Cold chains include logistics planning to maintain the temperature at which perishable food products are stored through refrigeration or thermal packing. This increases product life and helps maintain its standard quality for a longer duration. It preserves the physical and biochemical properties of fresh agricultural products, meat & poultry, seafood, and frozen food, among others.
The growing consumer demand for perishable products and awareness about the importance of consuming perishable products such as milk, meat, fruits, and others are expected to drive the growth of the cold chain market. Also, developing countries in Asia-Pacific and Latin America are witnessing high demand for perishable food products. According to National Centre for Cold-chain Development, India has added about a million tons of cold storage capacity over the last three years and reached a total of 36.7 million tons in 2019. This can be connected to urbanization, changing tastes and decisions, and the increasing disposable income of consumers in these countries. Thus, growing consumer demand for perishable foods supported the cold chain market.
Moreover, the cold chain market will be driven by favorable government initiatives, technological advancements in refrigerated storage, and the increasing number of middle-class income group consumers in developing countries. For instance, according to the India Brand Equity Foundation (2021), in India, new initiatives such as a planned infrastructure investment of around INR 100 lakh crore is expected to boost the rural economy, making the food processing sector on a high growth trajectory, which, in turn, is poised to increase the demand for cold chains.
In addition, implementing technology in the cold chain delivers modern warehouse management by using modern heavy-duty refrigeration systems that help maintain proper temperature during transportation & storage of goods. The adoption of innovative IoT-based automated software for cold chain management provides live data to operators, thus allowing unmatched visibility into every process and transaction within cold chain logistics. Operators can connect intermodal shipping containers, cargo, vessels, and trailers with enterprise IT systems via sensors, GPS, mobile networks, and cloud-based platforms. Thus, all these factors are expected to boost the global cold-chain market, which, in turn, is poised to drive the demand for the frozen food market in the coming years.
The frozen food market is expected to grow at a CAGR of 5.2% in the next seven years to be valued at $408.05 billion by 2029, according to the latest publication of Meticulous Research®.
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