Report source: Grand View Research
The global cold chain market size was valued at USD 241.97 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 17.1% from 2022 to 2030. The growing penetration of connected devices and automation of refrigerated warehouses across the globe is anticipated to spur industry growth in the forecast period.
In developing economies, the refrigerated storage market is driven by a shift from carbohydrate-rich diets to protein-rich foods, owing to rising consumer awareness. Countries, such as China, are expected to portray a significant growth rate over the coming years due to a consumer-led transition in the economy.
Furthermore, growing government subsidies have enabled service providers to tap these emerging markets with innovative solutions to overcome complex transportation. Cold chain services are designed to provide ideal transportation and storage conditions for temperature-sensitive products. Increasing demand for perishable products and fast delivery requirements associated with the e-commerce-based food and beverages delivery market has created a significant boost in cold chain operations.
COVID-19 Impact on The Cold Chain Market
The Global Cold Chain market has been affected to a significant extent because of COVID-19. The strict lockdown and social distancing regulations disrupted the overall supply chain and forced the shutdown of several manufacturing facilities temporarily. Besides, stringent norms for supply chain logistics had raised the overall logistics costs.
Another major trend witnessed after the onset of the pandemic was a significant rise in the number of e-commerce purchases, including the purchase of perishable products that include products such as dairy, fruits & vegetables, meat, and pork, among others. Processed food manufacturers are focusing not only on their products but also the storage, which in turn drives the cold chain market.
Post time: Oct-20-2022