LONDON--(BUSINESS WIRE)--The global cold chain market is expected to post a CAGR of close to 15% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global cold chain market size is the increasing number of trade corridors. Various countries are investing in trade corridors for easy transportation of commodities and goods. The integration of trade corridors in transport networks provides economic benefits and supports development in the form of economic growth, more jobs, reduced poverty, and economic resilience. These economic corridors are increasingly being used by enterprises to transport perishable, temperature-sensitive products such as vegetables, fruits, and fish across borders. As the cold chain is highly used in the transportation of these products, the increase in the number of trade corridors will drive the demand for refrigerated transportation.
As per Technavio, the use of IoT with cold chain will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global cold chain market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Cold Chain Market: Use of IoT with Cold Chain
The Internet of Things (IoT) solution is increasingly being integrated into the cold chain to increase the effectiveness and efficiency of supply chain for products such as fruits, meat, and medicines. The integration of IoT in the cold chain helps enterprises connect with every step of their logistics process. IoT also helps enterprises to change and monitor temperature settings in the vehicle or warehouse remotely. Thus, the use of IoT with cold chain will be a key trend in the cold chain market during the forecast period.
“Apart from the use of IoT with cold chain, other factors such as the use of automated storage and retrieval system (AS/RS), and the growing number of M&A activities will have a significant impact on the growth of the cold chain market value during the forecast period,” says a senior analyst at Technavio.
Global Cold Chain Market: Segmentation Analysis
This market research report segments the global cold chain market worth by type (refrigerated warehouse, and refrigerated transportation), application (meat, fish, and seafood; dairy and frozen desserts; fruits, vegetables, and beverages cold; bakery and confectionery; and healthcare) and geographic regions (North America, Europe, APAC, South America, and MEA).
The North American region led the cold chain market in 2018, followed by Europe, APAC, South America, and MEA respectively. However, the APAC region is expected to witness maximum growth during the forecast period, owing to the large presence of both food and healthcare product suppliers and consumers.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
