The global cold chain logistics market size was US$ 231 billion in 2021. The global cold chain logistics market is forecast to grow to US$ 696.5 billion by 2030 by growing at a compound annual growth rate (CAGR) of 15.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Growing demand for cold chain logistics in order to store fresh agricultural products, manufactured food, and medical vaccines will drive the overall cold chain logistics market forward.
Cold chain logistics help in transporting perishable products and food items. It also assures the freshness and palatability of the product. In addition, the growing demand for novel drugs and fresh food will surge the growth of the market.
The benefits of cold chain logistics, such as the ability to optimize inventory accuracy, cost-effective operations, reduced cycle time, enhanced supply chain efficiency, and increased shelf life, will contribute to the growth of the market.
The growing number of food manufacturers, commissaries, cold storage warehouses will surge the growth of the market. In addition, the rising number of supermarkets, grocery stores, and convenience stores will also benefit the cold storage logistics market during the forecast period.
Growing urbanization and rising demand for frozen food will escalate the growth of the cold storage logistics market.
A rising number of investments will boost the growth of the market. For instance, in November 2020, NewCold funded $150 million in a new cold storage facility in Lebanon, Indiana.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic surged the demand for novel drugs and vaccines. As a result, the global cold storage logistics market witnessed significant growth opportunities. Favorable policies by government bodies to offer COVID-19 vaccine at a massive level have been beneficial for the global cold chain logistics market. The demand for effective transport for frozen food and other products surged abruptly. Thus, it has been beneficial for the global cold chain logistics market. On the contrary, the industry witnessed significant supply chain disruptions due to the lockdown regulations, which hampered market growth.
Regional Analysis
The Asia-Pacific cold chain logistics market is forecast to grow at the highest growth rate. It is due to the increasing demand for frozen food, processed food, and pharmaceuticals. In addition, Japan is forecast to hold the highest market share, owing to the growing healthcare and pharmaceutical hubs. The growth of the regional market is also attributed to the increasing demand for novel drugs and the growing disposable income of the population. In addition, the rising number of supermarkets and retail stores will also contribute to the industry growth.
Competitors in the Market
Market Segmentation
The global cold chain logistics market segmentation focuses on Product, Application, and Region.
By Product Outlook
By Application Outlook
By Region
