The global cold chain market is expected to grow at a compound annual growth rate of more than 11% during 2015-20, according to a Research and Markets report.
Currently, global cold chain market is fragmented, with a large number of players operating in the market.
However, a number of mergers and acquisitions have been witnessed over the past decade.
This trend is expected to continue over the forecast period, as the market is moving towards consolidation in coming years.
In terms of revenue contribution, North America captured the largest market share in 2014, and is expected to retain its dominance in global cold chain market over the next five years.
Cold chain is an essential part of the overall supply chain industry, as it involves storage and transportation of temperature sensitive and perishable products along the supply chain through refrigerated and thermal packaging methods.
The growing need to avoid wastage of food and loss of healthcare products due to spoilage is the major factor driving global cold chain market.
Rising demand for frozen food, along with growing demand for packaged/canned fruits and vegetables, has further triggered this growth.
Advancements in cold chain technologies and increasing demand from the developing nations such as India and China is further boosting global cold chain market.
In addition, growth in pharmaceutical industry and introduction of new healthcare products that require storage and transportation at specific temperatures is also contributing to growth in the market.