TMCnet News
Cold Chain Market worth $372.0 billion by 2029 - Exclusive Report by MarketsandMarkets™CHICAGO, March 25, 2024 /PRNewswire/ -- The global cold chain market, valued at USD 228.3 billion in 2024, showcases a remarkable growth projection, anticipated to escalate to USD 372.0 billion by 2029, indicating a robust compound annual growth rate (CAGR) of 10.3% from 2024 to 2029 according to a report published by MarketsandMarkets™. The growth of the organized retail sector has significantly bolstered the demand for the cold chain market. A report by the Retailers Association of India (RAI) indicates that sales in the organized retail sector surged by 34% in 2022-23 compared to pre-pandemic levels in FY20. This growth was primarily fueled by increased demand in quick-service restaurants, and electronics. Organized retailers, including supermarkets and hypermarkets, require efficient cold chain logistics to preserve perishable goods' quality. This includes fruits, vegetables, bakery, dairy, electronics, and meats. Additionally, changing consumer preferences towards frozen and chilled foods have intensified the need for robust cold chain networks to ensure consistent supply across stores. Stringent food safety regulations further underscore the importance of effective cold chain management in the retail sector. 
Browse in-depth TOC on "Cold Chain Market" 280 – Tables Increasing international trade has significantly fueled the demand for the cold chain market at the highest CAGR. With reduced trade barriers and interconnected supply chains, perishable goods like fruits, vegetables, and pharmaceuticals are transported across borders, necessitating temperature-controlled environments. In 2022, the USDA reported that the total export value of baked goods from the US amounted to USD 4.21 billion, with a volume of 1 million metric tons, reflecting a 1.7% compound annual growth rate from 2013 to 2022. Notably, there was substantial year-over-year growth compared to 2021, when the total export value was USD 3.73 billion. Canada led as the top market for US baked goods in 2022, with a value of USD 2.70 billion, followed by Mexico, Japan, South Korea, and the Philippines. Furthermore, in November 2023, NFUonline reported that the UK Government initiated the UK Dairy Export Programme, allocating USD 1.2 million to support farmers in enhancing the global export of British dairy products. This commitment, announced by the Prime Minister in May 2023, reflects the government's strong backing for the dairy sector. The programme aims to create new opportunities for businesses worldwide. Currently, the UK dairy industry exports goods worth over USD 2.47 billion annually to 135 countries, and this initiative is anticipated to bolster its global standing further. Such export-focused endeavors in the dairy sector have the potential to significantly influence the cold chain market. Social media plays a pivotal role in this phenomenon by facilitating the dissemination of information and trends. Influencers, bloggers, and online platforms showcase diverse cuisines, products, and lifestyles, sparking curiosity and demand in previously untapped markets. For instance, the promotion of use of butter and cheese in various cuisines through social media channels has sparked a newfound fascination in Asian countries, where traditionally these dairy products held less prominence. In 2022, China experienced a 7% increase in butter imports, driven mainly by increased demand from the bakery industry, according to the FAO. This cultural exchange fueled by digital platforms propels the demand for perishable goods, necessitating efficient cold chain logistics to ensure freshness and quality during transporttion. Consumer demand for fresh products year-round has intensified, requiring suppliers to invest in maintaining product integrity during transit. Stringent regulations on food safety and pharmaceutical quality further drive the need for robust cold chain infrastructure. Advancements in technology, such as IoT-enabled monitoring systems and blockchain traceability, enhance efficiency and reliability in cold chain logistics. Overall, the complexity and volume of international trade, combined with evolving consumer preferences and regulatory standards, have fueled the demand for cold chain solutions globally. The refrigerated LCV segment, among refrigerated road transportation type is poised for remarkable growth with the highest projected CAGR in the upcoming forecast period. The versatility and agility of refrigerated LCVs make them ideal for navigating through urban areas and reaching smaller distribution points, thereby offering enhanced accessibility to a wider range of customers. Additionally, the lower operational costs associated with LCVs, including fuel consumption and maintenance expenses, render them more economically viable for businesses operating within the cold chain sector. Moreover, the increasing emphasis on sustainability and environmental concerns has prompted a shift towards smaller, more fuel-efficient vehicles like LCVs, aligning with the industry's efforts to reduce carbon emissions and minimize ecological impact. Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=811 India is poised to witness the fastest growth within the Asia Pacific cold chain market during the forecast period. India stands as a significant producer and consumer of dairy products, particularly milk and curd. With a burgeoning population and a cultural inclination towards dairy consumption, the demand for efficient cold chain logistics to maintain product integrity from farm to table is imperative. As per a May 2023 report from Slurrp, India boasts a significantly higher milk consumption rate compared to the global average, with nearly half of its population (48.1%) regularly consuming milk or curd. The increasing demand for dairy products in India can be linked to its fast urbanization and improving living standards. India's daily milk consumption stands at 427 g, well above the global average of 305 g. Moreover, India's rapid industrialization has spurred the growth of various sectors, including pharmaceuticals, processed food, and agriculture. These industries heavily rely on cold chain solutions to preserve the quality and safety of their products. Additionally, the proliferation of Quick Service Restaurants (QSRs) and the changing dietary habits of the urban populace have fueled the demand for frozen and chilled food products. As per a report from the credit rating agency ICRA, the Indian Quick Service Restaurant (QSR) sector is projected to experience growth ranging between 20% to 25% during the fiscal year 2024.This surge in demand necessitates robust cold chain systems to ensure the seamless delivery of perishable goods, thereby propelling the expansion of the cold chain market in India. The key players in the market are Americold Logistics, Inc. (US), Lineage, Inc. (US), NICHIREI CORPORATION (Japan), Burris Logistics (US), A.P. Moller - Maersk (Denmark), Tippmann Group (US), Coldman Logistics Pvt.Ltd. (India), and United States Cold Storage (US). Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=811 Browse Adjacent Reports @ Food and Beverage Market Research Reports & Consulting Related Reports: Refrigerated Transport Market by Mode of Transport (Road, Sea, Rail & Air), Application (Chilled food & Frozen food), Vehicle Type (LCV, MHCV & HCV), Temperature (Single & Multi-temperature), Technology and Region - Global Forecast to 2027 Refrigerated Warehousing Market by Technology (Blast Freezing, Vapor Compression, PLC, Evaporative Cooling), Temperature (Chilled, Frozen), Application (Fruits & Vegetables, Bakery, Dairy, Meat, Seafood, Beverages), and Region - Global Forecast to 2022 About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg
|
View original content: