WELLESLEY, Mass. - September 9, 2019 - (Newswire.com)
Growing demand for perishable food and huge growth in the pharmaceutical industry are two factors driving growth in the global cold chain market, according to a report by BCC Research, “Cold Chain: Market Overview and Top Ten Companies.”
The market expects to see a compound annual growth rate (CAGR) of 8.7% through 2024, when it could be worth $311.1 billion.
- The refrigerated warehouse segment of the cold chain market was valued at $135.3 billion in 2018 and it is expected to reach $211.9 billion by 2024, growing at a CAGR of 7.7%.
- Europe is expected to be the largest regional market for cold chain. It was valued at $62 billion in 2018 and it is anticipated to reach $103.6 billion by 2024, growing at a CAGR of 8.9%.
- Asia Pacific is expected to grow at the highest CAGR of 9.2% from 2019-2024, reaching a market value of $70.3 billion.
Read the full report here: https://www.bccresearch.com/market-research/food-and-beverage/top-ten-cold-chain-companies.html
“Over the next five years, the worldwide cold chain industry will grow significantly,” write BCC analysts. “This market growth can be ascribed to the growth of international trade in perishable foods, technological advances in refrigerated storage & transportation, public support for the cold chain industry’s infrastructural development and increased consumer demand for perishable products.”
Opportunities in Food Waste Management
The World Economic Forum lists food crises as the fourth-greatest worldwide risk for the next 10 years. Globally, billions of dollars are spent on enhancing agricultural procedures to generate greater food returns, but the fact that nearly half of all foods are never placed on a consumer’s plate is mainly overlooked. Cold chain systems are critical to the development of global trade in perishable goods, food and health supplies globally. Billions of tons of fresh foods and millions of dollars are lost each year in developing economies because of bad cold chain systems.
Editors/reporters requesting analyst interviews should contact Sarah Greenberg at email@example.com.
Press Release Service by Newswire.com
Original Source: Cold Chain Market to See 8.7% Annual Growth Through 2024