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World: Global cold chain market to grow to US$271.9B by 2020

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The global demand for cold chain market was valued at US$110.20 billion in 2014 and it is expected to reach US$271.9 billion in 2020, according to Zion Research.

It states that the market is growing at a compound annual growth rate of 13.9% between 2015 and 2020.

In terms of volume, the global cold chain market stood at 552.09 million cubic meters in 2014.

The cold chain market is an uninterrupted series of temperature controlled supply chain.

Cold chain includes refrigerated technology with temperature and humidity control throughout for perishable commodities such as milk, bakery and confectionery, dairy products, beverages, fresh fruits and vegetables, ice cream, frozen dairy products, and processed meat, fish and seafood.

Advancement in the healthcare sector has rapidly expanded in the last decade and the trend is expected to continue within the forecast period, in turn driving the market for cold chain over the years.

Increased demand for frozen and chilled food and beverages owing to the changing lifestyle of the people is expected to augment the demand for cold chain in the market.

Increasing population has resulted into growing demand for both food and pharmaceuticals.

This in turn is expected to fuel the growth of the cold chain market in near future.

Meat, fish and seafood dominated the global cold chain market compared to others segments in 2014.

Further it is also expected to remain prolong segment for cold chain market due to the changing dietary patterns of the consumers across the globe coupled with rising awareness regarding nutrition intake is expected to be a major driving factor for the growth of this application segment.

Dairy, frozen desserts, fruit, vegetables, bakery and confectionery are other important end-user segments of the cold chain industry expected to account for a considerable market share in the years to come.

Regional numbers

North America dominated the cold chain market in 2014 and accounted for around 40% share of the market.

Europe followed North America in terms of demand for cold chain in 2014.

Moreover, the Asia-Pacific region is expected to witness exponential growth due to the high usage of cold chain for food retail market as well as rapid demand for frozen food.