Global Cold Chain Logistics Market Is Driven By Increase In Organized Retail & Food Service Industry

Global Cold Chain Logistics Market Report, published by Variant Market Research, forecast that the global market was valued at $135 billion in 2016 and expected to reach $386 billion by 2024; growing at a CAGR of 14% from 2016 to 2024. In geographical segments, Asia Pacific and Europe anticipated to grow at a CAGR of 14.9% and 14.2%, respectively, over the forecast period 2016 – 2024.
Increase in organized retail & food service industry and rising demand for processed & frozen food are the driving factors for the global cold chain logistics market. Furthermore, increasing adoption of multi-temperature refrigerator vehicles and growing export & import of various drugs and vaccines would boost growth of the market. However, high cost of transportation and difficulties & delay in clearing customs across borders may hinder the market growth. Tax exemptions on certain items and express delivery service providers would provide growth opportunities during the forecast period 2016 - 2024.
The global cold chain logistics market has been categorized into end-use industry and geography. End-use industry segment contains dairy & frozen desserts, bakery & confectionary, fruits & vegetables, meat, fish & sea food, drugs & pharmaceuticals and others. In this, meat, fish & sea food accounted for the largest market share of about 34%, owing to the high demand for frozen meat from many countries such as Saudi Arabia, China and India, in the year 2016, followed by fruits & vegetables with 28.4%.
North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major regions covered in the report. Asia Pacific accounted for the major market share of 32.8% in 2016, and is likely to dominate the market with highest CAGR during the forecast period, owing to rising disposable income, rising presence of modern supermarkets & franchises, and establishment of Trans-Pacific Partnership trade agreements.
Market players have used different business strategies to raise their market share and global presence. With the rising demand, manufacturers should closely observe and grow their operations in the new markets. For instance, DHL launched new air freight service for emergency logistics in September 2016 that would be cost-effective for critical shipments. The major key players operating in the cold chain logistics market comprises Continental Air Cargo, Nichirei Logistics Group Inc., Burris Logistics, 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.
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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