The global cold chain logistics industry has accounted for USD202.16bn in 2020 and is expected to reach USD782.27bn by 2030, growing at a CAGR of 14.6% from 2021 to 2030.
According to a report by Allied Market Research, the rise in refrigerated warehouses and the growth of the processed food sector and pharmaceutical sector have boosted the growth of the global cold chain logistics market. However, lack of standardization and high operational cost hinder the market growth. On the contrary, RFID technologies for cold chain applications and the adoption of automated software would open new opportunities in the future.
By end-user industry, the fruits & vegetable segment held the largest share in 2021, accounting for more than one-fourth of the global cold chain logistics market, owing to the rise in transportation of food & vegetables across different countries in temperature-controlled containers. However, the drugs & pharmaceuticals segment is estimated to register the highest CAGR of 17.7% during the forecast period, due to increased developments carried in the medical & healthcare industry.
By region, the market across Europe, followed by North America, is anticipated to showcase the highest CAGR of 15.7% during the forecast period, owing to a rise in demand for cold chain-based products across the region. However, the global cold chain logistics market across Asia-Pacific dominated in 2021, accounting for nearly two-fifths of the market, owing to the rise in presence of numerous service vendors operating across the region, the report shows.