The cold chain market is estimated to be valued at USD 203.14 billion in 2018 and is projected to reach USD 293.27 billion by 2023, at a CAGR of 7.6%. The cold chain market is experiencing high growth, particularly in the Asia Pacific region. Asia Pacific is estimated to be the fastest-growing segment between 2018 and 2023. The region is also estimated to account for the largest market share in refrigerated storage and refrigerated transport in 2018. Cold chain infrastructure in Asian countries is fragmented and under-funded; however, it is gaining momentum to keep up with the increasing storage demand for perishable foods. Countries such as India and China lack access to these cold chain requirements and are therefore unable to maintain cold chain integrity. Increase in awareness about the prevention of food wastage before consumption, the growth of the organized retail sector, the rise in consumer demand for perishable foods, and government support & initiatives indicate significant growth potential for the cold chain industry in this region.
The growing health-consciousness among consumers and the rise in the level of income have led to the consumption of a wide variety of frozen and chilled products, particularly fruits & vegetables, meat, fish & seafood products, and dairy products. The fruits & vegetables segment is projected to grow at the highest CAGR from 2018 to 2023. Frozen fruits & vegetables are packed within hours of harvest to ensure that their optimal flavor and nutritional value are preserved. Frozen fruits & vegetables contribute to a number of nutrients that help reduce the risk of chronic diseases and are relatively low in calories.
The cold chain market by temperature type has been segmented into chilled and frozen. The chilled segment is projected to grow at the highest CAGR from 2018 to 2023. The chilled segment is expected to grow due to the wide use of chilled temperatures for food preservation to extend shelf-life from few days to few weeks. Chilling provides effective short-term preservation of food products by retarding numerous microbial, physical, chemical, and biochemical reactions associated with food spoilage and deterioration. The increase in demand for processed food & beverages in developed economies is driving the chilled market, which is creating opportunities for cold storage.
The cold chain market has been segmented into refrigerated storage and refrigerated transport. In the refrigerated storage market, the Asia Pacific segment is projected to grow at the highest CAGR from 2018 to 2023. Refrigerated storage expansion remains a brisk business, as the inter-trading of perishable foods is on the rise, globally. To maintain the quality and safety of perishable foods, the refrigerated storage capacities in Asia Pacific countries are growing.
To know about the assumptions considered for the study, download the pdf brochure
