New York, United States , April 04, 2023 (GLOBE NEWSWIRE) -- The Global Cold Chain Transportation Market Size to grow from USD 235.89 billion in 2021 to USD 645.49 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 11.87% during the projected period. The growth is primarily the result of increased demand for temperature-controlled storage and transportation in industries such as food, chemicals, and pharmaceuticals. The pandemic has highlighted the significance of the cold chain market, particularly in the distribution of vaccines and other medical supplies. As a result, the market is expected to grow even more during the study period, due to substantial investments in technology and infrastructure aimed at improving cold chain logistics and ensuring the safe and efficient distribution of temperature-sensitive products.
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The cold chain is the process of controlling the temperature of perishable goods from their point of origin to the final consumer in order to ensure quality and safety. Refrigerated transport and refrigerated warehousing are the two main types of cold chains. Refrigerated warehousing, also known as cold storage, is a facility that cools or stores temperature-controlled products to prevent decay or noncompliance with applicable laws and regulations. Pharmaceutical, healthcare, food and beverage, chemical, and other various industries use cold chain storage. The advancement and development of retail chains and channels such as convenience stores, supermarkets, and hypermarkets will be the major factor driving the market growth during the forecast period. Furthermore, trade liberalization, government initiatives to reduce food waste, and the expansion of multinational company retail chains are expected to drive industry growth over the forecast period. The high operational costs of cold chains, on the other hand, may act as a market restraint during the forecast period. Energy, electricity, real estate, labour, and other expenses are included in the operating costs.
Browse key industry insights spread across 210 pages with 121 market data tables and figures & charts from the report on the “Global Cold Chain Transportation Market Size, Share, and COVID-19 Impact Analysis, by Analog (Cold Chain Transportation2, Cold Chain Transportation3), by Form (Dry, Liquid), by End Users (Adults, Pregnant Women, and Children), by Application (Feed & Pet Food, Pharma, Functional Food, and Personal Care), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030” Get Detailed Report Description Here:
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In 2021, the storage segment held the largest revenue share.
On the basis type, the global cold chain transportation market is categorized into storage, transportation, and monitoring components. Among these, the storage segment had the highest revenue share in 2021 and is expected to maintain its lead throughout the study period. The changing dietary habits and lifestyles of consumers are driving the demand for frozen foods. This will almost certainly increase demand for storage solutions.
The fish, meat, and seafood segment are expected to hold the largest global market over the forecast period.
Based on the application, the global cold chain transportation market is classified into fruits & vegetables, fish, meat, and seafood, dairy & frozen desserts, bakery & confectionery, processed food, pharmaceuticals, and others. Among these, the fish, meat, and seafood segment hold the largest revenue share in the global market. The growth can be attributes to the increase in technological advancements in seafood processing, packaging, and storage. A rise in fish production is also expected to boost segmental growth. Because of ongoing advancements in packaging materials, processed food is expected to be the fastest-growing application segment during the predicted period.
The storage equipment segment held the largest revenue share of the global market.
On the basis of equipment, the global cold chain transportation market is differentiated into storage equipment and transportation equipment. Storage equipment had the highest revenue share in the global market. The reason for the increase is that storage equipment is important in the refrigerated storage industry because it ensures product quality and increases shelf life.
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The North American region holds the largest share of the Global Cold Chain Transportation Market.
North America holds the highest revenue share of more than 37.63% in 2021 and is expected to maintain its position over the predicted period. Increasing connected device penetration and a large consumer base is also expected to drive market growth throughout the study period. The expansion of such large wholesalers and organized retailers, as well as their expanding regional and global trade operations, is creating opportunities for growth in the refrigerated transportation and refrigerated warehousing markets. However, due to increased government investments in logistics infrastructure development and the penetration of Warehouse Management Systems,
Asia Pacific is expected to be the fastest-growing regional market throughout the forecast period. China is a significant market contributor in the APAC region. Market growth in China is attributed to factors such as technological advancements in the packaging, processing, and storage of seafood products.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: Americold Logistics LLC, Agro Merchant Group, Burris Logistics, Inc., Henningsen Cold Storage Company, Lineage Logistics, LLC, Nordic Logistics, Preferred Freezer, Wabash National, Cold Chain Technologies, Inc., Cryopak Industries Inc., Creopack, Cold Box Express, Inc., Intelsius, Nilkamal Limited, Sofrigam, Softbox Systems Ltd., Sonoco ThermoSafe, Valor Industries, va-Q-tec and among others.
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Recent Developments
In March 2022, Americold Realty Trust, Inc., the world's largest publicly traded REIT focused on temperature-controlled warehouse ownership, operation, acquisition, and development, has announced a strategic investment in RSA Cold Chain in Dubai.
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