The cold chain market applicable to perishable foods is projected to grow at a CAGR of 15.6% from 2014 to 2019, according to a report by RNR Market Research.
The refrigerated transport market in the cold chain is projected to grow at a considerable rate in Europe and North America, due to increase in the trade of perishable foods among countries. Technologically-abled transport systems which maintain these temperature-sensitive products & refrigerated storage facilities are expanding in emerging countries such as India, China, and Japan as the need to reduce food loss increases in these markets.
The dairy & frozen desserts segment is the fastest-growing perishable food. It is projected to grow due to the increase in demand in the European and Asia- Pacific region.
The fruits & vegetables and Fish, meat & seafood application is also projected to grow at a considerable rate due to the increased need to preserve nutritious content and reduce spoilage of fruits & vegetables, rapid urbanization and increased spending power in emerging nations. In North America and Europe increasing number of consumers are becoming more health conscious, hence increase in consumption of perishable foods.
The cold chain market was dominated by the North American region in 2013 and significant growth opportunities are forecasted in the Asia-Pacific region in the next five years. The market includes applications such as fruits & vegetables, bakery & confectionery, dairy & frozen desserts, fish, meat & seafood. The meat, fish & seafood segment is the largest application, in terms of value, followed by dairy & frozen foods and fruits & vegetables.
The key (3PL) players identified in the cold chain industry are AmeriCold Logistics(U.S.), Lineage Logistics (U.S.), Swire Cold Storage Pty (Australia), Preferred Freezer Services (U.S.), and Nichirei Logistics Group, Inc.(Japan).