The global cold chain market is expected to post a CAGR of close to 15% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled global cold chain market 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global cold chain market size is the increasing number of trade corridors. Various countries are investing in trade corridors for easy transportation of commodities and goods. The integration of trade corridors in transport networks provides economic benefits and supports development in the form of economic growth, more jobs, reduced poverty, and economic resilience. These economic corridors are increasingly being used by enterprises to transport perishable, temperature-sensitive products such as vegetables, fruits, and fish across borders. As the cold chain is highly used in the transportation of these products, the increase in the number of trade corridors will drive the demand for refrigerated transportation.
As per Technavio, the use of IoT with cold chain will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global cold chain market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Cold Chain Market: Use of IoT with Cold Chain
The Internet of Things (IoT) solution is increasingly being integrated into the cold chain to increase the effectiveness and efficiency of supply chain for products such as fruits, meat, and medicines. The integration of IoT in the cold chain helps enterprises connect with every step of their logistics process. IoT also helps enterprises to change and monitor temperature settings in the vehicle or warehouse remotely. Thus, the use of IoT with cold chain will be a key trend in the cold chain market during the forecast period.
“Apart from the use of IoT with cold chain, other factors such as the use of automated storage and retrieval system (AS/RS), and the growing number of M&A activities will have a significant impact on the growth of the cold chain market value during the forecast period,” says a senior analyst at Technavio.
Global Cold Chain Market: Segmentation Analysis
This market research report segments the global cold chain market worth by type (refrigerated warehouse, and refrigerated transportation), application (meat, fish, and seafood; dairy and frozen desserts; fruits, vegetables, and beverages cold; bakery and confectionery; and healthcare) and geographic regions (North America, Europe, APAC, South America, and MEA).
The North American region led the cold chain market in 2018, followed by Europe, APAC, South America, and MEA respectively. However, the APAC region is expected to witness maximum growth during the forecast period, owing to the large presence of both food and healthcare product suppliers and consumers.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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