The “Worldwide Cold Chain Markets to 2023: Analysis by Technology, Type, Application and Region” report has been added to ResearchAndMarkets.com’s offering.
The cold chain market was valued at USD 182.57 billion in 2017, and is expected to reach USD 277.69 billion by 2023, recording a CAGR of 7.24% during the forecast period of 2018-2023.
The increasing trade of perishable products and rising government support for the development of infrastructure for cold chain facilities are anticipated to drive the market’s growth over the forecast period. The cold chain service providers are also adopting cutting-edge technologies, to cater to the increasing demand for food safety, in processed foods. This is expected to offer ample opportunities, thereby boosting the proliferation of numerous multinational vendors into the market, in order to provide better cold chain solutions.
Stringent food safety regulations, such as the Food Safety Modernization Act, which requires increased attention toward construction of a cold storage warehouse, are further expected to benefit the market. However, issues related to environmental concerns regarding the emission of greenhouse gas are estimated to challenge the growth of the market studied.
Dairy and Frozen Dessert Expected to Fuel the Growth
Increasing urbanization has led to an increase in the demand for convenient food products. Moreover, the rising inclination of consumers towards ease of use and improved shelf life are leading to the adoption of healthy frozen meals, thus driving the growth of dairy and frozen desserts. According to the US Census Bureau, the value of the United States’ product shipments of frozen specialty foods has increased by 16%, between 2010 and 2016. As food quality is of paramount importance, the dairy and frozen dessert industry is investing heavily in technologies that can support and create product differentiation.
Moreover, the World Trade Organization (WTO) and bilateral free trade agreements, such as European Union Free Trade Agreement (FTA) and the North America Free Trade Agreement (NAFTA), have created opportunities for exporters in the United States and Europe, to increase trade of perishable foods that are free of import duties. This factor is expected to further drive the demand for better cold chain infrastructure facilities for dairy and frozen desserts, to provide ideal transportation and storage conditions.
Major Developments in the Market
- Lineage Logistics acquired Service Cold Storage (SCS), a Wisconsin-based cold storage provider.
- Americold inaugurated the new addition of its Clearfield plant, by adding more than 9.5 million ft3 of temperature-controlled warehouse space, thus bringing the total capacity of the campus to nearly 21 million ft3.
- CWT Pte. Limited
- Americold Logistics LLC
- Nichirei Corporation
- Lineage Logistics Holdings LLC
- Orient Overseas (International) Limited
- VersaCold International Corporation
- AGRO Merchants Group LLC
- Burris Logistics Inc.
- JWD Group Inc.
- Swire Cold Chain Logistics (Shanghai) Co. Ltd.
- XPO Logistics Inc.
- Swift Corporation Company
- DHL International GmbH
Key Topics Covered
2. Research Approach and Methodology
3. Executive Summary
4. Cold Chain Market Dynamics
5. Global Cold Chain Market Segmentation
6. Competitive Intelligence – Company Profiles of the Cold Chain Market
7. Investment Analysis of the Cold Chain Market
8. Opportunities in the Global Cold Chain Market
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