SAN FRANCISCO, April 29, 2021 /PRNewswire/ -- The global cold chain market size is estimated to reach USD 628.26 billion by 2028, according to a new study by Grand View Research, Inc., registering a CAGR of 14.8% from 2021 to 2028. Technological advancements in the packaging, processing, and storage of seafood products are expected to drive the market over the forecast period. Cold chain solutions have become an integral part of Supply Chain Management (SCM) for the transportation and storage of temperature-sensitive products. Increasing trade of perishable products is anticipated to drive product demand over the forecast period.
Key suggestions from the report:
Due to a shift in focus from increasing productivity to providing better transport and storage facilities, the market has gained prominence in developing countries, such as China and India
Cold chain monitoring, smart packaging, sample lifecycle management, men and material tracking, and connected equipment are among IoT applications of key importance for the pharmaceuticals industry
Radio Frequency Identification (RFID)-enabled supply chain provides higher efficiency and has opened up new growth opportunities by offering product-level visibility
Globalization and rising number of pharmaceutical and food safety counterfeit incidents have compelled governments to tighten regulations pertaining to production and supply
The Government of India remains keen on supporting the development of the cold chain industry and is encouraging private participation by launching subsidy schemes and offering grants
Companies operating in this market are increasingly adopting alternative energy solutions, such as wind and solar energy, to minimize the overall operating costs. Among cold chain solutions, the refrigeration system is used to maintain the quality of products and enhance their shelf life. However, refrigerants used in refrigeration systems pose a threat to the environment because of their high Global Warming Potential (GWP) and Ozone Depletion Potential (ODP). Stringent food safety regulations, such as the Food Safety Modernization Act that requires increased attention toward the construction of cold storage warehouses, are slated to benefit the market.
Adoption of environmental audit systems, such as Leadership in Energy and Environmental Design (LEED) or Building Research Establishment Environmental Assessment Method (BREEAM), can evaluate designs at an initial stage. Thus, the operational performance of completed buildings can be assessed through these audit systems. Temperature-controlled warehouses are highly energy-sensitive as they incorporate refrigeration and ventilation systems that require high power consumption. However, better designs can reduce power consumption and can help build net-zero energy warehouses.
Intelligent warehouse automation and control systems are one of the factors assisting buildings to achieve net-zero energy to become self-sustainable. Less energy consumption notably lowers operating expenditure, eventually contributing to the protection of ecology and climate. In terms of revenue, North America is anticipated to be the largest regional market by 2028. Mexico is expected to have exponential growth over the forecast period owing to the rising investments for the development of logistics infrastructure and increasing penetration of the Warehouse Management System (WMS).
In South America, Brazil is a major contributor to market growth. Implementation of dietary guidelines on the usage of fresh food products over processed food led by the Brazilian government is expected to boost the market in the country. These guidelines require the development of cold chains to meet the requirements for storage, transportation, and packaging of fresh food. Many service providers have invested in adding onboard tracking equipment to refrigeration units. This provides real-time location and temperature data to shippers and third-party logistics. It further helps them with increased visibility and opportunity to mitigate or prevent losses.
Grand View Research has segmented the global cold chain market on the basis of type, packaging, equipment, application, and region:
Cold Chain Type Outlook (Revenue, USD Million, 2017 - 2028)
Cold Chain Packaging Outlook (Revenue, USD Million, 2017 - 2028)
Insulated Containers & Boxes
Large (32 to 66 liters)
Medium (21 to 29 liters)
Small (10 to 17 liters)
X-small (3 to 8 liters)
Petite (0.9 to 2.7 liters)
Cold Chain Bags/Vaccine Bags
Temperature-controlled Pallet Shippers
Others (Insulating Pouches, Hard Cased Thermal Boxes, and Active Thermal Systems)
Cold Chain Equipment Outlook (Revenue, USD Million, 2017 - 2028)
Solar-powered Cold Boxes
Others (Solar Refrigerators and Products related to Solar Panels)
Cold Chain Application Outlook (Revenue, USD Million, 2017 - 2028)
Fruits & Vegetables
Fruit Pulp & Concentrates
Fish, Meat, and Seafood
Bakery & Confectionary
Others (Ready-to-Cook, Poultry)
Cold Chain Regional Outlook (Revenue, USD Million, 2017 - 2028)
Biobanks Market– The global biobanks market size was estimated at USD 65.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028.
North America Cold Chain Market– The North America cold chain market size was valued at USD 62.37 billion in 2015. Numerous factors, such as technological improvements in processing, packaging, and storage processes of seafood products, are expected to be the key factors driving the North American market.
MEA Cold Chain Market– The MEA cold chain market size was estimated at USD 6.13 billion in 2015. The cold chain is a part of logistics activities that serve perishable produce from the harvest to end consumers.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.