The newly published report titled “Food Cold Chain Market– By Trends, Industry Competition Analysis, Revenue (US$ Billions) and Forecast Till 2030.” of report features in-depth analysis and an extensive study on the industry, exploring its significant factors.
According to the latest market intelligence research report by InsightAce Analytic, the food cold chain market size was valued at US$ 408.72 Billion in 2021, and it is expected to reach US$ 809.39 billion in 2030, record a promising CAGR of 8.21% from 2022 to 2030.
The process of regulating the temperature of perishable goods from the point of origin to the final customer to assure quality and safety is known as the “cold chain” in the food industry. It ensures that perishable commodities are safe and of the highest calibre when they are delivered to the consumer. The prevalence of cold and frozen products in our lives is growing daily due to the quickening speed of life, modifications in consumer habits, and convenience of use. From manufacturing to the final consumer, a sizable portion of food and medications are transported through the cold chain approach. Cold chains are essential for extending marketing periods, avoiding overcapacity, minimizing transit bottlenecks during peak hours, and preserving product quality. Products are distributed using cold-insulated transport trucks and temperature-controlled warehouses for storage.
The growth of the market is expected to be driven by the automation of refrigerated warehouses and the increasing prevalence of connected devices. The demand for cold chain solutions will increase as organized retail outlets proliferate in emerging economies. Additionally, over the course of the projected period, sector growth is anticipated to be aided by liberalization, government initiatives to reduce food waste, and the expansion of retail chains by international corporations. Cold chain operations have significantly increased as a result of the rise in perishable product demand and the requirement for speedy delivery related to the e-commerce-based food and beverage delivery business.
The pandemic had a positive impact on the food cold chain industry, driving up demand for cold chain facilities. The extension of the cold chain in the food industry is encouraged by the rising popularity of packaged food and drink products. Due to the pandemic’s restrictions on trade, COVID-19 affected the supply chains of all sectors of business. In order to increase their shelf life, food producers are concentrating not only on the product itself but also on how it is stored, which is expected to drive the cold chain market.
The prominent players in the Food cold chain market include:
Major players, such as AGRO Merchants Group, Interstate Cold Storage Inc., Americold Logistics LLP, Kloosterboer Group B.V., Burris Logistics, Lineage Logistics Holding LLC, ColdEx Logistics, Nagel-Group SE & Co. KG, Emergent Cold LLC, Novo Nordisk, VersaCold Logistics Services, Gruppo Marconi SRL, Penske Logistics Inc., Hanson Logistics Inc., Tata Motors, Henningsen Cold Storage Co., United States Cold Storage Inc. (USCS)are active in the industry-specific to the food cold chain market.
Key Industry Developments from Leading Players:
• In 2021, The renowned Danish cold storage operator Claus Srensen Group’s cold storage division was acquired by Lineage Logistics, LLC (“Lineage” or the “Company”), a leading global temperature-controlled industrial REIT and logistics solutions provider.
• In Oct 2021, Lineage Logistics Completed the Acquisition of Kloosterboer Group. Lineage’s acquisition of Kloosterboer strengthens its ability to serve customers worldwide, including locations in France and Germany, and enhances Lineage’s value-added services offerings. Uniting the companies’ innovation and warehouse automation capabilities will also lead to greater customer supply chain efficiencies.
• In 2020, Together with Novo Nordisk, Maersk developed a Global Cold Chain Logistics Market. Major healthcare organization Novo Nordisk A/S partnered with Maersk. The collaboration’s objective was to create a market solution for cold chain logistics that included both inland logistics and ocean services.
Food Cold Chain Market Regional Analysis:
In the North American market, variables like seasonality, time-temperature variance, and year-round road accessibility are increasing the demand for food cold chains. A cold supply chain with improved technology is also gaining traction as consumers switch from highly processed, unhealthy foods with long shelf life to temperature-sensitive, perishable food goods. In addition, the US imports more fruit and vegetables than it exports. According to the USDA, the US imported 15.06 billion USD worth of fresh and frozen fruit in 2018, an increase of 8%. The logistics company is expanding its cold chain network in response to the industry’s explosive growth. Additionally, as more consumers choose to online and e-commerce during the epidemic, the need for cold storage space is growing.