Cold Chain Market worth $372.0 billion by 2029 - Exclusive Report by MarketsandMarkets™

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in various cuisines through social media channels has sparked a newfound fascination in Asian countries, where traditionally these dairy products held less prominence. In 2022, China experienced a 7% increase in butter imports, driven mainly by increased demand from the bakery industry, according to the FAO. This cultural exchange fueled by digital platforms propels the demand for perishable goods, necessitating efficient cold chain logistics to ensure freshness and quality during transportation.

Consumer demand for fresh products year-round has intensified, requiring suppliers to invest in maintaining product integrity during transit. Stringent regulations on food safety and pharmaceutical quality further drive the need for robust cold chain infrastructure. Advancements in technology, such as IoT-enabled monitoring systems and blockchain traceability, enhance efficiency and reliability in cold chain logistics. Overall, the complexity and volume of international trade, combined with evolving consumer preferences and regulatory standards, have fueled the demand for cold chain solutions globally.

The refrigerated LCV  segment, among  refrigerated road transportation type is poised for remarkable growth with the highest projected CAGR in the upcoming forecast period.

The versatility and agility of refrigerated LCVs make them ideal for navigating through urban areas and reaching smaller distribution points, thereby offering enhanced accessibility to a wider range of customers. Additionally, the lower operational costs associated with LCVs, including fuel consumption and maintenance expenses, render them more economically viable for businesses operating within the cold chain sector.

Moreover, the increasing emphasis on sustainability and environmental concerns has prompted a shift towards smaller, more fuel-efficient vehicles like LCVs, aligning with the industry's efforts to reduce carbon emissions and minimize ecological impact.

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India is poised to witness the fastest growth within the Asia Pacific cold chain market during the forecast period.

India stands as a significant producer and consumer of dairy products, particularly milk and curd. With a burgeoning population and a cultural inclination towards dairy consumption, the demand for efficient cold chain logistics to maintain product integrity from farm to table is imperative. As per a May 2023 report from Slurrp, India boasts a significantly higher milk consumption rate compared to the global average, with nearly half of its population (48.1%) regularly consuming milk or curd. The increasing demand for dairy products in India can be linked to its fast urbanization and improving living standards. India's daily milk consumption stands at 427 g, well above the global average of 305 g.

Moreover, India's rapid industrialization has spurred the growth of various sectors, including pharmaceuticals, processed food, and agriculture. These industries heavily rely on cold chain solutions to preserve the quality and safety of their products. Additionally, the proliferation of Quick Service Restaurants (QSRs) and the changing dietary habits of the urban populace have fueled the demand for frozen and chilled food products. As per a report from the credit rating agency ICRA, the Indian Quick Service Restaurant (QSR) sector is projected to experience growth ranging between 20% to 25% during the fiscal year 2024.This surge in demand necessitates robust cold chain systems to ensure the seamless delivery of perishable goods, thereby propelling the expansion of the cold chain market in India.

The key players in the market are Americold Logistics, Inc. (US), Lineage, Inc. (US), NICHIREI CORPORATION (Japan), Burris Logistics (US), A.P. Moller - Maersk (Denmark), Tippmann Group (US), Coldman Logistics Pvt.Ltd. (India), and United States Cold Storage (US).

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Browse Adjacent Reports @ Food and Beverage Market Research Reports & Consulting

Related Reports:

Refrigerated Transport Market by Mode of Transport (Road, Sea, Rail & Air), Application (Chilled food & Frozen food), Vehicle Type (LCV, MHCV & HCV), Temperature (Single & Multi-temperature), Technology and Region - Global Forecast to 2027

Refrigerated Warehousing Market by Technology (Blast Freezing, Vapor Compression, PLC, Evaporative Cooling), Temperature (Chilled, Frozen), Application (Fruits & Vegetables, Bakery, Dairy, Meat, Seafood, Beverages), and Region - Global Forecast to 2022

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