According to a recent report published by Allied Market Research (titled “Cold Chain Logistics Market”), the global cold chain logistics market which garnered $159.98 billion in 2018 is estimated to reach $585.10 billion by 2026. This entails a hefty CAGR of 17.9% from 2019 to 2026.
Surge in refrigerated warehouses, growth of processed food industry and pharmaceutical sector, and adoption of automated software would drive the growth of the cold chain logistics market. Based on type, the meat fish & sea food segment accounted for more than one-third of the total market share in 2018, and is expected to maintain its dominant position during the forecast period. This is due to significant rise in consumption of meat, fish, and sea food every year. However, the dairy & frozen desserts segment would grow at the fastest CAGR of 20.7% from 2019 to 2026, owing to rise in retail industry and rapid surge in demand for frozen food.
The report further maintains that Asia-Pacific, which held the major market share in 2018, accounting for nearly two-fifths of the total share, will sustain its leadership position during the forecast period. This is attributed to rise of pharmaceutical sector in this region. However, LAMEA is estimated to register the fastest CAGR of 22.0% from 2019 to 2026, owing to the growth of the processed food industry in the region.