Cold Chain Logistics Market worth USD 496.5 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Cold Chain Logistics Market by Product (Mechanical & Cryogenic Refrigeration Systems, Reefers, Cold Chain Transport Monitoring Equipment, and Packaging Materia), by Application (Food & Beverages, Medical Goods, Temperature-sensitive Chemicals, and Others), by Region – Global Share and Forecast to 2027". By 2027, The global cold chain logistics market size is expected to grow USD 496.5 billion from USD 207 billion in 2020, at a CAGR of 15.7% during the forecast period. The global pharmaceutical chain logistics industry is vast and complex. Furthermore, the cold chain logistics industry needs synchronized handling procedures, precise transport equipment, and high regulatory compliance. Moreover, there is a rising demand for drugs that help combat a growing number of chronic and lifestyle-related diseases. Then there’s the mounting pressure for Over-the-Counter medicines such as minerals, cough cold drugs, and gastrointestinal and dermatology products, and vitamins. And the pharmaceutical industry is a rising challenge by providing an ever-wider array of pharmaceuticals, many of them requiring temperature-controlled transportation under proper cold chain management.

Global Cold Chain Logistics Market Segmentation

The overall cold chain logistics market has been segmented into the product, application, and region.

• By Product (Mechanical & Cryogenic Refrigeration Systems, Reefers, Cold Chain Transport Monitoring Equipment, and Packaging Materia)
• By Application (Food & Beverages, Medical Goods, Temperature-sensitive Chemicals, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

 By application, Food & beverages are estimated to hold the largest market share during the forecast period

Based on application, the cold chain logistics market is further split into food & beverages, medical goods, temperature-sensitive chemicals, and other temperature-sensitive goods. The food & beverages segment generated the highest revenue by application in the global cold chain logistics market. The segment is growing at an exceptional rate and is expected to register the highest CAGR of 16.16% in the forecast period. The everyday food products that require cold storage are High-end foodstuffs, Fruits & vegetables, Meat & Seafood, Poultry & dairy, processed & ready-to-eat food. The cold chain is a mixture of temperature-controlled surface transport and supply chain applied to the food & beverages industry. As food consumption is overgrowing, the demand for perishable food, including dairy products, fruits and vegetables, and high-protein animal-based products (such as meat, eggs, and fish and seafood), is also increasing.

On the other hand, with changing consumer preferences, the demand for frozen foods such as ice-cream, meat, and seafood along with products that require careful temperature control to maintain the quality and shell life of the products is also increasing, thereby driving the growth of the global cold chain logistics market. According to the United States Department of Agriculture (USDA), US imports of fruit and vegetables are comparatively higher than exports. US imports of fresh/frozen fruit totaled USD 15.06 billion, up 8% compared with 2018.

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By region, North America accounts for the largest market share in the cold chain logistics market 2020

Among the regions, the cold chain logistics market is segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. The North America region dominates the global Cold Chain Logistics market owing to the growing investment by government organizations and logistics firms to develop effective cold warehouse and transportation facilities that have significantly influenced the growth of the cold chain logistics market in the region. The developed economies, such as Canada and the US, are the major contributor to the market's growth in North America. The growing investment by the government organizations and logistics firms to develop effective transportation facilities and cold warehouses is majorly driving the growth in this region.

Canada has major fishing zones in the North American region, which anticipates the growth of the cold chain logistics market over the projected period. The United States is expected to have the highest contribution in the North American market owing to the stringent government regulatory environment and growing demand for packaged food. E-commerce is growing fast in the U.S market, mainly used for grocery sales, fresh food, and packaged food delivery. This has resulted in the surge of outsourcing cold warehousing and transportation to third-party services providers, likely to enhance e-commerce for perishable consumer packaged goods.

Major players in the global market of cold chain logistics are Burris Logistics, Lineage Logistics Holding LLC, Americold Logistic LLC, Kloosterboer, NewCold, The United States Cold Storage, Inc., The Nichirei Corporation, Hanson Logistics, Stockhabo, and Seafrigo Group.

Browse complete report: https://www.marketstatsville.com/cold-chain-logistics-market

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