The global cold chain market was estimated at USD247.9bn in 2020 and is projected to reach a revised size of USD407.2bn by 2027, growing at a CAGR of 7.3% over the analysis period, according to a new report by Global Industry Analysts.
Frozen, one of the segments analyzed in the report, is projected to record 7.6% CAGR and reach USD287bn by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Chilled segment is readjusted to a revised 6.8% CAGR for the next 7-year period.
The Cold Chain market in the US is estimated to have stood at USD72.5bn in the year 2020. China, the world’s second largest economy, is forecast to reach a projected market size of USD71.4bn by the year 2027 trailing a CAGR of 6.9% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.9% and 5.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 5.9% CAGR.