Global Cold Chain Market 2017-2021: Increase Demand for Frozen Sea Food and Sea Food Products Drives Growth - China's Exports Amounted to $20 Billion and Norway Exported $10 Billion - Research and Markets
The global cold chain market to grow at a CAGR of 12.41% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global cold chain market for 2017-2021. To calculate the market size, the report presents the vendor landscape and a corresponding detailed profiling of the key market participants across the value chain of global cold chain market. The report also includes a discussion of the key vendors operating in this market.
One trend in market is provision for end-to-end integrated services. Several cold chain service providers have recently started to offer end-to-end integrated services to end-users in the global refrigerated warehousing market. They are providing cold chain management services to customers and participating in their decision-making processes.
Many service providers offer end-to-end cold chain management services like inventory management, order scheduling, order forecasting, warehousing, and delivery management. Disaster recovery services that enable customers to track consignments and help them communicate with the entire supply chain are also offered by vendors. In addition, some vendors provide training sessions for all the personnel involved in the cold chain logistics. Thus, the increase in the provision of end-to-end integrated services by vendors is another trend that is expected to have an impact on the global cold chain market during the forecast period.
According to the report, one driver in market is rise in trade of frozen food and sea food products. The demand for seafood continues to increase globally, and the significant population growth in China, India, and Brazil constitutes an important demand driver in the frozen fish and seafood industry. Increased demand for seafood has led to a rise in its imports and exports among countries, which require cold storage and transportation. China and Norway were the largest exporters of seafood in 2015.
China's exports amounted to $20 billion and Norway exported $10 billion worth of seafood products. While China exported to almost all countries, Norway's exports were mostly to European nations. Fresh salmon constituted most Norway's fish and seafood exports. We estimate that China's exports will grow at a CAGR of 15.68% over the forecast period. The European Union (EU) was the largest importer of seafood, importing worth $26 billion. In seafood imports, the EU was followed by the US and Japan, in which the US imported products worth $19 billion in 2015.
Further, the report states that one challenge in market is high cost of diesel and fuel maintenance. Use of diesel fuel is harmful to the environment as it releases black soot that contaminates the air particles and the surroundings. The cost of diesel fuel is also a major concern for refrigerated truck manufacturers. On an average, diesel power refrigeration unit consumes about 3.5 to 4.5 liters of diesel, per hour, costing approximately $1.00 -$1.50 per liter.