As per the findings of a research study available on Radiant Insights, Inc.; the cold chain market is anticipated to witness a high demand during the forecast period (from 2017 to 2022). Growing number of pharma counterfeit incidents around the world and strict government rules concerning the production and supply chain are expected to fuel the market growth. Several other factors driving the market expansion are rise in international trade of unpreserved foods and technological developments in refrigerated storage and transport, and rapid infrastructure development of the cold chain industry.
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Many companies prefer using refrigerated storage services to reduce the risks of supply chain, which is also likely to boost the global market in near future. In addition, food safety and control measures for the prevention of food-borne diseases are the major goals for food product manufacturers. This is also anticipated to escalate the market demand over the next few years. The development of cold chain is accountable for the decreased wastage of fresh supplies and is important for the expansion of the food industry. Various government bodies across the world are providing key services like public infrastructure to facilitate the refrigerated storage development.
The global cold chain market is categorized as per type, end user or application, and region. Based on type, the market is bifurcated into cold chain logistics and refrigerated storage. Based on end user, the market is divided into healthcare, food and beverages, and others. Based on region, the market is divided into Southeast Asia, Japan, India, China, United States, and Europe.
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North America accounted for a major share of 36.55% of the overall market in 2015. The market is further expected to be one of the most influential regional markets. Strict government regulations concerning food safety along with various technological developments in the cooling technology are the key factors driving the regional market demand. The rising trend of CO2 cascade system is also predicted to positively affect the global market over the forecast period. In addition, high demand for international or branded and healthy food products and rapidly expanding private sector participation are also projected to augment the market growth in the GCC (Gulf Cooperation Council) region.
Emerging regions in Southeast Asia are likely to witness a rapid growth rate during the estimated period. Countries such as Brazil, India, Mexico, and China are currently going through a change to a consumer-led economy. Retailers in such developing regions have tremendous growth prospects as a result of the presence of middle-class population base. Developments in the technology have allowed service providers to enter such regional markets with various new solutions to help resolve problems related to complex transportation.
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Some of the key companies operating in the worldwide cold chain market are VersaCold Logistics Services; NewCold Coöperatief U.A.; AGRO Merchants Group, LLC; Gruppo Marconi Logistica Integrata; and Preferred Freezer Services, Inc. Many of these market players are constantly upgrading the technology in order to ensure safety, integrity, and efficiency.
APM Terminals Inland Services, in collaboration with Ninja Pride, recently introduced its new cold chain transportation with refrigerated trucks to get raw, perishable food products from farmers to the markets. The CEO of the company said that in the initial trial of cold chain transportation of boxes, 18.6 tones of tomatoes were kept in a refrigerated container for the trip of 1045 kilometers. This trial shipment was carried out in partnership with a US-based firm, TechnoServe.
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