Increase in refrigerated warehouses and the rise in growth of the processed food and pharmaceutical sectors drive the global cold chain logistics market.
Allied Market Research recently published a report, titled, “Cold Chain Logistics Market by End-use Industry (Fruits & Vegetables; Bakery & Confectionery; Dairy & Frozen Desserts; Meat, Fish, & Sea Food; Drugs & Pharmaceuticals; and Others), Business Type (Warehousing and Transportation (Railways, Airways, Roadways and Waterways)): Global Opportunity Analysis and Industry Forecast, 2021–2030″ As per the report, the global cold chain logistics industry was accounted for $202.16 billion in 2020, and is expected to reach $782.27 billion by 2030, growing at a CAGR of 14.6% from 2021 to 2030.
Major determinants of the market growth
Rise in refrigerated warehouses and growth of the processed food sector and pharmaceutical sector have boosted the growth of the global cold chain logistics market. However, lack of standardization and high operational cost hinder the market growth. On the contrary, RFID technologies for cold chain applications and adoption of automated software would open new opportunities in the future.
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Covid-19 scenario:
- The Covid-19 outbreak created uncertainty in the market, slowing down the logistic services. Moreover, the governments announced strict regulations and shut down of industries, closed borders, and restricted transportation and logistics services.
- The overall logistic service activities of market players declined due to sudden fall of demand for case use to prevent the risk of contamination.
The fruits & vegetables segment dominated the market
By end user industry, the fruits & vegetable segment held the largest share in 2021, accounting for more than one-fourth of the global cold chain logistics market, owing to rise in transportation of food & vegetables across different countries in temperature-controlled containers. However, the drugs & pharmaceuticals segment is estimated to register the highest CAGR of 17.7% during the forecast period, due to increased developments carried in the medical & healthcare industry.
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The transportation segment to portray the highest CAGR through 2030
By business type, the transportation segment is projected to manifest the highest CAGR of 16.3% from 2021 to 2030, due to presence of several companies that have operation in cold chain logistical movement from one place to another. However, the warehousing segment held the largest share in 2020, accounting for more than two-thirds of the global cold chain logistics market, due to increased warehousing & storage activities carried out across the globe.
Europe, followed by North America, to manifest the highest CAGR by 2030
By region, the market across Europe, followed by North America, is anticipated to showcase the highest CAGR of 15.7% during the forecast period, owing to rise in demand for cold chain-based products across the region. However, the global cold chain logistics market across Asia-Pacific dominated in 2021, accounting for nearly two-fifths of the market, owing to rise in presence of numerous service vendors operating across the region.
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Major market players
- Americold Logistics, LLC
- Burris Logistics
- Cold Box
- Conestoga Cold Storage
- Congebec
- Lineage Logistics Holding, LLC
- Nichirei Corporation
- Tippmann Group
- United States Cold Storage
- VersaCold Logistics Services
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