In terms of revenue, the global Cold Chain market was valued at US$ 207,510.8 million in 2019 and is projected to reach US$ 398,723.4 million by 2027 and is expected to grow at a CAGR of 10.8% during the forecast period.
At present, with a rapid modernization, there is increase in purchase of perishable food items from marts and retail stores. However, the increasing demand for perishable food needs a sophisticated management of the supply chain. The attrition rate of perishable food can reach 15% in retail stores, which results in the loss of billions of dollars. Thus, with the rise of demand for perishable goods, the market for cold chain is also set to increase, in order to prevent food from spoilage. With the development of modern identification and sensory technologies, such as temperature and humidity sensors and RFID technology, it is possible to continuously monitor the ambient environment and track the consumption. These technologies enable managers of the companies to establish an agile food supply chain and hence improve the management of perishable food products. Since the decaying of the perishable food hampers the demand for preserved food, food retailers tend to implement promotion strategies to improve the efficiency of food supply chain.
The Cold Chain market has been segmented on the basis of offering, temperature, industry vertical, and geography. Based on offering, the Cold Chain market is segmented into Storage, Transportation, Monitoring Components, Others. The monitoring components is further bifurcated into hardware and software. Based on temperature, the Cold Chain market is segmented into frozen and chilled. Based on industry vertical, the Cold Chain market is segmented into Pharmaceutical, Healthcare, Food & Beverages, Chemical, and Others. In terms of geography, the Cold Chain market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
Cold Chain Technologies, Inc.; CSafe Global; DoKaSch TEMPERATURE SOLUTIONS GmbH; Envirotainer AB; Pelican BioThermal LLC; SKYCELL AG; Softbox Systems Ltd; Sonoco ThermoSafe; va-Q-tec AG; and World Courier are among the well-established players in the cold chain market.
Impact of COVID-19 Pandemic on Cold Chain Market
The COVID-19 outbreak began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace around the globe. As of September 2020, the US, India, Russia Spain, Germany, China, France, Iran, and the UK are among the worst affected countries in terms of confirmed cases and reported deaths. In the wake of strict lockdown regulations imposed by the majority of the countries across the world, the food & beveragesindustry is experiencing a lower number of orders in respective regions. The North America region especially the US witnessed an unprecedented rise in the number of confirmed cases resulting in large-scale lockdown across the regions. Moreover, the retailers and brands are facing various short-term challenges in maintaining the supply chain activities through retailers, distributors, and suppliers of cold chain across North America. As a result, countries such as the US and Canada have limited the import volume of the shrimp across the Asian countries especially in China. However, owing to the ease of lockdown restrictions along with emphasis toward effective restoration of pharmaceutical industry related supply chain operations has mitigated the negative influence of the COVID-19 over the market growth. Further, the notable presence of domestic supplier has ensured the continuous supply of the cold chain across the North American region.
The global cold chain market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the cold chain market with respects to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the cold chain market.