Cold Chain Logistics Market size was valued at USD 333.7 Billion in 2023 and is anticipated to reach USD 1.64 Trillion by the end of 2036, registering around 13.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of cold chain logistics is assessed at USD 368.29 Billion. The growth of the market can be attributed to the rising capacity of refrigerated warehouses, followed by the increasing rate of automation of refrigerated warehouses across the globe. For instance, in 2020, the overall capacity of refrigerated warehouses globally was around 722 million cubic meters, which was nearly 17% higher than in 2018.
In addition to these, factors that are believed to fuel the market growth of cold chain logistics include the growing export of these products requires a cold chain infrastructure that can maintain the quality and sensitivity of the products during transportation. Most pharmaceutical products require a specific temperature to be stored and shipped. Therefore, an escalating export ratio of pharmaceutical products is also anticipated to fuel the market growth throughout the forecast period. For instance, India exported pharmaceutical products worth USD 24.62 billion, during 2021-22. Furthermore, the increasing implementation of radio frequency identification technology in cold chains is also estimated to accelerate market growth over the forecast period.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
13.6% |
|
Base Year Market Size (2023) |
USD 333.7 Billion |
|
Forecast Year Market Size (2033) |
USD 1.64 Trillion |
|
Regional Scope |
|
Product (Refrigerated Transport, Refrigerated Warehouse)
The refrigerated warehouse segment in the cold chain logistics market is anticipated to garner the largest revenue of 60 % by the end of 2036. The growth of the segment can be attributed to the worldwide rising demand for packaged groceries and food products, as a result of changing lifestyles as well as changes in people's dietary patterns. According to the United States Department of Agriculture, India's online grocery markets grew by nearly 80%, estimating USD 2.66 billion in 2020. Further, the significant rise in purchasing power of people, followed by the surge in online retail, are some other significant factors that are estimated to further drive the growth of the market over the forecast period.
Application (Dairy & Frozen Desserts, Meat & Seafood Products, Bakery & Confectionary, Fruits & Vegetables)
Cold chain logistics market from the dairy & frozen desserts segment is expected to garner a significant share. The growth of this segment is attributable to the escalating consumption of frozen desserts and dairy products such as cheese, yogurt, and so on. As per the statics of the Food and Agriculture Organization of the United States, milk and milk products are consumed by more than 6 billion individuals around the world, most of whom inhabit developing nations.
Our in-depth analysis of the global cold chain logistics market includes the following segments:
|
Product |
|
|
Temperature |
|
|
Application |
|
APAC Market Forecast
The cold chain logistics market in Asia Pacific is projected to be the largest with a share of about 32% by the end of 2036. The growth of the market can be attributed majorly to the increasing demand and production for meat, dairy, and processed food products in several countries, such as Japan, China, and India, which has anticipated the market growth of cold chain logistics in the Asia Pacific region. For instance, India is one of the largest producers of milk, and value-added milk products in the world. In 2021, India produced around 180 million tons of milk. Apart from this, constant research and development activities, as well as an upsurge in the pharmaceutical industry, are further factors that are estimated to accelerate the growth of the market over the forecast period in the region.
North American Market Statistics
The North America cold chain logistics market is estimated to be the second largest, registering a share of about 28% by the end of 2036. The growth of the market can be attributed majorly to the surging penetration of the organized retail sector in the region. For instance, in 2018, the organized retail sector in the United States had a penetration ratio of nearly 87%. Furthermore, there is a higher need for healthcare supply chain management that is expected to drive the market's growth in the region.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?