Cold chain logistics market is segmented by application type and geography.
Portland, OR -- (SBWIRE) -- 02/15/2018 -- Cold Chain Logistics Market by Allied Market Research projects that the global cold chain logistics market is expected to garner $426,275 million by 2022, growing at a CAGR of 16% (2016 to 2022). Asia-Pacific is expected to grow at the fastest pace during the forecast period and account for around 42% of the overall cold chain logistics market share by 2022. The growth would be supplemented by the upsurge in organized retail in the developing economies.
Growth of international trade for perishable processed food, changing consumption pattern for perishable food, and government support toward infrastructure development for the cold chain sector are some of the factors expected to drive the cold chain logistics market in coming years. Cold chain logistics market in the developing economies is still evolving; market is not well organized and is operating under capacity. Due to current demandsupply gap in the market, the fragmented cold chain logistics market offers lucrative business opportunities for the new entrants.
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Based on application type the, cold chain logistics market is segmented into fruits & vegetables, bakery & confectionary, dairy & frozen desserts, meat, fish & sea food, drugs & pharmaceuticals, and others. Among all applications types, meat, fish & sea food segment generated the highest revenue, accounting for and accounted for around 35% of the cold chain logistics market revenue in 2015. However, drugs & pharmaceuticals segment is expected to witness fastest growth during the forecast period.
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Around 59% of the companies analyzed during research adopted mergers and acquisition as their strategies to gain competitive advantage. In an effort to gain expertise in the field of cold chain logistics, companies are enhancing their market reach. For instance, in 2016 United States Cold Storage, Inc. (U.S.) completed the purchase of the warehouse and assets of CFC Logistics Inc. from Clemens Food Group.
Cold Chain Logistics Market Key Market Segments:
-Fruits & Vegetables
-Bakery & Confectionary
-Dairy & Frozen Desserts
-Meat, Fish & Sea Food
-Drugs & Pharmaceuticals