold chain technology. Pharmaceutical cold chain management is a critical aspect of the supply chain in the pharmaceutical industry. The cold chain logistics services facilitate the pharmaceutical industry in maintaining a continual stock of drugs from suppliers and distributors across varied locations across the globe.
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Cold storage for pharmaceuticals requires high-tech equipment to meet the needs of different drugs. The rise in the demand for the large warehouses to meet the demand of the pharmaceutical industry is anticipated to drive the market for the global cold chain market. According to the Food and Agriculture Association of Unite Nation, the global milk production (81% cow milk, 15% buffalo milk, and a total of 4% for goat, sheep and camel milk combined) grew by 1.6% in 2018 to about 838 Mt. Milk is internationally traded mainly in the form of processed dairy products. Milk is a highly perishable dairy product that could be substantially altered by changes in the trade environment. Most of the dairy production is consumed in the form of fresh dairy products.
The considerable growth in the demand for fresh dairy products owing to the increase in the income level is expected to increase the market for cold chain in order to meet the demand for fresh dairy products. According to the Organisation for Economic Co-operation and Development (OECD), the global meat production increased by 1.0% to 327 Mt in 2018, reflecting increases in the production of bovine, pig and poultry meats, with very modest gains in sheepmeat.
The use of cold storage increases the lifetime of the meat otherwise the meat gets spoiled due to the bacteria developing on it. 1°C to 3°C (34°C to 37°F) is the ideal temperature to store the meat products. The high demand for fresh meat across the globe is creating the demand for the global cold chain market. CWT Pte Ltd., Swire Cold Chain Logistics (Shanghai) Co. Ltd., Americold Logistics LLC, VersaCold International Corp., and so on are the key players offering the cold storage logistics services to this end-user industries.
Global Cold Chain Market Segmentation
By Application
Global Cold Chain Market – Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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