Cold chains involve proper logistic planning for temperature maintenance and maintain the temperature control supply chain. The cold chain supply is used to store and transport the perishable food items in various countries. This is used to maintain the nutrient levels and the life of the products such as frozen foods, fresh agricultural products, medicines, fruits, vegetables, seafood, dairy and bakery & confectionary products. They specifically maintain the physical and bio-chemical properties of the products which help in maintaining the availability and market price of the products during the off-season.
The global cold chain market was USD 163.79 billion in 2018 and is estimated to reach USD 302.31 billion by 2025 at a CAGR of 9.15% during the forecast period
Growth by Region
North America was the dominant region in 2017 while Europe has shown tremendous growth in the recent past and is forecasted to show the same kind of growth in the forecasted period. Asia pacific region will account for the highest CAGR and the region has the strength to become one of the most profitable regions.
Drivers vs. Constraints
Increase in the number of retail stores, improvement in the cooling temperature and better functioning of the warehouses are driving the market. The government showing concern towards the expiry of the food led to changes in the policies. Many consumers are moving towards protein rich diet which requires cold chain storage for maintenance. Hence, this led to increase in the market growth. Cold chain systems are important for supplying food, beverages, and healthcare products and positive growth of these industries led to increase in the market. However, high infrastructure cost and energy consumption along with emission of the greenhouse gases which affect the environment hinders the market growth.
Industry Structure and Updates
• July 2018 - ITC Ltd. has announced that they will build a long term strategy to build cold chain which will prevent agriculture waste which will increase the rural income and boost their agriculture business.
• July 2018 - Thailand bio pharm will use a robust structured cold chain for storing and transporting the medicines. The medicines are temperature sensitive products and to maintain these medicines cold chain is required. The government have decided to corporate and will built a robust cold chain.
• July 2018 - The health ministry of Ethiopia have announced to build solar energy enabled refrigerators in remote areas of the country where it will be used to store important vaccines which are important for children and adults. This will eradicate the need for parents to travel long distances for any medical assistance
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