According to the report, global demand for cold chain equipment market was valued at USD 67.0 billion in 2014 is expected to reach USD 118.0 billion in 2020 and is anticipated to grow at a CAGR of 9.8% between 2015 and 2020.
The cold chain equipment is temperature-controlled systems that help store products and extend the shelf life such as a vaccine, chemicals, drugs, food, and others. The cold chain equipment is majorly supplied across the various regions across the globe. The cold chain equipment helps increase efficiency, quality, and safety of the cold storage product. As per this report, rising need for the cold chain equipment in the global market is valued to about USD 67.0 Billion in 2014. The global market is anticipated to reach USD 118.0 Billion in 2020, that is, growth at a CAGR of about 9.8% from 2015 to 2020.
The global cold chain equipment market is mainly propelled due to the rising demand for frozen products among the masses. In order to reduce the wastage of food, the cold chain units have been developed. However, the stringent government policies and regulations and the high cost of installation are expected to hinder the growth of the global market. The demand for food in the emerging regions opens up new horizons for the global cold chain market.
The global cold chain equipment market is bifurcated basically based on the product, end-user, and region. The product segment is divided into transport equipment and storage equipment. The end-user segment is categorized into vegetables and fruits; meat, fish, and seafood; bakery and confectionery; dairy and frozen desserts; and others. The regional segmentation includes Asia-Pacific, Europe, North America, and Rest of the World. The storage equipment is expected to dominate the global market followed by transport equipment.
The global cold chain equipment market is dominated by Asia-pacific region due to the increasing operation of the cold chain equipment in the regions such as India and China. The growth of this market on a global basis is mainly due to the rising demand for the cold chain logistics in the developing regions.
The key players dominating the global cold chain equipment market include A.B. Oxford Cold Storage, AmeriCold Logistics, Claus Sorensen, Preferred Freezer Services, Cloverleaf Cold Storage, Columbia Colstor, Lineage Logistics, Bring Frigoscandia AS, Swire Cold Storage, Burris Logistics, and ColdEX.
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Lately, the government has given the FMCG players including Amul, BigBasket, Haldiram Group, and the others the approval to set up their cold chain storage units. The set up of these units is going to help store the perishable fruits, vegetables, ready-to-eat food, and other farm products and prevent them spoilage during the transit to the respected consumers.