According to a report available on Radiant Insights, Inc.; the global cold chain market is anticipated to grow at a CAGR of around 12.41% over the forecast period (2017 to 2021). Growing requirement for advanced storage and transportation techniques for frozen and chilled products can fuel the market. The cold chain technique supports manufacturers and producers to create and maintain ideal storage conditions for various commodities and products. In addition, it can also offer several value added services to improve efficiency of supply chain management (SCM) processes. These factors are anticipated to further boost the product demand in near future.
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Growing adoption of cutting-edge technologies by manufacturers or producers to store and transport product safely and under required atmospheric conditions can fuel cold chain market growth. Increasing number of import and export activities are also likely to influence the market expansion in the forthcoming years. Moreover, high demand for frozen and processed food products among consumers owing to convenience can spur the market development. Additionally, supportive government initiatives to develop supply chain infrastructure can foster market growth during the forecast period.
The worldwide cold chain market can be segmented on the basis of product type, application, and region. Based on product type, the market can be bifurcated into refrigerated storage and refrigerated transportation. In 2016, refrigerated storage segment dominated the market accounting for maximum market share. Growing concern towards wastage of food and rising demand for frozen food are expected to drive growth of this segment in the coming years.
Based on application, the market can be divided into bakery and confectionery, dairy and frozen desserts, fruits & vegetables, and fish, meat and seafood. In the past, meat, fish, and seafood segment dominated the overall market in terms of demand and is anticipated to continue growing significantly during the forecast period. High demand for meat export is expected to support growth of this segment in near future.
Regional segmentation includes Asia Pacific (APAC), Americas, and Europe and Middle East & Africa (EMEA). In Americas, North America is expected to be the largest market for cold chain. High demand for frozen and chilled food products are likely to spur the regional market growth in the forthcoming years. In addition, growing requirement for fruits and vegetables can also impel growth of the market.
In Asia Pacific, the cold chain market is anticipated to grow steadily in the coming years owing to favorable government initiatives to open mega food parks. Increasing number of food parks is expected to fuel demand for temperature controlled warehouses and vehicles in the region. In addition, government allowance of 100% foreign direct investment (FDI) in cold chain can drive market growth in the region.
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In Europe, the cold chain market is likely to witness impressive growth over the forecast perido owing to increasing consumption of frozen food in the region. In addition, increasing online consumption of ready-to-eat food products is expected to fuel demand for cold chain service providers in the region. Growing adoption of techniques such as hazard analysis and critical control point (HACCP) and radio frequency identification (RFID) by local producers to enhance efficiency can impel demand for multi compartment refrigerated vehicles in the coming years.
Some of the leading companies in the cold chain market are Lineage Logistics, LLC, Preferred Freezer Services, Swift Transportation, John Swire & Sons Ltd., and AmeriCold Logistics.
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