Cold Chain Market size is set to grow by USD 441.18 bn from 2024-2028, use of RFID in cold chain logistics boost the market- Technavio

NEW YORK, March 13, 2024 /PRNewswire/ -- The global cold chain market size is estimated to grow by USD 441.18 bn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 18.04% during the forecast period. The cold chain market manages the transport and logistics of perishable goods like food (vegetables, fruits, fish, dairy) and pharmaceuticals (blood, drugs, organs, vaccines). Regulatory compliance is paramount, with efficient storage and transportation vital to maintain quality and extend shelf life. Monitoring temperature ranges (chilled, frozen) ensures product integrity. Technology like RFID tracking aids decision-making. End-user focus lies in food & beverages and pharmaceuticals. Market growth may be influenced by substitutes for perishable products.

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Influcing Key Trends

In developing countries like India, the penetration of cold chains is limited due to high fixed costs. End-users, particularly farmers, avoid cold storage as it increases product costs and prices, affecting profitability. Compliance with regulations for perishable food products is essential, but substitutes like traditional storage methods persist. End-users are concentrated in rural areas, making storage, transportation, and packaging challenges. Cold chains offer temperature ranges (chilled, frozen, deep-frozen) for food & beverages and pharmaceuticals, extending shelf life. Technological developments in monitoring components and transportation are crucial to improving cold chain adoption. Key challenges include insufficient technical knowledge and transportation facilities.

Regional Landscape

The North American region dominates the global cold chain market, driven by the surge in protein-rich food imports and online grocery sales. IT spending on advanced technologies like cloud computing, IoT, RFID, and data analytics is crucial for effective inventory management and temperature control of temperature-sensitive products. Regulations and warehouse management systems are essential for ensuring compliance and efficiency. Market concentration is high, with strategic partnerships and mergers and acquisitions shaping the industry landscape. Characteristics of the North American cold chain market include advanced IT infrastructure, stringent regulations, and a focus on optimizing cold storage logistics.

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The Cold Chain Market refers to the supply chain system that ensures the preservation of temperature-sensitive products, including protein-rich foods, pharmaceuticals, and agricultural produce. IT spending plays a significant role in enhancing cold storage logistics through advanced technologies like cloud computing and IoT. Cold chain operations prioritize inventory management, employing RFID and data analytics for real-time monitoring. Regulations mandate stringent warehouse management practices to maintain precise temperature ranges. Market concentration is increasing due to mergers and acquisitions and strategic partnerships. Characteristics of the cold chain market include the need for uninterrupted temperature control, adherence to regulations, and the integration of technology for efficient operations.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

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SOURCE Technavio