Cold Chain Market Is Booming Worldwide



 The global cold chain market size is estimated to reach USD 628.26 billion by 2028, according to a new study by Grand View Research, Inc., registering a CAGR of 14.8% from 2021 to 2028. Technological advancements in the packaging, processing, and storage of seafood products are expected to drive the market over the forecast period. Cold chain solutions have become an integral part of Supply Chain Management (SCM) for the transportation and storage of temperature-sensitive products. Increasing trade of perishable products is anticipated to drive product demand over the forecast period.

Adoption of environmental audit systems, such as Leadership in Energy and Environmental Design (LEED) or Building Research Establishment Environmental Assessment Method (BREEAM), can evaluate designs at an initial stage. Thus, the operational performance of completed buildings can be assessed through these audit systems. Temperature-controlled warehouses are highly energy-sensitive as they incorporate refrigeration and ventilation systems that require high power consumption. However, better designs can reduce power consumption and can help build net-zero energy warehouses.

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Intelligent warehouse automation and control systems are one of the factors assisting buildings to achieve net-zero energy to become self-sustainable. Less energy consumption notably lowers operating expenditure, eventually contributing to the protection of ecology and climate. In terms of revenue, North America is anticipated to be the largest regional market by 2028. Mexico is expected to have exponential growth over the forecast period owing to the rising investments for the development of logistics infrastructure and increasing penetration of the Warehouse Management System (WMS).

Cold Chain Market Report Highlights:

·         Due to a shift in focus from increasing productivity to providing better transport and storage facilities, the market has gained prominence in developing countries, such as China and India

·         Cold chain monitoring, smart packaging, sample lifecycle management, men and material tracking, and connected equipment are among IoT applications of key importance for the pharmaceuticals industry

·         Radio Frequency Identification (RFID)-enabled supply chain provides higher efficiency and has opened up new growth opportunities by offering product-level visibility

·         Globalization and rising number of pharmaceutical and food safety counterfeit incidents have compelled governments to tighten regulations pertaining to production and supply

·         The Government of India remains keen on supporting the development of the cold chain industry and is encouraging private participation by launching subsidy schemes and offering grants

 

Key Companies & Market Share Insights:

Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. Vendors have adopted Hazard Analysis and Critical Control Points (HACCP) and RFID technologies to improve efficiency with a decreased size of shipments. In addition, they are increasing their multi-compartment refrigerated vehicle fleets to provide additional services to customers. Some of the key companies in the global cold chain market are Agro Merchant Group (U.S.), Nordic Logistics and Warehousing, LLC (U.S.), Preferred Freezer Services, LLC (U.S.), Cold Chain Technologies, Inc. (U.S.), Cryopack Industries, Inc. (U.S.), Creopack (Canada), Cold Box Express, Inc. (U.S.)

Browse Full Report (Tables & Figures) @ https://www.grandviewresearch.com/industry-analysis/cold-chain-market

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