The cold chain market refers to the infrastructure and processes used to ensure the quality and safety of temperature-sensitive products throughout the supply chain. This is particularly crucial for industries such as pharmaceuticals, food and beverages, and chemicals, where maintaining specific temperature conditions is vital. The cold chain industry encompasses the entire ecosystem of temperature-controlled logistics, and efficient cold storage facilities are essential for ensuring the integrity of the cold chain. Cold chain storage is a fundamental component of the broader cold chain market. The global cold chain market value is anticipated to grow at a CAGR of 9.0%, reaching $278.2 billion in 2023 and $428.4 billion by the end of 2028.

Key components of the cold chain include cold chain storage, refrigerated storage, transportation, and monitoring systems. Here are some key points about the cold chain market:

Pharmaceuticals: The pharmaceutical industry heavily relies on the cold chain to transport and store vaccines, biologics, and other temperature-sensitive medications. This has become especially important with the distribution of COVID-19 vaccines.

Food and Beverages: Perishable goods, including fresh produce, dairy products, and frozen foods, require a controlled temperature environment to prevent spoilage and maintain quality.

Technological Advances: The cold chain market has seen advancements in technology, such as temperature-monitoring devices, RFID (Radio-Frequency Identification) systems, and data analytics, to ensure real-time tracking and traceability.

Regulatory Compliance: Strict regulations and standards, especially in the pharmaceutical and food industries, drive the need for compliance with temperature control measures to guarantee product safety and efficacy.

Emerging Markets: With the globalization of supply chains, there is an increasing demand for cold chain solutions in emerging markets, where infrastructure development is a key focus.

Environmental Concerns: There is a growing emphasis on environmentally friendly and energy-efficient cold chain solutions to reduce the environmental impact of temperature-controlled logistics.

E-commerce and Cold Chain: The rise of online grocery shopping and e-commerce has further emphasized the importance of efficient cold chain logistics for the timely and safe delivery of perishable goods.

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Market driver: Increasing need for temperature control to prevent food loss and potential health hazards

Food security, food safety, economic and environmental sustainability, and minimal food waste are major focus areas in the food industry. Food loss and waste are caused due to various reasons. For instance, perishable products are often exposed to fluctuating temperatures during transit and handling, which results in food spoilage and wastage. To overcome this, the demand for refrigerated storage and transportation services has increased across the globe. According to UNEP 2021, an estimated 17% of total food produced for human consumption is wasted, costing the world economy USD 936 billion each year. Food loss is caused by the absence of cold chains during food processing, packaging, distribution, and consumption. According to the International Institute of Refrigeration 2021, a lack of proper refrigeration directly led in a loss of 526 million tons of food production, or 12% of total global production.

This is enough to feed an estimated 1 billion people in a world where 811 million people are hungry and 3 billion cannot afford a nutritious diet. According to the Food and Agriculture Organization (FAO) 2021, India is one of the world’s largest food producers and has a lot of food produced in the country to meet its food requirements, but because of the fragmented and unorganized supply chain, storage, and logistics, gives an inadequate food distribution system. Each year, over USD 14 billion in crops are wasted owing to inefficient cold chain and disorganized logistics. According to a 2021 study on All India Cold Chain Infrastructure Capacity (Assessment of Status & Gap) conducted by NABARD Consultancy Services Pvt. Ltd. (NABCONS) for the National Centre for Cold Chain Development (NCCD) under the Department of Agriculture, Cooperation, and Farmers Welfare in the Ministry of Agriculture & Farmers Welfare, the country’s requirement for cold storage is 35 million MT, while the capacity for such storage is around 32 million MT. According to Colliers’ newest report, opportunities in Indian cold chain assets, India’s cold storage capacity is expected to reach 40.7 million metric tons by 2023, up 8.2% from 2020.

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The e-commerce industry is growing rapidly in the Asia Pacific region, which is driving the demand for cold chain logistics for the last-mile delivery of temperature-sensitive products, such as fresh food, pharmaceuticals, and other products. Governments in the Asia Pacific region are investing in the development of cold chain infrastructure to support the growth of the food and pharmaceutical industries. For instance, the Indian government has launched the Pradhan Mantri Kisan Sampada Yojana to create modern infrastructure for the food processing industry, which includes cold chain logistics. The growing demand for food products, increasing urbanization, rising e-commerce industry, government initiatives, and focus on sustainability are driving the growth of the cold chain market in the Asia Pacific region.