Global Cold Chain Equipment Market Practical Insights
The Global Cold Chain Equipment Market is segmented based on various applications, including fruits and vegetables, fruit and pulp concentrates, dairy products, fish, meat, and seafood, pharmaceuticals, processed food, bakery and confections, and others.
In 2019, the fish, meat, and seafood application dominated the market and accounted for more than 20.0 percent of global revenue.
This is due to the fact that the United States and Brazil are exporting a growing quantity of meat products, including chicken and beef.
As meat products are susceptible to natural, continuous, and irreversible bio-physiochemical changes, they must be transported and stored at a suitable frozen temperature range.
Consequently, the demand for cold chain storage and transportation equipment is exceptionally high in the fish, meat, and seafood industry.
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Cold Chain Equipment Market Reports: Key Industry Insights and Findings
According to the projections of our research analyst, the Global Cold Chain Equipment Market will expand at a 9.8 percent CAGR over the next five years (2022-2028).
According to primary research, the Cold Chain Equipment Market at approximately USD 108.60 Billion in 2021 and to reach approximately USD 205.80 Billion by 2028.
The transport of temperature-sensitive medications across the subcontinent to increase in the Asia-Pacific region over the foreseeable future.
The rapidly expanding food sector in APAC is to contribute significantly to the size of the regional market.
Regional Perspectives
Market for Cold Chain Equipment: An Overview
Vaccines, specialty chemicals, and medicines must be stored and transported at a particular temperature to preserve their properties; cold chain equipment serves this function.
Similarly, cold chain equipment consists of ice packs, refrigerators, vaccine carriers, foam pads, biotechnology products, insulin, and cold boxes.
In recent years, the increasing global demand for frozen foods has necessitated a massive increase in the demand for cold chain equipment.
However, cold chain equipment is an integral part of the immunization supply chain in the healthcare industry.
According to reports, cold chain equipment such as freezers, cold rooms,
vaccine carriers, cold boxes, and refrigerators are expected to adhere to World Health Organization performance standards.
Regional Analysis
In 2019, North America dominated the market and accounted for over 45.0% of global revenue; this dominance is anticipated to persist throughout the forecast period.
This is due to the substantial fragmentation of cold storage and cold chain equipment businesses in North America.
In addition, factors such as a rising disposable income, a growing population, and regulatory initiatives aimed at ensuring food safety during storage and transportation are anticipated to drive the market over the forecast period.
Increasing demand for fresh meat, seafood, and produce is anticipated to further stimulate regional market expansion.
Due to the COVID-19 pandemic, there has been an increase in the transit of temperature-sensitive pharmaceutical products and drugs into and out of the region.
Country Analysis
In addition, the expansion of the food industry in the region is anticipated to stimulate market expansion.
After Asia-Pacific, numerous developing nations in South America, the Middle East, and Africa are experiencing a substantial increase in demand for off-grid storage equipment.
Consequently, these regional markets are anticipated to experience the greatest growth between 2022 and 2028.
The market is extremely fragmented due to the presence of a large number of local businesses, particularly in North America.
In addition to cold storage equipment manufacturers, there are numerous large-scale cold storage facility operators around the world, resulting in a rapid expansion of the market.
To stay ahead of the competition, industry participants are focusing on market expansion, partnerships, and mergers & acquisitions.
For example, in April 2019, Americold Logistics LLC partnered with Chiller Holdco, LLC (U.S.), a U.S.-based cold storage provider.
that this agreement will strengthen Americold Logistics LLC’s position as one of the leading operators of temperature-controlled infrastructure.
In addition, Lineage Logistics announced in May 2019 that it had acquired Preferred Freezer Services, LLC (U.S.).
With this acquisition, both companies will have the world’s largest network of temperature-controlled facilities.
Similarly, Lineage Logistics would become a global logistics partner for both small and large food retailers and producers.
Among the prominent market participants in cold chain equipment are:
The company Blue Cold Refrigeration Pvt.
Bry-Air
Everidge Corporation
Hengel Industrie
Henry Schein, Inc.
Kolpak
Modern Ice
Polar King Worldwide, Inc.
Thermo Fishing Equipment
U.S. Icebox
Market for Cold Chain Equipment: Segmentation
In the coming years, pharmaceuticals will be a major application segment for cold chain equipment.
Massive demand for temperature-sensitive drug safety will drive the expansion of the pharmaceuticals industry over the forecast period.
In addition, the use of cold chain equipment to store vaccines safely during transportation and the need to preserve their properties will drive segment growth.
Industry Trends:
Cold Chain Equipment Market: Development Trends
New expansion opportunities for the cold chain equipment industry
Storage of processed and frozen foods: The future expansion of the cold chain equipment market
In addition, changing lifestyles have led to an increase in the consumption of food and beverages, which will boost the demand for cold chain equipment in the coming years.
Similarly, strict government regulations regarding the safety of food and pharmaceuticals during storage and transport will drive the expansion of the cold chain equipment market.
In other words, the increasing demand for chilled & frozen, ready-to-eat diet,
and packaged foods will create new growth opportunities for the cold chain equipment industry.
Production
Similarly, consumers’ food preferences are shifting toward value-added
food categories such as salads, cheese, diet ready-to-eat, fresh vegetables, and processed meat.
Boxes, walk-in refrigerators, and milk coolers are reportedly the most frequently cold chain equipment for storing and transporting these types of foods.
This will expand the market for cold chain equipment.
Aside from this, there is an enormous demand for baby food and organic fruit pulps
these items while preserving their essential nutrients for extended periods of time.
Regional Dominance:
Over 2022-2028, the Asia-Pacific Cold Chain Equipment Market will expand at a 22 percent CAGR.
The expansion of the cold chain equipment industry in the Asia-Pacific region over the foreseeable future is contingent
on an increase in the transport of temperature-sensitive drugs across the subcontinent.
In addition, the rapidly expanding food sector in APAC is contribute significantly to the size of the regional market.
Similarly, In the coming years, the regional market will expand due to the subcontinent’s concentration of major producers.
These developments highlight the need for the food value chain to transition
from open-air markets to a cold-chain model that extends the shelf life of perishable goods.
The aforementioned factors: During the forecast period, the demand for cold chain be driven
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Influence of COVID-19 on the Cold Chain Industry
The pandemic has had a positive effect on the cold chain industry, thereby increasing the demand for cold chain storage.
Considered a key factor in the expansion of the cold chain in the food industry,
Key Driver: the rising rate of adoption of packaged food and beverage products
Due to restricted trade during the pandemic, the COVID-19 affected the supply chain of every industry,
causing food manufacturers to focus not only on the food products but also on their storage to increase their shelf-life.
The COVID-19 outbreak has prompted a shift toward an organised retail market in order to prevent future virus outbreaks.
As the pandemic crisis intensified, nations across the globe began to implement lockdowns.
Due to these factors, individuals began stockpiling consumer staples.
The compulsive behaviour of consumers exerted pressure on 3PLs to increase inventory turnover and shipment volume.
Market Drivers
The WHO has issued stringent guidelines for the safe storage and transportation of vaccines and drugs, which are being adopted by national governments.
These safety regulations are one of the primary market drivers.
Second, the growth of the processed food industry and the emphasis on reducing food waste are driving the market growth over the forecast period.
The food losses that occur during processing and post-harvest, particularly in developing nations, present a market opportunity.
The need for an efficient cold storage system will help reduce food waste and ensure that a growing population has ample access to food.
Due to the mandated safety standards for storing and transporting vaccines, the pharmaceutical industry is hold the largest market share by end-user.
Geographically, North America has the largest share due to the large number of cold storage facilities and equipment suppliers present there.
Highlights from the Cold Chain Equipment Market Report
The market has gained prominence in developing nations, such as China and India, as a result of a shift in emphasis
from boosting productivity to improving transport and storage facilities.
In the pharmaceuticals industry, IoT applications such as cold chain monitoring, intelligent packaging, sample lifecycle management,
personnel and material tracking, and connected equipment are of critical importance.
RFID-enabled supply chain offers product-level visibility, resulting in increased efficiency and new growth opportunities.
Globalization and the escalating number of pharmaceutical and food safety counterfeit incidents have compelled governments to tighten production and supply regulations.
The Indian government remains committed to fostering the growth of the cold chain industry and is encouraging private participation by launching subsidy programmes and providing grants.
A cold chain is a cold-temperature-operating supply chain. A continuous cold chain is a series of refrigerated manufacturing, storage, and distribution activities, as well as supplementary equipment and logistics, that maintain product quality by operating within a predetermined low-temperature range.
Methods
It is preserve, extend, and ensure the shelf life of fresh agricultural produce, seafood, frozen foods, photographic film, chemicals, and pharmaceuticals.
They commonly referred these items to as cool cargo or transit storage while in transit.
In contrast to other goods or merchandise, cold chain items are perishable and always en route to their ultimate use or destination, even when temporarily stored in cold storage facilities
During the projected period, the increasing trade of perishable goods and the rising government support for the construction of infrastructure for cold chain facilities are drive market expansion.
To meet the rising demand for food safety in processed goods, cold chain service providers are also implementing cutting-edge technologies. This is likely to create numerous opportunities, resulting in the entry of a large number of multinational suppliers offering superior cold chain solutions.
It is strict food safety laws, such as the Food Safety Modernization Act, which requires increased attention to cold storage warehouse construction, will also aid the market.
Classification by Temperature Type
In terms of temperature type, the chilled category is to experience the highest CAGR over the forecast period. Products passing through the cold chain chilled lowering food temperatures to below ambient but above –1 degrees Celsius.
Chilling food products between 0°C and +5°C is an effective method for extending their shelf life. Because it slows down numerous microbiological, physical, chemical, and metabolic processes that cause food to rot and degrade.
Chilling reduces food spoilage and improves food safety and quality by slowing the rate at which microorganisms multiply. Asia-Pacific will have a 31.5 percent market share in 2021, making it the largest market for chilled cold chains.
However, environmental concerns regarding greenhouse gas emissions are impede the industry’s expansion.
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