Market Size and Growth
Current Market Size: The global cold
chain market size, valued at USD 228.3 billion in 2024, showcases a
remarkable growth projection, anticipated to escalate to USD 372.0 billion by
2029, indicating a robust compound annual growth rate (CAGR) of 10.3% during
the forecast period. The cold chain market is an essential component of global
supply chains, ensuring the safe storage and transportation of
temperature-sensitive products such as food, pharmaceuticals, and chemicals. As
globalization continues to expand, the demand for reliable cold chain solutions
has surged, making this market a critical focus for industries reliant on
temperature-controlled logistics.
Unlocking Cost Efficiency: How Intermodal Transport is
Revolutionizing the Cold
Chain Industry
Intermodal transport has emerged as a pivotal solution in
the cold chain market due to its unparalleled ability to optimize fuel costs.
Cold chain logistics demands a delicate balance between temperature control and
efficiency. Intermodal transport achieves this balance by seamlessly
integrating multiple modes of transportation, such as trucks, trains, and
ships, to deliver goods to their destination. By strategically combining
different transport modes based on their strengths and cost-effectiveness, companies
can minimize fuel consumption. For instance, trains are substantially more
fuel-efficient than trucks over long distances, while trucks offer flexibility
and accessibility for last-mile delivery. By leveraging these strengths,
businesses can significantly reduce their overall fuel expenditure, thereby
enhancing cost-effectiveness in the cold chain market.
Moreover, intermodal transport fosters sustainability, a
growing concern in modern supply chain management. By optimizing fuel usage,
companies not only cut costs but also reduce their carbon footprint. This
aligns with increasingly stringent environmental regulations and consumer
preferences for eco-friendly practices
Refrigerated Road Transportation Dominates Cold
Chain Market Share
Refrigerated road transportation leads the refrigerated
transport cold chain market due to its essential role in preserving the quality
and freshness of perishable goods throughout transit. While refrigerated
warehouses focus on storage, road transportation ensures consistent temperature
control from the point of origin to the final destination. This is especially
critical for sensitive products like fresh produce, pharmaceuticals, and
certain chemicals, where even minor temperature variations can compromise their
safety and quality.
Refrigerated trucks offer unmatched flexibility, allowing
access to remote areas that warehouses cannot reach. Their mobility supports
efficient distribution networks, cutting down on transit times and lowering
inventory holding costs. Advances in refrigeration technology have also enabled
precise temperature monitoring and remote management, improving product
traceability and ensuring compliance with strict regulatory requirements.
Moreover, refrigerated road transportation enhances supply chain efficiency by
enabling just-in-time delivery, which reduces inventory spoilage and waste. Its
seamless integration with other transportation modes further strengthens its
position as a market leader.
Cold
Chain Market Growth Drivers:
- Rising
Demand for Perishable Goods: The global consumption of perishable
foods, such as fruits, vegetables, meat, and dairy, is driving the need
for efficient cold chain solutions.
- Expansion
of the Pharmaceutical Industry: With the development of
temperature-sensitive drugs, vaccines, and biologics, the pharmaceutical
industry is a major contributor to the growth of the cold chain market.
- Technological
Advancements: Innovations in refrigeration technology,
IoT-enabled monitoring systems, and advanced packaging materials have
enhanced the efficiency and reliability of cold chain logistics.
India Set to Lead Asia Pacific Cold Chain Market Growth
in the Coming Years
India stands as a significant producer and consumer of dairy
products, particularly milk and curd. With a burgeoning population and a
cultural inclination towards dairy consumption, the demand for efficient cold
chain logistics to maintain product integrity from farm to table is imperative.
As per a May 2023 report from Slurrp, India boasts a significantly higher milk
consumption rate compared to the global average, with nearly half of its
population (48.1%) regularly consuming milk or curd. The increasing demand for
dairy products in India can be linked to its fast urbanization and improving
living standards. India’s daily milk consumption stands at 427 g, well above
the global average of 305 g.
Moreover, India’s rapid industrialization has spurred the
growth of various sectors, including pharmaceuticals, processed food, and
agriculture. These industries heavily rely on cold chain solutions to preserve
the quality and safety of their products. Additionally, the proliferation of
Quick Service Restaurants (QSRs) and the changing dietary habits of the urban
populace have fueled the demand for frozen and chilled food products. As per a
report from the credit rating agency ICRA, the Indian Quick Service Restaurant
(QSR) sector is projected to experience growth ranging between 20% to 25%
during the fiscal year 2024.This surge in demand necessitates robust cold chain
systems to ensure the seamless delivery of perishablegoods, thereby propelling
the expansion of the cold chain market in India.
- Americold
Logistics, Inc. (US)
- Lineage,
Inc. (US)
- NICHIREI
CORPORATION (Japan)
- Burris
Logistics (US)
- A.P.
Moller – Maersk (Denmark)
- Tippmann
Group (US)
- Coldman
Logistics Pvt.Ltd. (India)
- United
States Cold Storage (US)
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