An in-depth analysis of the growth rate, industry status and forecast of the cold chain logistics market in the Asia-Pacific region.
FREMONT, CA: The global market for cold chain logistics is anticipated to reach US$696.5 billion by 2030, expanding at a compound annual growth rate (CAGR) of 15.1 per cent between 2022 and 2030. The market for cold chain logistics will advance due to the rising demand for cold chain logistics to keep fresh agricultural items, manufactured food, and medicinal vaccines. Transporting perishable goods and food products is made more accessible by cold chain logistics. Additionally, it ensures that the product will be tasty and fresh. However, the industry will experience rapid expansion because of the rising need for innovative medications and fresh produce.
The advantages of cold chain logistics, including the capacity to maximise inventory accuracy, cost-effective operations, shorter cycle times, improved supply chain efficiency, and extended shelf life, will support market expansion. The number of food producers, commissaries, and cold storage facilities is increasing, accelerating market growth.
Additionally, the increasing number of supermarkets, grocers, and convenience stores will help the cold storage logistics market during the forecast. The cold storage logistics market is poised for expansion, owing to the ongoing trend of urbanisation and an increasing consumer demand for frozen food products.
Regional Growth
The market for cold chain logistics in Asia-Pacific is anticipated to expand at the fastest rate. It results from rising demand for medications, processed foods, and frozen foods. Due to its expanding pharmaceutical and healthcare centres, Japan is also anticipated to have the largest market share. The rising demand for innovative medications and the population's rising disposable income further expand the regional market. Moreover, expanding supermarkets and retail stores will also support industry growth.
Global market success will likely inspire novel corporate goals and competitive advantages. The research provides a comprehensive look at the industry landscape, product details, and applications, providing helpful field insights. It examines each region's and market participant's contributions to the sector, illuminating import/export data, consumer demand, manufacturing capability, and pricing dynamics.
A noteworthy aspect is that many well-known cold chain logistics companies unintentionally hasten their demise by pursuing consolidation techniques meant to increase profitability and cut expenses. Developing novel ideas and goods has lost importance in the cold chain logistics industry. Instead, it has accepted small-scale innovation within the confines of its current product lines, with most innovation initiatives geared toward maintaining or barely extending current company operations. In addition, the industry is investigating potential replacements for natural gas, such as biogas, hydrogen, and electric heating.
The Cold Chain Logistics field witnessed a significant surge in its workforce. The sector's employment numbers exceeded those before the COVID-19 pandemic, with an impressive increase of over 15,000 employees. The worldwide Cold Chain Logistics output also experienced a notable uptick of 5.2 per cent, fueled by the global economic recovery and a sharp rise in demand for various goods. However, there was a downturn in global industrial production. Shifts influenced this decline in consumer spending behaviours and substantial fiscal stimulus measures.
