The food sector places a lot of emphasis on issues like low food waste, economic and environmental sustainability, and food security. There are several causes of food loss and waste. For instance, perishable goods are frequently handled and transported in varying temperatures, which causes food to spoil and waste. The need for services for refrigerated storage and shipping has grown across the world as a result of this.

According to the UnivDatos Market Insights Analysis, the rising awareness for cold chain market will drive the global scenario of the market and as per their “Cold Chain Market” report, the global market was valued at USD 500 million in 2021, growing at a CAGR of 6.4% during the forecast period from 2023 - 2030 to reach USD billion by 2030.  

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According to UNEP 2021, the global economy loses 936 billion dollars annually due to the projected 17% food waste of all food produced for human use. Lack of cold chains during food preparation, packaging, distribution, and consumption results in food loss.

According to the National Centre for Cold Chain Development (NCCD), a division of the Department of Agriculture, Cooperation, and Farmers Welfare in the Ministry of Agriculture Farmers Welfare, the country needs 35 million MT of cold storage, but has a 32 million MT capacity for it. Opportunities in Indian Cold Chain Assets, the most recent study from Colliers, predicts that India's cold storage capacity will increase by 8.2% from 2020 to 40.7 million metric tons by 2023. Government assistance for building cold chain infrastructure. The development of food waste rules and the promotion of food-related industries like the cold chain industry are two initiatives governments in many countries are trying to reduce food and agricultural waste. However, there is still a mismatch between global food production and available cold storage in many nations. India is the second-largest producer of fruits and vegetables and milk in the world, respectively. However, the lack of dependable, integrated cold chain facilities results in a considerable amount of food loss.

The International Institute of Refrigeration 2020 claims that developing nations experience a higher-than-average rate of food loss. Even though poor countries account for more than 80% of the world's harvested crops, barely 20% of the perishable food they produce gets refrigerated (as opposed to 60% in rich countries). As compared to the UK, where 70% of food passes through the cold chain, post-harvest losses for some crops in India surpass 40%. Post-harvest losses cause farmers to incur large financial losses. Farmers in India lose almost USD 12,520 million year because of inadequate storage facilities and a lack of energy infrastructure, according to the Cool Coalition UNEP 2022 report.       

The development of retail chains and channels in the form of convenience stores, hypermarkets, and supermarkets is a foremost factor driving the market growth. Besides, trade liberalization, and government efforts to reduce food waste, and expansion of the organized retail sector in emerging economies are anticipated to boost the market growth in the coming years. Also, large food retail channels such as 7-Eleven, Spar, Tesco, and Walmart Inc. are expanding their food retail outlets in developed nations such as Germany, the United States, China, and the U.K., and in developing markets such as Argentina and Brazil. For instance, Walmart Inc. is the U.S.-based leading retail corporation with almost 10,526 stores and clubs under 48 banners in 24 countries and e-commerce websites.

The emergence of these huge wholesalers and organized retailers, as well as their expanding operations in international trade, are creating prospects for the market for refrigerated transportation and warehousing MOSF.

Global Cold Chain Size

The globe has been dealing with its biggest health crisis in history for the past two years, and this has caused a significant shift in consumer behavior and purchasing habits. There is a rising desire for online and home delivery shopping, as well as for products that are eco-friendly, healthful, and made locally. India should be urged to utilize its cold chain equipment more effectively. The equipment should ideally be able to be acquired domestically rather than being imported. The national logistics strategy, which is currently being created, will address specific concerns related to the cold chain as well as more general problems like standardization. Numerous locations across the nation have received government support for their logistics parks. In fact, the Indian government does a fantastic job in this area.

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Conclusion

The Cold Chain market is a crucial component of various industries, providing the necessary supply. This market has witnessed significant growth in recent years due to the increasing demand for reliable and perishable goods.

Furthermore, the cold chain market is witnessing significant growth due to factors such as increasing demand for perishable goods, focus on energy efficiency, deployment of renewable energy sources, and a wide range of product offerings. As industries continue to evolve and demand more reliable and efficient product to consumers, the cold chain market is expected to expand further in the coming years.

Overall, the cold chain market is set to experience rapid expansion, driven by the need for accurate analysis, regulatory compliance, and quality assurance food product. The future looks promising for cold chain market, as it continues to play a vital role in ensuring the safety and efficacy in food product.

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