Zion Market Research has published a new report titled ‘Cold Chain Equipment Market (Storage and Transport) for Meat, Fish & Seafood, Dairy & Frozen Desserts, Vegetables & Fruits, Bakery & Confectionary and Others End-Uses: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2014 – 2020’. According to the report, global demand for cold chain equipment market was valued at USD 67 billion in 2014 is expected to reach USD 118 billion in 2020 and is anticipated to grow at a CAGR of 9.8% between 2015 and 2020.
The cold chain is an unbroken supply chain which exclusively serves storage and distribution facilities with a temperature-controlled range to extend and to help ensure the shelflife of products like vaccines, drugs, and chemicals. In cold chain process, the cold chain equipment is a vital entity of the supply chain. The cold chain equipment and vaccine carriers ensure the safety, efficiency or quality of the products distributed or transported.
The global cold chain market is primarily driven by the increased need to reduce food wastage across the globe. Secondly, the rapid growth of frozen food segment is expected to drive the cold chain equipment market. However, high installation cost coupled with stringent government policies and regulation is expected to hinder the growth of cold chain equipment market. Nonetheless, increased demand for food in emerging countries is likely to open new avenues for cold chain equipment market in near future. Storage equipment segment dominated the cold chain equipment market in 2014, which accounted for more than 50.0% share of the global market. Storage equipment is followed by transport equipment segment of the market in 2014. Moreover, storage equipment is expected to continue this trend during the coming years due to growing need of storage equipment to fulfill the increasing demand for food coupled with strong demand for frozen food across the globe.
Based on the end-uses segment, the global cold chain equipment market was dominated by meat, fish, and seafood segment. It accounted over 35 % share of the entire revenue generated in 2014. Furthermore, it is also expected to remain to prolong segment owing to the robust demand for meat, fish, and seafood on the global basis. Moreover, dairy and frozen dessert is another important outlet that is expected to witness the significant growth in near future.
Asia Pacific is expected to be one of the fastest growing regional markets for cold chain equipment market within the forecast period. This market growth is expected to be driven by the increase in the deployment of cold chain management in India and China. Thus, the increased demand for cold chain logistics in emerging economies is one of the major trends that are expected to contribute to the growth of the global cold chain market during the years to come.