May 21, 2024
Cold Chain Market

Cold Chain Market Propelled By Growing Demand For Temperature-Sensitive Products

The cold chain market involves the storage and transportation of temperature-sensitive products such as frozen foods, fresh fruits, vegetables, meat, fish, pharmaceutical drugs and vaccines within cold storage facilities and refrigerated vehicles. Cold chain helps in preserving the freshness, quality and shelf life of products by maintaining the required temperature levels during transportation and storage. Rising demand for temperature-sensitive products across industries like food & beverages, pharmaceuticals and healthcare has been propelling growth of the global cold chain market. The global cold chain market is estimated to be valued at US$ 270.08 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Growing demand for temperature-sensitive products is the leading trend spurring growth of the cold chain market. Factors such as changing consumer food preferences, rise of online grocery shopping, increasing population and income levels are fueling demand for fresh and processed food products globally. Moreover, growing pharmaceutical industry coupled with increasing investments in healthcare infrastructure are augmenting demand for vaccines, biologics and other temperature-sensitive drugs, which require cold chain logistics for storage and transportation. Expanding cold chain network and infrastructure to efficiently cater to the growing demand for perishable products will continue driving market growth over the forecast period.

SWOT Analysis

Strength: The cold chain market offers various advantages like preservation of quality and longer shelf life of temperature sensitive products. It also ensures supply security of such products.
Weakness: High initial investments and operating costs associated with the cold chain infrastructure poses significant challenges. Lack of standardized regulations in some regions also acts as a barrier.
Opportunity: Growing demand for temperature controlled logistics from industries like pharmaceuticals, food, and healthcare provides scope for market expansion. Rising focus on reducing food wastage further augments growth opportunities.
Threats: Stringent emission norms regarding refrigerants may lead to additional compliance costs. Fragmented supply chain infrastructure in developing nations also threatens market accessibility.

Key Takeaways

The global cold chain market Share is expected to witness high growth. Cold chain logistics plays a vital role in distribution and storage of temperature sensitive products like frozen food, pharmaceuticals, chemicals, and more. Need for temperature controlled supply chain has been rising with growing consumption of perishables worldwide.

Regional analysis: Asia Pacific region dominates the cold chain market and is anticipated to grow at the fastest pace during the forecast period. Increasing population, rising health awareness, expanding middle-class, and improving cold chain infrastructure primarily in India and China is fueling the regional market.

Key players operating in the cold chain market are Novo Nordisk A/S, Pfizer, Inc., Eli Lilly and Company, Changchun GeneScience Pharmaceutical Co., Ltd., Sandoz International GmbH, Ipsen Pharma, LG Chem, Merck KGaA, Genentech, Inc., Ferring B.V., AnkeBio Co., Ltd, Reliance Life Sciences, JCR Pharmaceuticals Co., Ltd, Zhongshan Sinobioway Hygene Biomedicine Co., Ltd and USV Private Limited. Maintaining optimal temperatures during transportation and storage is important for cold chain-dependent drugs and biopharmaceutical products.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it