The new cold chain market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Cold Chain Market by Type, Application, and Geography – Forecast and Analysis 2020-2024 (Graphic: Business Wire).
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“One of the primary growth drivers for this market is the use of RFID in cold chain logistics,” says a senior analyst for Industrials at Technavio. The use of RFID in cold chain logistics tracking and tracing helps enterprises to improve logistics operations and keep track of the products. This improves the overall operational efficiency of enterprises, which is crucial in driving the market growth. As the markets recover Technavio expects the cold chain market size to grow by USD 230.29 billion during the period 2020-2024.
Cold Chain Market Segment Highlights for 2020
- The cold chain market is expected to post a year-over-year growth rate of 15.10%.
- Based on the type, the market saw maximum growth in the refrigerated warehouse segment. The growth of this segment is driven by the increasing need to preserve food products and reduce food wastage.
- The market growth in the segment will be significant over the forecast period.
Regional Analysis
- 34% of the growth will originate from the APAC region.
- Factors such as rising disposable incomes, expanding geriatric population, and increasing healthcare expenditure are fostering the growth of the market in APAC.
- China and India are the key markets for cold chain in APAC.
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Related Reports on Industrials Include:
Global Cold Chain Logistics Market for Pharmaceuticals Industry – Global cold chain logistics market for the pharmaceutical industry: segmentation by service (warehousing and VAS and transportation) and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report
Global Connected Logistics Market – Global connected logistics market segmentation by type (software services, IT services, and hardware devices) and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report
Notes:
- The cold chain market size is expected to accelerate at a CAGR of almost 17% during the forecast period.
- The cold chain market is segmented by Type (Refrigerated warehouse and Refrigerated transportation), Application (Meat, fish, and seafood, Dairy and frozen desserts, Fruits, vegetables, and beverages, Bakery and confectionery, and Healthcare), and Geography (North America, Europe, APAC, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including AGRO Merchants Group, Americold Realty Trust, Deutsche Post DHL Group, John Swire & Sons Ltd., Kloosterboer, Knight-Swift Transportation Holdings Inc., Lineage Logistics LLC, NewCold Coöperatief UA, Nichirei Corp., and United Parcel Service Inc.
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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 17,000 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.
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