Food Cold Chain Market Growth, Sales, Opportunities, Analysis and Forecast To 2024
Posted: Oct 17, 2020
A cold chain is a continuous temperature-controlled transport and storage supply chain system of refrigerated products which is designed to maintain the quality and safety of the perishable food products. Cold chain is gaining importance for reducing food loss and waste and has also been promoted by industry-focused organization such as International Institute of Refrigeration, the World Food Logistics Organization, and the Global Cold Chain Alliance.
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Cold chain includes the transportation of temperature-sensitive products across the supply chain with the help of thermal and refrigerated packaging methods and logistic planning to protect the quality of the perishable products. It requires the knowledge of chemical and biological process which is related to the perishability of the products.
Refrigerated storage is the fastest growing segment because of the increased need to reduce wastage of perishable foods. The market for refrigerated storage capacity has witnessed strong growth with a shift from food products just being stored in warehouses to providing additional services to the customers.
Technological advancements in the refrigerated transport segment have led to the increased focus on improved food safety, reduced food waste, energy consumption, and environmental impact, which has supported its growth in the food cold chain industry.
The competitive landscape for the food cold chain market demonstrates an inclination toward companies adopting strategies such as mergers and acquisitions, business expansion and contracts, partnerships, collaborations and joint ventures, and product launches. The major established players in the market are focusing on mergers and acquisitions to increase the customer base and enhance their business and regional products segment, whereas the relatively less adoptive strategies comprised various product developments. Lineage Logistics, Americold Logistics, Emergent Cold LLC, VersaCold Logistic Services, AGRO Merchants Group, Cloverleaf Cold Storage, Burris Logistics, Penske Logistics, and Nichirei Logistics are some of the prominent players in the food cold chain market. The food cold chain technologies market comprises major companies dealing with technologies such as cold storage, automated warehousing, post-centric warehousing, and temperature controlled technologies used in a wide range of applications such as dairy products, meat and seafood products, fruits and vegetables, and bakery product.
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The result of the emerging strategies and developments are already surging the market in the form of mergers and acquisition. The growing market of food cold chain has increased the involvement of companies across different segments of the value chain to enter into mergers and acquisition. Business expansion across the value chain of the food cold chain technologies also market presented a major move made by a large number of companies since March 2017. For instance, in April 2019, Americold Logistics acquired cloverleaf cold storage to boost its market share in the U.S. with the addition of 132 million cubic feet of storage space in 22 facilities.
Moreover, extensive R&D activities and appropriate regulatory environments are also a prerequisite for the sustained growth of this market. Various government and private research institutes, and favorable trade policies are putting in substantial efforts to identify the benefits of food cold chain for meet the global food production. The need for food cold chain products is necessary to bridge the demand and supply gap along with attaining sustainability in the production.
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