Cold Chain Logistics Market to Reach $426,275 million, Globally, by 2022
Cold chain logistics market by Allied Market Research projects that the global cold chain logistics market is expected to garner $426,275 million by 2022, growing at a CAGR of 16% (2016 to 2022). Asia-Pacific is expected to grow at the fastest pace during the forecast period and accounts for around 42% of the overall cold chain logistics market share by 2022. The growth would be supplemented by the upsurge in organized retail in the developing economies.
The growth of international trade for perishable processed food, changing consumption pattern for perishable food, and government support toward infrastructure development for the cold chain sector are some of the factors expected to drive the cold chain logistics market in coming years. Cold chain logistics market in the developing economies is still evolving; the market is not well organized and is operating under capacity. Due to the current demand-supply gap in the market, the fragmented cold chain logistics market offers lucrative business opportunities for the new entrants.
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Based on application type the, cold chain logistics market is segmented into fruits & vegetables, bakery & confectionery, dairy & frozen desserts, meat, fish & seafood, drugs & pharmaceuticals, and others. Among all applications types, meat, fish & seafood segment generated the highest revenue, accounting for and accounted for around 35% of the cold chain logistics market revenue in 2015. However, drugs & pharmaceuticals segment are expected to witness the fastest growth during the forecast period.
Around 59% of the companies analyzed during research adopted mergers and acquisition as their strategies to gain competitive advantage. In an effort to gain expertise in the field of cold chain logistics, companies are enhancing their market reach. For instance, in 2016 United States Cold Storage, Inc. (U.S.) completed the purchase of the warehouse and assets of CFC Logistics Inc. from Clemens Food Group.
High penetration of cold chain logistics in the U.S. market is attributed to the high consumption of frozen food (ready meals, frozen bakery, and others), and increase in government regulations to maintain food quality standards. China holds the maximum percentage of the cold chain logistics market share in the Asia-Pacific region followed by India, Japan, South Korea, and Australia. However, rural &sub-urban areas of developing markets such as India and China still have underdeveloped cold chain infrastructure.
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KEY FINDINGS OF COLD CHAIN LOGISTICS:
• Asia-Pacific accounted for the maximum revenue of the global cold chain logistics market in 2015, followed by North America.
• In 2015, meat, fish & seafood market segment generated the highest revenue in the global cold chain logistics market.
• Drugs & pharmaceuticals market segment is expected to witness the fastest growth during the forecast period.
Key market players profiled in the report include Americold Logistics (U.S.), Lineage Logistics (U.S.), VersaCold Logistics Services (Canada), AGRO Merchants Group, LLC (U.S.), United States Cold Storage, Inc. (U.S.), etc.
