Rising concern regarding food loses and increasing perishable food trade on account of globalization is expected to drive global cold chain market over the forecast period. Increasing frozen food demand, growing fast food industry, shift in consumer preferences and increasing government support to improve food storage capacities in emerging markets of China and India are expected to fuel the global cold chain market. Increasing need to address food wastage problem is also anticipated to increase the product demand. Unavailability of continuous power supply coupled with infrastructural backwardness in developing countries is expected to pose challenges to the market growth over the forecast period. Increasing demand for meat and poultry products and other perishable products is also expected to drive the market over the forecast period.
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Market participants are expected to face challenges in terms of infrastructure, energy & maintenance costs which in turn is expected to hinder the market growth. Increasing operational cost due to rising demand of green packaging of products is also expected to hamper the market growth over the forecast period. Logistical constraints in accessing remote areas are anticipated to hinder the global cold chain market development. Environmental concerns regarding greenhouse gas emissions during refrigeration are also expected to negatively impact the market.
North America emerged as the leading market on account of high processed & ready-to-eat food demand. Advancements in logistics and storage technologies are the major factors driving the North America market growth. Asia Pacific is expected to hold immense growth potential over the forecast. Increasing food demand coupled with government support towards food storage capacity expansions in China and India are expected to propel the market growth in the region. Growing fast food industry in Asia Pacific region is expected to further augment market growth over next six years.
Key trends observed among the market players include investment and expansion in emerging economies of Asia Pacific and Latin America in order to cater to the growing demand. Major market players are getting involved in mergers and acquisitions, so as to reduce their overall cost of production. Implementation of renewable technology is also expected to increase opportunities for the industry players. Some of the major companies operating in global cold chain market include Lineage Logistics, AmeriCold Logistics, Preferred Freezer Services, Nichirei Logistics Group, Inc. and Swire Cold Storage Pty among others.
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