The global cold chain market is estimated to reach US$470 billion by 2030, the market was valued at US$ 218.0 billion in 2020. The market forecasts to grow at a compound annual growth rate (CAGR) of 8.0% during the forecast period from 2021-2030.
The growing demand for processed food is the prominent factor fueling the growth of the global cold chain market.
The rising demand for processed food is fueling the demand for its preservation and temperature control system to avoid health risks. Moreover, refrigeration of processed food is essential to control the temperature and increase its shelf-life. Thus, the rising demand for processed food would ultimately lead to the growth of the global cold chain market during the analysis period.
The increasing demand for chemical and preservative-free products would positively influence the growth of the market. Consumer demand for refrigeration is forecasted to increase in the coming years with the growing awareness regarding the harms of preservatives. Thus, refrigeration is expected to play an essential role in ensuring the safety of the product.
Changing lifestyles and growing urbanization would drive the growth of the global cold chain market. With rapid urbanization, consumers are more likely to shop from grocery outlets. Therefore, the demand for increasing the shelf life of fruits & vegetables, meat, and dairy products would automatically fuel.
However, high costs associated with the product refrigeration and rising concerns related to the emission of greenhouse gases would slow down the growth of the global cold chain market.
Geographic Analysis
The Asia-Pacific holds the major contribution to the growth of the global cold chain market. The growth of the region in the global cold chain market is attributed to the rapidly growing population, urbanization, and rising demand for processed food. In addition, foreign direct investment (FDI) inflow in various countries, including India, Vietnam, and Indonesia, would drive the expansion of the global market.
COVID-19 Impact Analysis
The pandemic had a slightly positive impact on the growth of the global cold chain industry. Due to the risk of infection, people were more inclined to adopt packaged products. As a result, the market witnessed several growth opportunities in the packaged food & beverage product industry. Moreover, to increase the shelf life of the stock, sellers had to use refrigeration methods. This, in turn, propelled the growth of the market during the pandemic period. The COVID-19 outbreak may have upscaled the demand for packed items, but the disruptions in the supply chain and unavailability of raw material negatively affected the overall market during the pandemic period.
Market Segmentation
By Temperature Type
By Application
By Region
Competitors in the Market
