FREMONT, California, Nov. 26, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research titled 'Global Food Cold Chain Market − Analysis and Forecast, 2019-2024', the food cold chain market was valued at $132.24 billion in 2018 and is projected to reach $275.31 billion by 2024. The market is expected to grow at a CAGR of 13% during the forecast period from 2019 to 2024. This growth is attributed to increasing food loss, rising demand for perishable food products, growth in infrastructure development for cold chain by government of different economies, and increase in the international trade activities across the globe.
The food and beverage industry is a rapidly growing multi-billion-dollar industry which is majorly driven by the increasing population. Innovations in terms of technology in the food industry are driving the increasing use of digitalization in its supply chain. As per the United Nations, food production needs to grow more than 70% by 2050 to meet the demand of 9.7 billion individuals by the end of 2050. This growth in the food and beverage industry is supported by several challenges driven by the changing global trends. Globalization, requirement for safety and regulation, as well as lack of efficiency, are increasingly affecting the supply chain management of the food industry. Moreover, new and emerging technologies are being introduced to design, optimize, and manage the food supply chain.
Food loss is one of the common problems across the globe, owing to increasing post-harvest loss across the supply chain. As a measure to overcome the problem, agricultural value chains of the leading nations across the globe are developing suitable cold chain systems.
Since there is a direct relation between food safety and cold chain, a proper cold chain infrastructure may help farmers, processors, and distributors get an easy access to the high-end markets, so that they can meet the set standards and receive good amount of money for the same.
According to Rakhi Tanwar, Principal Analyst at BIS Research, "More than $700 billion of food is wasted every year. This food waste is majorly due to poor transportation network, lack of preservation techniques, improper temperature controls, and delays in transit. With the increase in globalization, the food supply chain continues to grow, due to which the food industry requires special efforts to minimize the food waste. This issue of food wastage provides an opportunity in the industry which involves maximum focus being put on optimizing the cold chain."
Using the right type of supply chain infrastructure could address a long list of food loss and food waste issues across the globe therefore, deploying and using more advanced level of cold chain solutions could help in reducing the food loss and significantly improve and extend the shelf life of the products.
Some of the prominent players in the food cold chain market are Lineage Logistics LLC, Americold Logistics Inc., VersaCold Logistic Services, AGRO Merchants Group, Cloverleaf Cold Storage, Burris Logistics, Penske Logistics, and Nichirei Logistics. Since 2016, majority of the companies preferred entering into mergers and acquisitions to enhance their presence, while the relatively less adopted strategies comprised partnerships, collaborations, and joint ventures.
For instance, in April 2019, Americold Logistics acquired Cloverleaf Cold Storage to boost its market share in the U.S. with an addition of 132 million cubic feet of storage space in 22 facilities. Earlier, in January 2019, Americold Logistics acquired Portfresh Holdings, LLC, a leading temperature-controlled operator, to expand their business operations.
This report is a meticulous compilation of research on more than 100 players in the food cold chain ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 40 leading companies, market participants, and vendors. The report also profiles 20+ leading companies across the supply chain.
Key Questions Answered in the Report:
What is the global food cold chain market size in terms of revenue, and what is the expected growth rate during the forecast period 2019-2024?
What are the major driving forces that are expected to increase the global demand for food cold chain during the forecast period?
What are the key trends and opportunities in the market pertaining to global food cold chain market?
What are the major challenges inhibiting the growth of the global food cold chain market?
How much revenue is expected to be generated by each of the segments, during the forecast period from 2019 to 2024, on the basis of:
product type, including refrigerated transportation and refrigerated storage
temperature type, including frozen and chilled
application, including dairy products, meat and marine products, fruits and vegetables, processed foods, and others
region, including North America, Asia-Pacific, Europe, and Rest-of-the-World (ROW)
Who are the major stakeholders, and what are their roles in the food cold chain ecosystem?
What kind of new strategies are being adopted by the existing market players to expand their market position in the industry?
What is the competitive strength of the key players in the food cold chain market on the basis of analysis of their recent developments, product offerings, and regional presence?
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