The
global cold chain market is expected to post a CAGR of close
to 15% during the period 2019-2023, according to the latest market research
report by Technavio.
A key factor driving the growth of the global cold chain market size is
the increasing number of trade corridors. Various countries are investing in
trade corridors for easy transportation of commodities and goods. The
integration of trade corridors in transport networks provides economic benefits
and supports development in the form of economic growth, more jobs, reduced
poverty, and economic resilience. These economic corridors are increasingly
being used by enterprises to transport perishable, temperature-sensitive
products such as vegetables, fruits, and fish across borders. As the cold chain
is highly used in the transportation of these products, the increase in the
number of trade corridors will drive the demand for refrigerated
transportation.
As per Technavio, the use of IoT with cold chain will have a positive
impact on the market and contribute to its growth significantly over the
forecast period. This global cold chain market
2019-2023 research report also analyzes other
important trends and market drivers that will affect market growth over
2019-2023.
Global Cold Chain Market: Use of IoT with Cold Chain
The Internet of Things (IoT) solution is increasingly being integrated
into the cold chain to increase the effectiveness and efficiency of supply
chain for products such as fruits, meat, and medicines. The integration of IoT
in the cold chain helps enterprises connect with every step of their logistics
process. IoT also helps enterprises to change and monitor temperature settings
in the vehicle or warehouse remotely. Thus, the use of IoT with cold chain will
be a key trend in the cold chain market during the forecast period.
“Apart from the use of IoT with cold chain, other factors such as the
use of automated storage and retrieval system (AS/RS), and the growing number
of M&A activities will have a significant impact on the growth of the cold
chain market value during the forecast period,” says a senior analyst at
Technavio.
Global Cold Chain Market: Segmentation Analysis
This market research report segments the global cold chain market worth
by type (refrigerated warehouse, and refrigerated transportation), application
(meat, fish, and seafood; dairy and frozen desserts; fruits, vegetables, and
beverages cold; bakery and confectionery; and healthcare) and geographic
regions (North America, Europe, APAC, South America, and MEA).
The North American region led the cold chain market in 2018, followed by
Europe, APAC, South America, and MEA respectively. However, the APAC region is
expected to witness maximum growth during the forecast period, owing to the
large presence of both food and healthcare product suppliers and consumers.
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