Cold Chain Logistics Market to Reach $782.27 Billion Globally by 2031 at a CAGR of 14.6%: Allied Market Research
Rising number of cold storage warehouses and increased growth in processed food and pharmaceutical sectors are driving the global cold chain logistics market.
PORTLAND, Oregon., March 14, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, “Cold Chain Logistics Market by End-Use Industry (Fruits & Vegetables; Bakery & Confectionery; Dairy & Frozen Desserts; Meat, Fish & Seafood; Drugs & Pharmaceuticals; and Others), Type of (Warehousing and Transportation (Railways, Airways, Roadways, and Waterways): Global Opportunities Analysis and Industry Forecast, 2021-2030 » According to the report, the global cold chain logistics industry has been considered $202.16 billion in 2020, and should reach $782.27 billion by 2030, growing at a CAGR of 14.6% from 2021 to 2030.
Key Drivers of Market Growth
Rise in cold storage and growth in processed food sector and pharmaceutical sector have driven the growth of the global cold chain logistics market. However, lack of standardization and high operational costs are hampering the growth of the market. On the contrary, RFID technologies for cold chain applications and the adoption of automated software would open up new opportunities in the future.
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The Covid-19 outbreak has created uncertainty in the market, slowing down logistics services. In addition, governments have announced strict regulations and closure of industries, closure of borders and restriction of transport and logistics services.
The overall logistics services business of the market players declined due to the sharp fall in demand for using enclosures to prevent the risk of contamination.
The fruit and vegetable segment dominates the market
By end-user industry, the fruit and vegetable segment held the largest share in 2021, accounting for more than a quarter of the global cold chain logistics market, owing to the increase in food transportation and of vegetables in different countries in temperature-controlled containers. However, the drug and pharmaceutical segment is expected to register the highest CAGR of 17.7% during the forecast period owing to the increase in developments in the medical and healthcare industry.
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Transportation Segment to Show Highest CAGR through 2030
By business type, the transportation segment is expected to show the highest CAGR of 16.3% from 2021 to 2030, owing to the presence of multiple businesses operating in the cold chain logistics movement from location to location. another. However, the warehousing segment held the largest share in 2020, accounting for more than two-thirds of the global cold chain logistics market, owing to the increase in warehousing and storage activities conducted across the world.
Europefollowed by North Americato manifest highest CAGR by 2030
By region, the market across Europefollowed by North America, is expected to register the highest CAGR of 15.7% during the forecast period, owing to the increase in demand for cold chain based products in the region. However, the global cold chain logistics market across Asia Pacific dominated in 2021, accounting for almost two-fifths of the market, owing to the increase in the presence of numerous service providers operating in the region.
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Main market players
Americanold Logistics, LLC
Conestoga Cold Storage
Lineage Logistics Holding, LLC
Cold storage in the United States
VersaCold Logistics Services
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