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Global cold chain market poised to reach £271.9bn by 2020

Global cold chain market poised to reach £271.9bn by 2020

Deerfield Beach, FL, US: Global demand for cold chain market was valued at $110.20bn in 2014 and is expected to reach $271.9bn in 2020, growing at 13.9% between 2015 and 2020, says a new report from Zion Research.

In terms of volume, the global cold chain market stood at 552.09 million cubic meters in 2014.

Advancement in the healthcare sector has rapidly expanded in the last decade and the trend is expected to continue within the forecast period, in turn driving the market for cold chain over the years. Increased demand for frozen and chilled food and beverages owing to the changing lifestyle of the people is expected to augment the demand for cold chain in the market.

Increasing population has resulted into growing demand for both food and pharmaceuticals. This in turn is expected to fuel the growth of the cold chain market in near future.

Meat, fish and seafood dominated the global cold chain market compared to others segments in 2014. Further it is also expected to remain prolong segment for cold chain market due to the changing dietary patterns of the consumers across the globe coupled with rising awareness regarding nutrition intake is expected to be a major driving factor for the growth of this application segment. Dairy and frozen desserts and fruits & vegetables and bakery and confectionery are other important end-user segments of the cold chain industry expected to account for a considerable market share in the years to come.

North America dominated the cold chain market in 2014 and accounted for around 40% share of the market.  Europe followed North America in terms of demand for cold chain in 2014. Moreover, the Asia-Pacific region is expected to witness exponential growth due to the high usage of cold chain for food retail market as well as rapid demand for frozen food.

Key players involved globally in cold chain market include AmeriCold Logistics, Lineage Logistics, Preferred Freezer Services, and Swire Cold Storage. The  other prominent players includes AB Oxford Cold Storage, Burris Logistics, Bring Frigoscandia, Claus Sorensen, Cloverleaf Cold Storage, ColdEX, Columbia Colstor, Conestoga Cold Storage, Confederation Freezers, Congebec, Dev Bhumi Cold Chain, Fresh and Healthy Enterprises, Frialsa Solutions, Gati Kwe, Gruppo Marconi Logistica Integrata, Hanson Logistics, Henningsen Cold Storage, Interstate Cold Storage, Kloosterboer, Lineage Logistics , Holdings, MUK Logistik, Nichirei Logistics Group, Nordic Cold Storage, Partner Logistics, Ryder System, Snowman Logistics, Trenton Cold Storage, VersaCold Logistics Services.