ccording to a new market research report published by Credence Research “Cold Chain Equipment Market (Equipment Type – Storage Equipment & Transportation Equipment; End-user – Meat & Seafood, Vegetables & Fruits, Dairy Products, Bakery & Confectionery, Medical and Others (Spices, Chemicals etc.)) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025”, the global cold chain equipment market to expand with a CAGR of 5.8% from 2017 to 2025.
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Cold chain equipment refer to refrigeration equipment used across the food & medical supply chain. These equipment are used to preserve the shelf life of products such as agricultural produce, meat, seafood, frozen food, chemicals, pharmaceuticals and other medical products. The cold chain equipment includes a wide array of storage/transportation equipment such as vaccine carriers, ice packs, cold boxes, cool packs, refrigerators, refrigerator trucks & cars, reefer ships & containers, refrigerated warehouses and several others. With the availability of wide range of products, cold chain equipment have enabled seamless transportation of perishable products for different applications.
The overall cold chain equipment market is primarily driven by the consistent growth in the demand for frozen food across the world. In regions such as North America and Europe, frozen foods have been largely popular requiring a robust transportation chain for supplies. Similarly, with the rising trend of frozen food consumption across Asia Pacific countries, the overall cold chain equipment market has witnessed remarkable growth over the past few years. With the steadily rising population along with change in food habits, the demand for frozen food is projected to remain strong in the following years. This would further escalate the demand for cold chain equipment during the forecast period.
The overall cold chain equipment market is segmented on the basis of equipment type and end-user. On the basis of equipment type, the market is segmented into storage equipment and transportation equipment. Based on the end-users, the market is segmented into meat & seafood, vegetables & fruits, dairy products, bakery & confectionery and others. As of 2016, the overall cold chain equipment market is dominated by the meat & seafood segment, accounting for more than one third of the total market revenue.
On the basis of geographic regions, the market is classified into North America, Europe, Asia Pacific and rest of the world (RoW). As of 2016, North America dominates the overall cold chain equipment market, followed by Europe and Asia Pacific. In the following years, Asia Pacific is set to emerge as the fastest growing region for cold chain equipment. The demand for cold chain equipment here is primarily governed by China, India and Japan, having significant consumer base for frozen foods.