The global cold chain market is expected to grow by USD 230.29 billion during 2020-2024, according to the new report from Technavio. This marks a significant market slowdown compared to the 2020 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 17%.
The cold chain market is driven using RFID in cold chain logistics. In addition, the increasing number of trade corridors is anticipated to boost the growth of the Cold Chain Market, the report shows.
The standard RFID tracking and tracing support the planning and fast decision-making. The cold chain RFID system includes a tag, a sensor, and a reader, which communicate through radio transmission. RFID devices provide more accurate reading without opening the package. RFID derives can be placed in cold storage transport vehicles which will help enterprises to monitor the environment temperature on the go. Also, it helps in managing the temperature inside the vehicle. These data help enterprises to take necessary steps regarding quality control and efficient distribution of products. Hence, the use of RFID will drive the growth of the global cold chain market during the forecast period.