According to the report, global demand for cold chain equipment market was valued at USD 67.0 billion in 2014 is expected to reach USD 118.0 billion in 2020 and is anticipated to grow at a CAGR of 9.8% between 2015 and 2020.
Supply chain management that facilitates the transportation and storage of perishable goods are called as a cold chain. A cold chain is series of storage and distribution activities at the desired temperature. The cold chain is helpful to preserve the food and various products such as pharmaceutical and agricultural products. Cold chain equipment is the heart of cold chain industry. Cold chain equipment includes storage and transportation equipment or components. The cold chain equipment market is growing at a rapid pace owing to rising market for frozen food products.
Cold chain equipment such as refrigerators, deep freezers, warehouses helps to preserve and avoid the wastage of agricultural produce and perishable food products such as meat, seafood, fruit & vegetables, and fish. The advancements in the pharmaceutical industry are also expected to drive the market for cold chains equipment market during the years to come. Moreover, increasing the population of the world has resulted in growing demand for both food and pharmaceuticals. This, in turn, has been resulted into growing need for cold chains equipment.
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On the basis of product, the global cold chain equipment market includes storage equipment and transportation equipment. Among these two products, the storage equipment dominated the global cold chain equipment market in 2014. It accounted for over 50.0% share of the total revenue generated and this trend is predicted to continue this trend over the years to come.
The end-users segmentation for the global cold chain market includes the various fields like fruits & vegetables, bakery & confectionery, dairy & frozen desserts, meat, fish & seafood and others (including sauces, condiments, salad dressings, and dips). Meat, fish & seafood dominated the global cold chain market compared to others segments in 2014 with more than 35.0% share of the total market. The growing import and export industry for the meat, fish, and seafood is a highly anticipating segment in the cold chain market. Thus, cold chain storage factor attributed to avoiding wastage of these products is expected to drive the cold chain market in the forecast period.
In 2014, North America led the market and accounted for around 40% share of the market. The APAC region is expected to be the fastest-growing region during the forecast period, growing at a CAGR of 11.3%. Rising disposable income, growth in food retail market, and rapidly growing demand for frozen food in the region is expected to trigger the cold chain industry in the years to come.
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Key players involved globally in cold chain market include AmeriCold Logistics, Lineage Logistics, Preferred Freezer Services, and Swire Cold Storage, A.B. Oxford Cold Storage, Bring Frigoscandia AS, Burris Logistics, Claus Sorensen, Cloverleaf Cold Storage, ColdEX and Columbia Colstor amongst others.