The global cold chain logistics market seems to reach USD 842.91 billion by 2028, at a CAGR of 22.18% from 2021 to 2028.
NEWARK, UNITED STATES, NEW JERSEY, November 17, 2021 /EINPresswire.com/ — As per the report published by The Brainy Insights, the global cold chain logistics market seems to reach USD 842.91 billion by 2028, at a CAGR of 22.18% from 2021 to 2028. Europe region is having the highest market value of USD 65.57 Billion in 2020. The surge in demand for consumption of perishable food in the region is driving the cold chain market in the region. The Asia Pacific had the second-largest market value of USD 40.57 Billion in 2020. This is due to the expansion of the retail sector in the region.
Key players for the global cold chain logistics market include AmeriCold Logistics LLC, Preferred Freezer Services Inc., Lineage Logistics Holdings LLC, Nichirei Corporation, Snowman Logistics Ltd, Burris Logistics Inc., AGRO Merchants Group LLC, Kloosterboer Group B.V, Tippmann Group, Conestoga Cold Storage and Congebec Logistics Inc. among others.
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The service segment is divided into storage, transportation and value-added services. The storage segment is accounted for the highest market value of USD 76.75 Billion in 2020. This is due to the surge in the sales of online grocers.The temperature segment includes chilled and frozen. The chilled segment accounts for 56.2% of the market share in 2020. This is because there is a great requirement of chilling the food product these days for the preservation of food and to extend their shelf life by weeks. The surge in demand for online grocery market is also contributing to having the highest market share of the chilled segment.
The application segment consists of dairy & frozen desserts, ‘fish, meat, and seafood products’, fruits & vegetables, bakery & confectionery products and others. The dairy and frozen desserts segment accounted for USD 59.21 Billion of market value in 2020. People are much more inclined to frozen desserts and dairy products, as it can be consumed at any time, and have less preparation time.
There is a huge electricity consumption for everyday operations in the cold chain logistics industry. The cold chain service providers are unable to reduce operational cost due to an increase in the cost of electricity consumed by the cold chain industries. The consumption of energy and real estate cost is the biggest challenge for the cold chain logistics service providers. The refrigerators are responsible for consuming around 53% of the total power consumed in daily operation; similar is the cases with heating, lighting, cooling etc. All these factors lead to high operational cost, which is acting as a major restraint for the market.
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Source: EIN Presswire