According to MarketsandMarkets, the global cold chain market size is estimated to be valued at USD 233.8 billion in 2020 and projected to reach USD 340.3 billion by 2025, recording a CAGR of 7.8%. The growing demand for organized retail, as well as the increase in awareness among consumers to mitigate food wastage, are propelling the demand for cold chain. With the advancement of new technologies, the usage of cold chains in the food and beverage sector helps in preventing the degradation of food quality. The Asia Pacific region is growing fastest owing to new technologies, government support, and an increase in the export of food and beverages.
Drivers: Rising consumer demand for perishable goods
Consumers are now more aware of health and wellness, as well as the effect that food nutrients, especially protein, have on overall physical and mental growth and development. This has resulted in a change in the consumption pattern of perishable foods, such as dairy products, fruits and vegetables, and high-protein animal-based products (such as meat, eggs, and fish and seafood).
Emerging economies in the Asia Pacific and Latin America are witnessing a high demand for perishable food products. This can be attributed to the rapid urbanization, changing tastes and preferences, and the rising disposable income of consumers in these countries. The market potential for processed and frozen food products is also high in these countries due to their lower adoption rates. The consumption of ready-to-eat meals, such as frozen pizzas, desserts, and snacks, is rising steadily in these countries.
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The frozen foods market requires an effective cold storage system so that the chemical composition of food items remains intact even after several months. With the increased international trade of these foods products, the demand for cold storage systems is expected to increase in the coming years.
Challenges: Lack of proper infrastructure in emerging countries
The cold chain industry is highly fragmented, mainly in the emerging markets across Asia, Africa, and South America. Cold chain service providers in these regions do not have the resources or the technology required to build high-quality cold chain facilities. Lack of proper food storage, processing, and cold chain logistics, together with the weak organization and implementation of controls for compliance with standards, remains a serious challenge in these countries. From procurement to delivery at retail, cold chain service providers face many challenges in a cold chain network.
Countries in Asia Pacific and South America lack efficient transport infrastructure and are not well connected. The missing links in these networks continue to constrain route choice, while insufficient capacity and the poor quality of infrastructure add costs and time to the transit. The cold chain systems in these markets are not integrated and compatible for use for multiple perishable commodities, which poses a major challenge to market growth.
The frozen temperature type segment is projected to account for a major share in the cold chain market during the forecast period
By temperature type, the cold chain market is dominated by the frozen segment. The products that move through the cold chain are either chilled or frozen. Chilling involves reducing the temperature to below ambient temperatures but above –1°C. Chilled products include fresh meat & poultry, dairy products, and fruits & vegetables.
Frozen products include ice cream and meat & seafood. A typical temperature range for frozen food products is –18° to –25°C. With the development of technology, there are wide options available such as chillers, blast freezers, individual quick freezing (IQF), and freeze dryers to maintain cold conditions and better food handling, processing, storage, and transportation.
The Asia Pacific region is the largest in the cold chain market during the forecast period.
The growth of the cold chain market is attributed to the rise in international trade of perishable products. Several countries are becoming the key importers and exporters of perishable food products. In emerging economies, such as China and India, governments are also extending support for infrastructure development in the cold chain industry. For instance, in 2010, the Chinese National Development and Reform Commission (NDRC) prepared a development plan for Cold Chain Logistics for Agricultural Products. It identifies key projects and will provide lucrative growth opportunities for manufacturers in the cold chain market.
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The major challenge faced by the Asia Pacific region is the lack of an integrated supply chain from farm to fork. Governments in the region have been initiating the required steps to improve the cold chain industry. They have imposed favorable regulations and offering subsidies. For instance, the Indian government has introduced various schemes to support the cold chain industry. The Ministry of Food has been aiding the development of cold chain infrastructure. This is being done under the scheme for Cold Chain, Value Addition, and Preservation Infrastructure. The governments in various Asian countries have also been bolstering the cold chain regulatory bodies for strategic collaboration with major food & beverage manufacturers and retail chains to fuel the market for cold chain.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Americold Logistics (US), Lineage Logistics Holdings (US), Nichirei Corporation (Japan), Burris Logistics (US), Agro Merchants Group (US), Kloosterboer (Netherlands), United States Cold Storage (US), Tippmann Group (US), VersaCold Logistics Services (Canada), Henningsen Cold Storage Co. (US), Coldman (India), Congebec Inc. (Canada), Conestoga Cold Storage (Canada), NewCold (Netherlands), Hanson Logistics (US), Confederation Freezers (Canada), Seafrigo (France), Trenton Cold Storage (Canada), Merchants Terminal Corporation (US), and Stockhabo (Belgium).
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