Remarkable Growth Predicted For The Cold-Chain Market Through 2019
By Melissa Lind, contributing writer
With a growing global demand for perishable foods, the cold-chain market for the food industry is growing at an astonishing rate. At a CAGR over 15 percent, the demand for cold-chain storage and shipping is growing about three times faster than the demand for food.
The established economies of North America, Europe, and the Middle East continue to demand more exotic and higher-quality, fresh foods on a year-round schedule. Fruits and vegetables from international locations have become major income foundations for undeveloped areas such as Central Asia and Africa. Much of the world’s seafood and fish now comes from Asia-Pacific and more international food suppliers are producing baked goods. Even a large percentage of the world’s supply of dairy and meat products are obtained from international sources such as Scandinavia and New Zealand.
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While cold-chain supply solutions have been in place in developed areas for quite some time, additional capacity is needed and emerging economies are in drastic need for those same solutions. Areas such as China, Indonesia, Africa, and Central Asia are lacking in both technology and resources. Fortunately, local governments in cooperation with industry leaders are stepping up with investments in local storage and depot construction.
The shipping industry has also recognized a huge need for larger containers which can be monitored for the same cost as smaller containers which have become more technologically advanced. Even though these larger containers represent a significant up-front investment, the expenditure is expected to pay off with greater efficiency and reduced waste of product.
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As the global food market continues to expand, the increased desire for perishable foods will continue to fuel dramatic growth. The cold-chain industry is expected to triple in size from an estimated $97 billion to $233 billion by 2019. At a CAGR of 15.6 percent, this is in stark contrast to the growth of the actual food industry — expanding at an estimated CAGR of 4.4 percent.
Cold-chain technology is a significant investment, but the money spent is likely to increase economic standing of certain nations who rely on the export of foodstuffs. Increased availability of cold-chain solutions can increase fresh food lifespan by several months, while decreasing spoilage and loss at every level.