Cold Chain Logistics Market Analysis: Trends, Growth, and Size Projections in Key Industries
Supply chain management has become a pivotal aspect of modern business operations, with a strong emphasis on eliminating wastage and mitigating inherent risks to goods. Within the realm of supply chain management, logistics plays a critical role, encompassing detailed planning, precise implementation, and efficient control over the distribution of products from production facilities to end consumers.
In recent years, one facet of logistics—cold chain logistics—has experienced remarkable growth, driven by the expanding export and import activities across various sectors, including Fast-Moving Consumer Goods (FMCG), pharmaceuticals, and agriculture. Cold chain logistics is centered around the temperature-controlled transportation of goods, such as pharmaceuticals, agricultural produce, meat products, and chemicals, ensuring the preservation of product quality throughout their journey.
Cold chain logistics infrastructure comprises temperature-controlled warehouses and insulated vehicles, and it is poised for continuous growth and enhancement in the wake of the pandemic, which has pushed the boundaries of storage and distribution. Additionally, the integration of the Internet of Things (IoT) has introduced real-time tracking mechanisms, further improving the efficiency of cold chain logistics operations.
Food Security and Cold Chain Logistics
One of the significant challenges facing global food security is the lack of adequate cold chain logistics infrastructure for food transportation. Cold chain logistics plays a pivotal role in preserving and ensuring the usability of pharmaceuticals, food products, and chemicals until they reach consumers. Food hygiene and temperature control are critical elements in ensuring the safe delivery of nutritious food to the masses.
According to the Food and Agriculture Organization of the United Nations, approximately 1.3 billion tonnes of food produced for human consumption are wasted worldwide, representing a substantial loss, particularly in developing countries. For instance, in India, an alarming 30-40% of food production is lost or wasted due to inadequate storage and distribution infrastructure. To address this issue and bridge the gap in food security, analysts anticipate significant growth opportunities in the cold chain logistics market. Initiatives like India’s Cooling Action Plan, launched in 2019, aim to double farmer income by improving cold chain infrastructure, reassessing the value of produce, and reducing wastage.
Pharmaceutical Sector’s Demand for Cold Chain Logistics
Among the various industries utilizing cold chain logistics, the pharmaceutical sector is expected to emerge as a key end user. The pharmaceutical industry’s focus on delivering products in pristine condition due to high product sensitivity is expected to drive demand for top-notch cold chain logistics solutions.
The distribution of temperature-sensitive vaccines and medical devices, including the response to the COVID-19 pandemic, necessitates a robust cold chain logistics network. Cold chain companies are adapting by refurbishing their trucks to maintain ultra-low temperatures and impeccable insulation to support the global vaccination drive.
Asia Pacific: A Regional Leader in Cold Chain Logistics
The Asia Pacific region is positioned to lead the cold chain logistics market in the coming years. Economic revolutions in countries such as India and China, driven by the pharmaceutical and consumer goods industries, are contributing to the region’s growth. Additionally, the rise of online food delivery platforms and an increasing number of supermarket chains are fueling the demand for cold chain logistics.
Changing dietary preferences in Asian countries, with a growing preference for frozen foods, are poised to positively impact the regional market. Furthermore, as the COVID-19 vaccination drive gains momentum, the Asia Pacific cold chain logistics market is expected to surge, prompting industry players to explore new opportunities.
Competitive Landscape
The cold chain logistics industry is capital-intensive, making it challenging for new entrants to establish a foothold. Nevertheless, the industry is witnessing rapid developments to keep pace with the growing demand for refrigeration. For example, in January 2020, Americold Logistics announced its acquisition of Nova Cold Logistics to expand its presence in Canada.
Key stakeholders in the cold chain logistics market include United States Cold Storage, Henningsen Cold Storage Co., Trenton Cold Storage, AmeriCold Logistics, LLC, Conestoga Cold Storage, Nichirei Logistics Group Inc., Lineage Logistics Holdings, LLC, Tippmann Group, among others.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/cold-chain-logistics-market
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