Cold chain products such as refrigerators, freezers, and temperature-controlled transport systems offer efficient temperature-controlled transportation of temperature sensitive products such as pharmaceuticals, vaccines, and perishable food products. This aids in minimizing product damage during transit and enhances product shelf life. Rising demand for temperature sensitive drugs and food items is expected to drive the growth of the cold chain market over the forecast period.
The global Cold Chain Market is estimated to be valued at US$ 270.08 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the cold chain market is majorly driven by enabling efficient transportation of temperature sensitive pharmaceutical and food products. Cold chain infrastructure facilitates in maintaining precise temperature control during transportation of products that require specific temperature ranges like fruits, vegetables, fish, meat, and pharmaceutical drugs. This prevents product damage and spoilage, while also extending shelf life. Rising demand for perishable food items and pharmaceutical drugs globally is augmenting establishment of advanced cold chain facilities. Expanding cold chain networks by market players to ensure timely delivery is augmenting market growth. However, high installation and operational costs associated with cold chain infrastructure could hinder market expansion.
Segment Analysis
The global cold chain market is dominated by the pharmaceutical segment. The pharmaceutical segment accounts for over 50% of the total cold chain market share due to strict temperature control requirements for storing and transporting drugs, biologics, and vaccines. Most pharmaceutical products need to be stored and transported within a specific temperature range to maintain their efficacy and shelf life. Any temperature excursion can potentially reduce a drug's potency or even lead to failure. This makes temperature control critical for the pharmaceutical industry.
Key Takeaways
The global Cold Chain Market Share is expected to witness high growth over the forecast period 2023 to 2030. The market size is projected to reach US$ 270.08 Mn in 2024, growing at a CAGR of 7.3% during the forecast period.
Regional analysis: The cold chain market in Asia Pacific is expected to witness the fastest growth over the next few years. Rapid economic development, rising healthcare awareness, increasing exports of pharmaceuticals and food products are some key factors augmenting the demand for cold chain logistics in the region. Countries such as China, India, and Japan are emerging as major markets for cold chain solutions. India is a dominating market in Asia Pacific owing to the rapid expansion of pharmaceutical and food sectors.
Key players operating in the cold chain market are Novo Nordisk A/S, Pfizer, Inc., Eli Lilly and Company, Changchun GeneScience Pharmaceutical Co., Ltd., Sandoz International GmbH, Ipsen Pharma, LG Chem, Merck KGaA, Genentech, Inc., Ferring B.V., AnkeBio Co., Ltd, Reliance Life Sciences, JCR Pharmaceuticals Co., Ltd, Zhongshan Sinobioway Hygene Biomedicine Co., Ltd and USV Private Limited.
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