Global Cold Chain Market to Exhibit a CAGR of over 11% through 2020
Rising investments in cold chain technologies, growth in pharmaceutical industry and increase in demand for frozen food to drive global cold chain market
According to a recently released TechSci Research report, “Global Cold Chain Market Forecast and Opportunities, 2020”, global cold chain market is projected to witness a CAGR of over 11% during 2015-20. The report reveals that processed food industry and pharmaceutical industry are set to surge the demand for cold chain services. Healthcare products such as vaccines, blood plasma products, frozen pharmaceutical drugs and insulin require specific temperatures to be maintained throughout their storage and transportation. Consequently, on account of growing demand for healthcare products and services, the demand for cold storage from healthcare sector has been witnessing a continuing increase, and the trend is expected to continue in coming years. In addition, growing demand for frozen and processed food items such as meat and fish, frozen and canned food products, and ready to eat meals is also propelling cold storage demand.
North America and Europe are the major revenue generating regions for cold chain service providers, with North America holding a dominant share in global cold chain market. However, with rising demand for cold chain services among developing nations, especially India and China, the cold chain market in Asia-Pacific is expected to grow significantly over the forecast period.
“Cold chain services across the globe grew at a considerable pace over the past five years due to rising demand for chilled and frozen food coupled with robustly increasing global trade. Moreover, advancements in cold chain technologies, rising number of temperature control vehicles in American and European countries, along with growing investments by companies, are contributing to continuing growth of global cold chain market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a global management consulting firm.
“Global Cold Chain Market Forecast and Opportunities, 2020” has evaluated the future growth potential of global cold chain market, and provides statistics and information on market structure, trends and consumer behavior. The report includes cold chain market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities prevailing in global cold chain market.