Global Cold chain logistics Market is Estimated to Reach $386 Billion by 2024, Says Accurize Market Research
Global cold chain logistics market report published by Accurize Market Research forecast that the global market is expected to reach $386 billion by 2024; growing at a CAGR of 14% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Growth in the organized retail & food service industry and growing export demand for processed and frozen food across the globe to drive the growth of the market
Growth in the organized retail & food service industry and growing export demand for processed and frozen foodfuels the demand for the global cold chain logisticsmarket. Moreover, adoption of multi-temperature refrigerator vehicles and increased export & import of various drugs and vaccines also boost the growth of the market.
The global cold chain logistics market has been bifurcated on the basis of end-use industry and geography. By end-use industry, the market is segmented into fruits & vegetables, dairy & frozen desserts, bakery & confectionary, meat, fish & sea food, drugs & pharmaceuticals and others.
By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers Germany, U.K., France, Italy and others. Asia-Pacific covers China, India, Japan, South Korea, Australia and others. RoW covers South America, Middle East and Africa.
“Meat, fish & sea food accounted for the largest market share in the end use segment", says Accurize
By end use segment, Meat, fish & sea food accounted for the largest market share of about 34%, owing to the high demand for frozen meat from several countries such as Saudi Arabia, China and India, in the year 2017, followed by fruits & vegetables with 28.4%.
“Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, Asia Pacific accounted for the largest market share of 32.8% and is likely to dominate the market with fastest CAGR during the forecast period, owing to growing disposable income, increasing presence of modern supermarkets & franchises, and establishment of Trans-Pacific Partnership trade agreements.
Top players in the market
The key market players include Burris Logistics, Nichirei Logistics Group Inc., Continental Air Cargo, FedEx Corporation, DHL International GmbH, World Courier, AGRO Merchants Group, C & M Cold Stores Ltd., Nordic Logistics and Warehousing, LLC. and VPA Logistics, among others.
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