Cold chain technology involves thermal and refrigerated packaging methods and specialized equipment to maintain temperatures throughout the supply chain. This keeps food, pharmaceuticals and other heat-sensitive products safe, secure and viable for consumption. Growing demand for temperature-sensitive commodities and strict regulations regarding storage and distribution has led to continuous innovation and automation across cold chain operations. Advancements in materials and equipment have enabled compact and energy-efficient temperature-controlled containers and transport vehicles. Cloud-based solutions and IoT sensors provide real-time tracking capabilities to help maintain consistent temperature conditions. The global Cold Chain Market is estimated to be valued at US$ 270.8 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The expanding healthcare and pharmaceutical sectors are majorly driving growth of the cold chain market. Several biologics and vaccines require thermal-controlled supply chains, necessitating increased investments in specialized refrigerated transportation and storage facilities. Major players are focusing on innovative packaging technologies that enable improved temperature control and monitoring. IoT-enabled solutions allow real-time tracking of temperature and location and automate alerts in case of deviations. Partnerships with logistics service providers help expand global reach into untapped regions. Further innovations to achieve greater affordability, sustainability and operational efficiencies are expected to boost market revenues over the forecast period.
Segment Analysis
The global cold chain market is dominated by the pharmaceuticals sub-segment. The pharmaceuticals industry relies heavily on cold chain storage and transportation due to the sensitive nature of drugs and vaccines. Strict temperature compliance is crucial for preserving the quality and efficacy of such products. Various pharmaceutical products such as biologics, biosimilars, vaccines, and blood components require temperature-controlled environments during storage and shipping. Hence, the pharmaceuticals sub-segment accounts for the major share in the global cold chain market.
Key Takeaways
The Global Cold Chain Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific is projected to grow at the fastest rate due to the large population, rising healthcare needs, increasing penetration of refrigerated transportation and cold storage infrastructure. With improving cold chain facilities and growing pharmaceutical industries in China, India, Japan and South Korea, the demand for cold chain logistics in Asia Pacific is growing rapidly.
Key players: Key players operating in the cold chain market are Novo Nordisk A/S, Pfizer, Inc., Eli Lilly and Company, Changchun GeneScience Pharmaceutical Co., Ltd., Sandoz International GmbH, Ipsen Pharma, LG Chem, Merck KGaA, Genentech, Inc., Ferring B.V., AnkeBio Co., Ltd, Reliance Life Sciences, JCR Pharmaceuticals Co., Ltd, Zhongshan Sinobioway Hygene Biomedicine Co., Ltd and USV Private Limited. These players are focusing on new product developments, expansions, mergers & acquisitions and collaborations to gain a competitive edge in the market.
For More Insights, Read: https://www.newswirestats.com/cold-chain-market-demand-growth-and-regional-outlook-by-2030/
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