The global market for cold chain for the food industry is gaining traction owing to the rise in import and export activities, the increase in the number of initiatives being taken by the government and the growing need for cold storage and transport facilities. These were the findings of a recent report by Transparency Market Research.
Rising trade leading to capital investments
The increasing activities of import and export have resulted in several capital investments by the major players. This is anticipated to encourage the growth of the global cold chain market for the food industry in the next few years.
On the flip side, the lack of funds and the underdeveloped cold chain infrastructure in several developing economies is projected to restrict the growth of the global market in the next few years. Nonetheless, the rising number of players operating in the market is estimated to offer promising growth opportunities for the market players in the next few years.
Focus on developing countries
The report said that a tremendous rise in the demand for food across the globe had been supporting the growth of the overall food industry. The rising need to transport food from one place to another had resulted in a high demand for cold storage in the last few years.
“Thus, the cold chain market for the food industry is projected to grow at a healthy growth rate in the coming few years. The key players in the market are projected to focus on the developing nations, who are estimated to hold immense growth potential in the next few years,” it added.
North America registering high growth rate
The global market for cold chain for the food industry has been classified on the basis of geography into Latin America, North America, the Middle-East and Africa, Europe and Asia Pacific.
In the last few years, North America held a large share of the global market, and is likely to remain in the similar position in the next few years. The strong growth of this region can be attributed to the rising demand for frozen and chilled foods.
In addition to this, the increasing trade activities is another major factor that is projected to accelerate the growth of the cold chain market food industry in North America in the next few years. On the other hand, Asia Pacific is anticipated to register a healthy growth rate in the next few years.
The global market for cold chain for the food industry is developing at a high rate and is predicted to witness a high level of competition in the next few years.
The estimated rise in the number of players, which are projected to enter the global cold chain market for the food industry, is predicted to enhance the growth of the market in the next few years.
Some of the key players that are operating in the cold chain market for food industry across the globe are Kuehne and Nagel International AG, FedEx Corporation, World Courier, DHL International GmbH, and Continental Air Cargo.
These players are focusing on research and development (R&D) activities in order to enhance their market penetration in the next few years.
