Cold chain market forecasts to reach USD ~ 278 billion by 2023

cold-Market Report TCBU

Cold chain refers to the freezing solutions to take care of the shelf lifetime of the products.

The cold chain market valued at USD 182.57 billion is expected to reach USD 277.69 billion by 2023, recording a CAGR of 7.24 percent as per Mordor Intelligence report. The increasing trade of perishable products and rising government support for the development of infrastructure for cold chain facilities stand to drive market’s growth. The cold chain service providers are also adopting cutting-edge technologies, to cater to the increasing demand for food safety, in processed foods, thus offering ample opportunities, in order to provide better cold chain solutions.

As food quality is of importance, the dairy and frozen dessert industry is investing heavily in technologies that can support and create product differentiation. The rising inclination of consumers towards ease of use and improved shelf life are leading to the adoption of healthy frozen meals, thus driving the growth of dairy and frozen desserts. Various trade agreements have created opportunities for exporters to increase trade of perishable foods. This factor is expected to further drive the demand for better cold chain infrastructure facilities for dairy and frozen desserts, to provide ideal transportation and storage conditions.

The established Asia-Pacific electronics industry and adoption of innovative technologies have provided the organisations in the region a competitive edge, in the market. The rising trend of purchasing perishable food products online has evolved the need for innovative solutions to provide last-mile delivery, automated warehouses to manage inventories, and advanced temperature monitoring devices to maintain the safety of fresh food products.

Emerging economies (such as China, India, and Thailand) are investing in warehouse automation technologies (i.e., cloud technology, robots, conveyor belts, truck loading automation, etc.,) to maintain the quality of temperature-sensitive products. Major companies, such as ITC Ltd, are also pursuing long-term strategies, to build cost-effective cold chains that contribute to the reduction of wastage in the food industry, further reinforcing the demand for cold chain facilities, in Asia-Pacific.

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