An industry report predicts that cold storage will grow over the next seven years due to the rising need for innovative services and facilities.
The pandemic impact earlier led to restrictive containment measures involving social distancing, remote working and the closure of commercial activities that resulted in operational challenges, the researchers pointed out.
The global cold chain market size is estimated to reach $628.26 billion by 2028, according to a new study by Grand View Research, Inc., registering a compound annual growth rate (CAGR) of 14.8% from 2021 to 2028.
Technological advancements in the packaging, processing, and storage of seafood products are expected to drive the market over the forecast period, researchers contend.
“Cold chain solutions have become an integral part of supply chain management for the transportation and storage of temperature-sensitive products,” they note. “Increasing trade of perishable products is anticipated to drive product demand over the forecast period.”
Among the findings are that Radio Frequency Identification (RFID)-enabled supply chain provides higher efficiency and has opened up new cold chain growth opportunities by offering greater product-level visibility.
In the pharmaceuticals industry, cold chain monitoring, smart packaging, sample lifecycle management, men and material tracking, and connected equipment are among Internet of Things (IoT) applications now of key importance.
Companies increasingly adopt alternative energy solutions, such as wind and solar energy, to minimize overall operating costs, while some refrigerants are seen as a threat to the environment. Stringent food safety regulations, such as the Food Safety Modernization Act that requires increased attention toward the construction of cold storage warehouses, are also seen benefiting the market.