The global cold chain logistics market size is projected to hit USD 647.47 billion by 2028 and exhibit a CAGR of 15.1% during the forecast period. The surging need for temperature control to evade food losses and the growing consumer demand for perishable and convenience foods globally are driving the growth of the market. Fortune Business InsightsTM has presented this information in the report titled, “Cold Chain Logistics Market, 2021-2028”. The market size stood at USD 221.85 billion in 2020 and USD 242.39 billion in 2021. Cold chain logistics are the services that are designed to provide the perfect temperature-controlled and refrigerated transportation of food products.
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The solution providers have been able to tap into emerging markets such as India, Canada, and Japan due to the increasing government subsidies and initiatives. These favorable government initiatives and subsidies are anticipated to foster growth for the market.
Latest Industry Developments-
December 2020: AmeriCold Logistics LLC completed the acquisition of Agro Merchants Group. The acquisition will help the company to offer complimentary infrastructure in South America, Australia, and the U.S..
July 2020: Lineage Logistics LLC signed an agreement to acquire Ontario Refrigerated Services Inc., to enter the Canadian market.
Key Players in the Global Market are:
United States Cold Storage
NICHIREI LOGISTICS GROUP INC.
CONGEBEC LOGISTICS INC.
CONESTOGA COLD STORAGE
COLD BOX EXPRESS, INC.
AmeriCold Logistics LLC
Lineage Logistics Holding LLC
DRIVERS & RESTRAINTS
Increasing Government Initiatives and Subsidies to Propel Market Growth
The global population is increasing at an unparalleled pace. The dynamic dietary patterns and living standards augment the demand for packaged food products globally. The ever-increasing population's increasing demand for processed and perishable food products such as fruits & vegetables, fish, meat, and seafood, dairy & frozen desserts, and others is anticipated to drive the global cold chain logistics market growth.
The increasing globalization and the uplift of various trade barriers have boosted the global trade of food products. In recent years, the government’s efforts to reduce food wastage have augmented the demand for cold chain transportation solutions. The increasing governments' investments in cold chain transportation infrastructure development in developing countries such as India, Japan, South Korea, and China are likely to drive market growth. The increasing expansion of large retail channels such as Spar, Tesco, 7-Eleven, and others across developed and developing nations such as Germany, China, Argentina, and Brazil are anticipated to accumulate growth for the market. However, the cold chain services produce enormous amounts of greenhouse of greenhouse gases. This factor is likely to restrain the growth of the market.
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North America to Dominate Global Market Due to Presence of a Large Consumer Base
North America is anticipated to dominate the global cold chain logistics market share. The presence of a large consumer base coupled with the increasing penetration of connected devices is projected to boost market growth in the coming years.
Asia Pacific is projected to emerge as the fastest-growing region in the global market. The expanding government initiatives to bolster the cold chain services infrastructure are anticipated to drive the market's growth. China, Japan, India, and South Korea have a strong demand for processed food products, dairy, and meat. This is anticipated to stimulate growth for the market. Additionally, the increasing foreign direct investments in the healthcare sector are expected to garner market growth.
Europe is expected to gain substantial growth in the coming years due to the favorable government initiatives and subsidies to reduce food wastage and strengthen the cold chain services infrastructure.
Key Players Upgrade Their Technologies to Offer Added Services to End-Users
The market is highly competitive and comprises several key players such as U.S. Cold Storage, VersCold Logistics Services, and AmeriCold Logistics LLC amongst the top players in the market. The key players emphasize on upgrading their technologies to ensure integrity, safety, and efficiency. They emphasize on increasing their multi-compartment reefer vehicle fleets to offer added services to their end-users. The key players simultaneously adopt ingenious growth strategies such as new product launches, technological advancements, partnerships, mergers, acquisitions, collaborations, and others to enhance their market presence and generate greater revenues.
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