New York, USA: The UK cold chain logistics market is forecast to grow from $4.55bn in 2018 to reach $24.37bn by 2026, according to a new report by Allied Market Research.
That represents 23.6% growth from 2019 to 2026. The meat, fish, and sea food segment accounted for the highest share in 2018 and is anticipated to exhibit remarkable growth during the forecast period, the report says.
The report, available from ReportLinker, says an increase in the number of refrigerated warehouses and development of the pharmaceutical sector are expected to drive the growth of the UK cold chain logistics market. However, factors such as lack of standardisation pertaining to operating procedures, security, temperature, pest control, and others and high operational cost restrains the market growth.
Availability of RFID technologies for cold chain applications and adoption of automated software for cold chain logistics are projected to offer lucrative growth opportunity for the market players.
The report segments the UK market on the basis of end users, categorised into fruit and vegetables; bakery and confectionary; dairy and frozen desserts; meat, fish, and sea food; drugs and pharmaceuticals; and others.
The key players including AGRO Merchants Group, Bring Logistics UK, Chiltern Cold Storage Group, Ice Co Storage & Logistics, Kerry Logistics Network, Lineage Logistics, NewCold, Nichirei Logistics, Seafast Group, and others are studied in the report.
Around 6.1% of grocery sales in the UK are online, which in turn propels the growth of the cold chain logistics. Thus, increase in number of refrigerated warehouses to maintain the integrity of grocery sold online is expected to boost the growth of the market.
The healthcare logistics industry is witnessing significant growth due to rise in need for temperature-controlled logistics of pharmaceutical products and medical devices; thereby, boosting the market growth.
The increases needed for effective cold chain logistics services to maintain the quality of pharmaceutical products will propel UK cold chain logistics. In addition, government in the UK is also taking initiatives to boost the adoption of temperature-controlled warehousing and transportation for pharmaceuticals products.
Mike Thompson, chief executive of the Association of the British Pharmaceutical Industry, has asked the UK government to build more cold-chain storages as pharmaceutical products such as biologics, vaccines, insulin, and others require cold storage.
Growth in the pharmaceutical sector is anticipated to propel the growth of the cold chain logistics market in the UK. Cold chain logistics and storage industry is witnessing significant growth due to increase in demand from various sources with specific needs. However, lack of standards and accreditations pose significant challenges for the cold chain industry, where quality and flexibility of available cold warehousing space is a major concern.
In many cases, companies need to invest more to upgrade space and specifications compatible to standards that support the individual industry segment. However, the standards formulated by policymakers put pressure on developers, as upgrading facilities, in terms of temperature compliance or accommodating automated equipment, is not easy.
Training and development of manpower on technology and handling products all involve heavy capital investment. This, and lack of standardisation in cold chain logistics, is anticipated to hamper the growth of the UK market.
The report
• This study presents the analytical depiction of the UK cold chain logistics market analysis along with the current trends and future estimations to depict the imminent investment pockets.
• The overall market opportunity is determined by understanding the profitable trends to gain a stronger foothold.
• The report presents information related to the key drivers, restraints, and opportunities of the UK cold chain logistics market with a detailed impact analysis.
• The current cold chain logistics trends in UK market trends is quantitatively analysed from 2019 to 2026 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Read the full report: https://www.reportlinker.com/p05824867/?utm_source=GNW
