by Pharmaceutical Products, the Global Cold Chain Market was estimated at US$ 235.4 Mn in 2022 and is predicted to grow at a CAGR of 7.3% during the forecast period. The cold chain market involves transportation and storage of temperature-sensitive products like foods, pharmaceutical drugs, and chemicals at specified temperatures. Cold chain helps extend the shelf life of products requiring controlled temperatures, reduces spoilage, and ensures the safety, security, and quality of goods. The temperature-controlled logistics helps meet the global demand for food and pharmaceuticals. The global Cold Chain Market is estimated to be valued at US$ 270.8 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Cold Chain Market Propelled by Growing Demand for Temperature-Sensitive Pharmaceutical Products, the Global Cold Chain Market was estimated at US$ 235.4 Mn in 2022 and is predicted to grow at a CAGR of 7.3% during the forecast period. The cold chain market involves transportation and storage of temperature-sensitive products like foods, pharmaceutical drugs, and chemicals at specified temperatures. Cold chain helps extend the shelf life of products requiring controlled temperatures, reduces spoilage, and ensures the safety, security, and quality of goods. The temperature-controlled logistics helps meet the global demand for food and pharmaceuticals.
The pharmaceutical cold chain dominates the overall market as biologics and therapies continue to evolve. Biologics such as proteins, antibodies, vaccines, and molecular therapies require stringent temperature control for transportation and storage. Hence, advanced temperature controlled solutions are increasingly being adopted for transporting pharmaceutical products across regions. Growing regulatory emphasis on cold chain compliance for pharmaceutical distribution is also bolstering innovation and adoption of advanced monitoring and tracking solutions in the pharmaceutical cold chain. Companies are developing Internet of Things (IoT) and sensor-enabled containers, pallets, and trucks to provide real-time condition monitoring and improve process reliability.
SWOT Analysis
Strength: Cold chain ensures temperature-controlled supply chain for maintaining product quality of temperature sensitive pharmaceuticals and food products.
Weakness: High operational costs and energy consumption involved in cold chain logistics. Lack of adequate cold storage infrastructure in developing regions.
Opportunity: Growing pharmaceutical sector and demand for perishable food items will drive opportunities in cold chain market. Expanding retail channels for pharma and grocery items also supports market growth.
Threats: Stringent regulations pertaining to cold chain can increase compliance costs. Dependency on fuels and electricity exposes the market to price fluctuations in energy sources.
Key Takeaways
The Global Cold Chain Market Size is expected to witness high growth.
Regional analysis: North America dominates the cold chain market currently due to strong cold chain infrastructure and organized retail industry. Asia Pacific region is expected to witness fastest growth in the forecast period owing to rising disposable incomes, growing population and expansion of healthcare and retail sectors in emerging economies of India and China.
Key players operating in the cold chain market are Novo Nordisk A/S, Pfizer, Inc., Eli Lilly and Company, Changchun GeneScience Pharmaceutical Co., Ltd., Sandoz International GmbH, Ipsen Pharma, LG Chem, Merck KGaA, Genentech, Inc., Ferring B.V., AnkeBio Co., Ltd, Reliance Life Sciences, JCR Pharmaceuticals Co., Ltd, Zhongshan Sinobioway Hygene Biomedicine Co., Ltd and USV Private Limited. Growing investments by these players to enhance cold chain capabilities through advanced technologies and facility expansion will promote market competition and growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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