Northbrook, IL 60062 -- (SBWire) -- 12/18/2023 --The report "Cold Chain Market by Type (Refrigerated Warehouse and Transportation), Temperature Type (Chilled and Frozen), Application (Dairy & Frozen Desserts, Fish, Meat & Seafood, Fruits & Vegetables, Bakery & Confectionery), and Region - Global Forecast to 2028," the cold chain market is poised for significant growth. The market, valued at USD 278.2 billion in 2023, is projected to grow at a CAGR of 9.0%, reaching USD 428.4 billion by 2028.
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Key Insights:
Convenience Food Consumption Drives Market Growth:
The increased consumption of convenience foods, driven by factors such as ease of use, variety, and year-round availability, is a key contributor to the growth of the cold chain market. The shift from fresh to convenience foods has surged the demand for temperature-controlled storage and transportation.
Asia-Pacific Dominates Refrigerated Warehousing:
The Asia-Pacific region leads the refrigerated warehousing segment by type and is expected to be the fastest-growing market during the forecast period. Rapid growth in food production and consumption in the region has fueled the need for temperature-controlled warehouses to maintain a smooth supply chain and meet increasing demand.
Frozen Segment Leads Temperature Type Growth:
The frozen segment is projected to witness the highest CAGR growth in the cold chain market. Freezing food offers benefits such as improved organoleptic quality, better nutrient retention, and protection against spoilage organisms. Industries prefer freezing to optimize the quality and shelf life of their products.
Dairy & Frozen Desserts Segment Holds Significant Share:
The dairy & frozen dessert segment is projected to account for the second-largest market share. These products, lacking added preservatives, have longer shelf lives when stored below freezing temperatures. Sensitivity to storage conditions positions this segment as a key player in the cold chain market.
Asia-Pacific Achieves Highest CAGR Growth:
The Asia-Pacific region is projected to achieve the highest CAGR growth in the cold chain market. With Asia-Pacific being the largest producer of agricultural commodities, the demand for cold chain solutions has risen to address the storage and protection needs of agricultural products in the region.
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Key Market Players:
Major players in the cold chain market include Americold Logistics (US), Lineage Logistics Holdings, LLC. (US), Nichirei Corporation (Japan), Burris Logistics (US), A.P. Moller Maersk (Denmark), United States Cold Storage (US), Tippmann Group (US), VersaCold Logistics Services (Canada), Coldman (India), Congebec Inc. (Canada), Conestoga Cold Storage (Canada), NewCold (Netherlands), Confederation Freezers (Canada), Seafrigo (France), and Trenton Cold Storage (Canada). These industry leaders are focusing on expanding their presence through facility expansions and technological advancements across North America, Asia-Pacific, and Europe.
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Global Cold Chain Market Set to Reach USD 428.4 Billion by 2028, Driven by Increasing Demand for Convenience Foods
Cold Chain Market by Type (Refrigerated Warehouse and Transportation), Temperature Type (Chilled and Frozen), Application ( Dairy & Frozen Desserts, Fish, Meat & Seafood, Fruits & Vegetables, Bakery & Confectionery ) and Region - Global Forecast to 2028