The cold chain monitoring market size is expected to grow from USD 233.8 billion in 2020 to USD 345 billion by 2027 at a CAGR of 8 % from 2021 to 2027 The demand for cold chain monitoring solutions is expected to grow as several governments around the world are emphasizing on enhancing the efficiency of the supply chains of the processed food, frozen food, dairy products, and pharmaceutical products, and other products that need cold chain monitoring solutions. Stringent regulations regarding the storage and shipment of pharmaceutical products are also expected to trigger the demand for cold chain monitoring solutions. Moreover, rising private and government investments in building refrigerated warehouses and government efforts to reduce spoilage of food and other temperature-sensitive goods are expected to drive the growth of the market for cold chain monitoring over the forecast period.
The growing demand for pharmaceutical products, particularly in developing countries, is expected to drive the growth of the market for cold chain monitoring. Some pharmaceutical products happen to be extremely temperature-sensitive and effective temperature monitoring technologies are required to maintain them at desired temperatures throughout the supply chain. Temperature monitoring technologies can help in preventing product spoilage by maintaining the temperature at desired levels throughout the shipment. Other regional markets, such as the U.S. and Canada, are also expected to drive the growth of the market for cold chain monitoring as these regional markets already boast a well-developed transportation and distribution network.
Modern cold chain monitoring solutions are designed to track and monitor products throughout the storage and transportation cycles. They can track temperature-sensitive products, such as processed food, frozen food items, and other eatables, in real time. At this juncture, the growing trade of perishable products across the developed and developing economies bodes well for the growth of the market for cold chain monitoring. Advances in connected devices technologies, such as Radio Frequency Identification (RFID) and the Internet of Things (IoT), is also expected to open opportunities for the development of innovative cold chain monitoring solutions.
An RFID-enabled supply chain can be considered as an efficient supply chain in terms of product visibility. Hence, incumbents of industry verticals, such as processed food, livestock, chemicals, and pharmaceuticals, are aggressively the RFID technology for tracking and tracing products throughout the supply chain. RFID can also be combined with smart sensors to predict the shelf life of the products and raise alerts in case the products are not stored at desired temperatures. All these factors bode well for the growth of the market for cold chain monitoring
Examples of some of the market participants identified across the value chain include, Preferred Freezer Services, Americold Logistics, Lineage Logistics Holding LLC, Burris Logistics, and Nichirei Logistics Group Inc. Other players include Cloverleaf Cold Storage, AGRO Merchants Group, LLC, Swire Cold Storage Ltd, Kloosterboer Group, and Interstate Cold Storage Inc.
Based on the region, the cold chain monitoring market has been further segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to emerge as the fastest-growing regional market and open significant growth opportunities for the companies contemplating long-term investments. Emerging economies, such as India and China, are expected to contribute to the growth of the regional market. The growing population, the rapid industrialization, the continued rollout of transportation and warehousing networks, and the rise in demand for processed and canned food items are expected to drive the growth of the regional market. India and China are expected to contribute significantly to the regional market growth.
The growing demand for pharmaceutical products, particularly in developing countries, is expected to drive the growth of the market for cold chain monitoring. Some pharmaceutical products happen to be extremely temperature-sensitive and effective temperature monitoring technologies are required to maintain them at desired temperatures throughout the supply chain. Temperature monitoring technologies can help in preventing product spoilage by maintaining the temperature at desired levels throughout the shipment. Other regional markets, such as the U.S. and Canada, are also expected to drive the growth of the market for cold chain monitoring as these regional markets already boast a well-developed transportation and distribution network.
Modern cold chain monitoring solutions are designed to track and monitor products throughout the storage and transportation cycles. They can track temperature-sensitive products, such as processed food, frozen food items, and other eatables, in real time. At this juncture, the growing trade of perishable products across the developed and developing economies bodes well for the growth of the market for cold chain monitoring. Advances in connected devices technologies, such as Radio Frequency Identification (RFID) and the Internet of Things (IoT), is also expected to open opportunities for the development of innovative cold chain monitoring solutions.
An RFID-enabled supply chain can be considered as an efficient supply chain in terms of product visibility. Hence, incumbents of industry verticals, such as processed food, livestock, chemicals, and pharmaceuticals, are aggressively the RFID technology for tracking and tracing products throughout the supply chain. RFID can also be combined with smart sensors to predict the shelf life of the products and raise alerts in case the products are not stored at desired temperatures. All these factors bode well for the growth of the market for cold chain monitoring
Examples of some of the market participants identified across the value chain include, Preferred Freezer Services, Americold Logistics, Lineage Logistics Holding LLC, Burris Logistics, and Nichirei Logistics Group Inc. Other players include Cloverleaf Cold Storage, AGRO Merchants Group, LLC, Swire Cold Storage Ltd, Kloosterboer Group, and Interstate Cold Storage Inc.
Based on the region, the cold chain monitoring market has been further segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to emerge as the fastest-growing regional market and open significant growth opportunities for the companies contemplating long-term investments. Emerging economies, such as India and China, are expected to contribute to the growth of the regional market. The growing population, the rapid industrialization, the continued rollout of transportation and warehousing networks, and the rise in demand for processed and canned food items are expected to drive the growth of the regional market. India and China are expected to contribute significantly to the regional market growth.
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