According to our latest market study on “Cold Chain Market to 2027 – COVID-19 Impact and Global Analysis and Forecast by Offering (Storage, Transportation, Monitoring Components, Others); Temperature (Frozen, Chilled); Industry Vertical (Pharmaceutical, Healthcare, Food & Beverage Processing, Chemical, Others), and Geography,” the market 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.
The report highlights the key factors driving the market growth, and prominent players and their developments in the market.
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The rising trade of perishable products and favorable government support for the development of cold chain infrastructure are the key factors expected to propel the growth of the cold chain market. The cold chain service players are also adopting pioneering technologies to accommodate the increasing demand for food safety, particularly for processed foods. It is projected to offer abundant opportunities, thus propelling the proliferation of several multinational vendors into the market, intending to offer efficient cold chain solutions. Further, strict food safety regulations, such as the Food Safety Modernization Act, which necessitates better attention toward creating a cold storage warehouse, are anticipated to support the growth of the market. However, challenges regarding environmental concerns such as the emission of greenhouse gasses are projected to hamper the market growth during the forecast period.
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 Courierare among the leading players operating in the cold chain market. Several other players are also functioning and are contributing significant revenues in the cold chain market.
COVID-19 Impact on Cold Chain Market
The COVID-19 outbreak began in Wuhan (China) during 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 & beverages industry is experiencing a lower number of orders in the 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.
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