According to a new report published by UnivDatos Markets Insights, the Cold Chain Market was valued at USD 500 million in 2022 & is expected to grow at a CAGR of 6.4% from 2023-2030. The analysis has been segmented into Temperature Type (Frozen and Chilled); Type (Refrigerated Transport and Refrigerated Warehousing); Region/Country.
The cold chain market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the cold chain market. The cold chain market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the cold chain market at the global and regional levels.
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Key Market Opportunity
Government and civil society initiatives promote the cold chain market – the factors hindering access the cold chain market after being identified by the government promote cold chain market. The factors include lack of access, unawareness, and social restrictions. The government is targeting each one of these factors with a multi-pronged approach. The initiatives aim to create cold chain market awareness and remove the social stigma. Government funding for the construction of cold chain infrastructure, By creating food waste legislation and supporting industries associated to food, including the cold chain business, governments in many countries are working to reduce food and agricultural waste. However, there is still a discrepancy between food production and cold storage capacity in many nations. For instance, India is the second-biggest producer of fruits and vegetables in the world and the world’s largest producer of milk. However, there is still a large amount of food loss due to a lack of dependable, integrated cold chain facilities.
COVID-19 Impact
Several industries including consumer goods faced unprecedented challenges due to the outbreak of the COVID-19 pandemic. The shortage of storage capacity, infrastructure and other operational difficulties induced by safety protocols adversely affected the cold chain market. However, vaccination drives have led to a rise in business activities worldwide. The economies are reviving their operations. Thus, the demand for cold chain supply is expected to rise globally in the coming years.
· Based on temperature type, the frozen segment accounted for the largest share in 2022 and is expected to grow at a significant CAGR during the forecast period 2023-2030.
· Based on type, the Refrigerated Warehousing segment accounted for the largest share in 2022 and is expected to grow at a significant CAGR during the forecast period 2023-2030
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Cold Chain Market Geographical Segmentation Includes:
· North America (U.S., Canada, and the Rest of North America)
· Europe (Germany, UK, Spain, France, Italy, Rest of Europe)
· Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
· Rest of the World
The North America region emerged as the most significant global cold chain market, with a 33.11% growth rate in 2022. Due to the increased adoption of cutting-edge technology and rising demand for perishable goods. Moreover, the presence of key players including Americold Logistics, Lineage Logistics Holdings, Nichirei Corporation, Burris Logistics, Agro Merchants Group, Kloosterboer Group B.V., United States Cold Storage, Tippmann Group, VersaCold Logistics Services, Henningsen Cold Storage Co. For instance, In June 2022, Americold Logistics announced the opening of its newest facility in Dunkirk, NY. This facility has over 181,000 square feet of cold storage & operational space, and 25,000 pallet positions, to support cold storage needs in the western New York region. This new facility will expand the company’s footprint across the US.