Global Cold Chain Logistics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $386 billion by 2024 from $135 billion in 2016; growing at a CAGR of 14% from 2016 to 2024. By geography, Asia Pacific and Europe are expected to grow at a CAGR of 14.9% and 14.2%, respectively, during the forecast period.
The global cold chain logistics market is majorly driven by growth in organized retail & food service industry and increasing demand for processed & frozen food. In addition, rising adoption of multi-temperature refrigerator vehicles and increasing export & import of various drugs and vaccines would boost the market growth. Though, high cost involved in transportation and difficulties & delay in clearing customs across borders may hamper the growth of the market. Tax exemptions on certain items, third party logistics and express delivery service providers would provide market opportunities during the forecast period.
The global cold chain logistics market has been bifurcated on the basis of end-use industry and geography. End-use industry segment includes into fruits & vegetables, dairy & frozen desserts, bakery & confectionary, meat, fish & sea food, drugs & pharmaceuticals and others. Meat, fish & sea food accounted for the largest market share of about 34%, owing to the high demand for frozen meat from several countries such as Saudi Arabia, China and India, in the year 2016, followed by fruits & vegetables with 28.4%.
Geographically, the global cold chain logistics market has been segmented into North America, Europe, Asia-Pacific and RoW. In 2016, Asia Pacific accounted for the largest market share of 32.8% and is likely to dominate the market with fastest CAGR during the forecast period, owing to growing disposable income, increasing presence of modern supermarkets & franchises, and establishment of Trans-Pacific Partnership trade agreements.
Market players have used various strategies to increase their market share and global presence. With the ever-increasing demand, manufacturers should closely monitor and grow their operations in the new markets. For instance, in September 2016, DHL launched new air freight service for emergency logistics that would be cost-effective for critical shipments.. The key players in the cold chain logistics market include Burris Logistics, Continental Air Cargo, Nichirei Logistics Group Inc., FedEx Corporation, World Courier, DHL International GmbH, AGRO Merchants Group, Nordic Logistics and Warehousing, LLC, C & M Cold Stores Ltd, and VPA Logistics, among others.