New York, USA: The global cold chain market is expected to grow 12.3% from $239.67bn in 2021 to $269.1bn in 2022.
Longer term, the market is expected to grow by 8.7% to $376.06bn in 2026, according to a report, Cold Chain Global Market Report 2022 by the Business Research Company and available on Reportlinker.
Growing consumer demand for perishable foods contributed to the growth of the cold chain market in the historic period. The demand for perishable foods such as dairy products, fruits, vegetables, and meat is growing with the increasing urban population and changes in the eating habits of the populace.
Developing markets in the Asia Pacific and Latin America are observing high demand for perishable food products, the report notes.
According to National Centre for Coldchain Development, India has added about a million tons of cold storage capacity over the last three years and reached a total of 36.7 million tons in 2019. This can be connected to urbanisation, changing tastes and decisions, and the rising disposable income of consumers in these countries. Thus, growing consumer demand for perishable foods supported the cold chain market.
The high operational costs for the cold chains could act as a restraint for the market in the forecast period.The operating costs include energy costs for electricity, real-estate costs, labor costs, and others.
According to the Global Cold Chain Alliance, labour accounted for the largest share of expenses, at 46% in the North American refrigerated coldstore market. The high operational costs could hamper R&D expenditure by companies, affecting the cold chain market in the forecast period, the report says.
