The global cold chain market is projected to reach over $900 Billion by 2031, growing at a CAGR of 12.8%, says a report by Ken Research
1. Rapid urbanization and a rise in the middle class leading to increase in demand of cold chain products.
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As a macro trend, the demand for perishable goods is anticipated to rise globally. On the other hand, a combination of urbanization and an increase in the number of individuals entering the middle class globally is what is causing the demand. This group of people has been placing higher standards on food as well as other products that need precise temperature regulation. Demand for frozen meals and commodities that need particular handling and temperature tolerances has risen dramatically.
2. Growing consumer demand for perishable foods is a major growth factor in the Global Cold Chain Market
Increasing customer demand for perishable foods contributed to in the historical expansion of the cold chain business. The rising urban population and shifting dietary preferences of the general public are driving up the demand for perishable commodities such dairy, fruits, vegetables, and meat. Due to the nature of perishability, consumers are gravitating towards purchasing perishable foods that have an extended shelf life. Perishable food items are in high demand in emerging economies in the Asia-Pacific and Latin America.
3. Use of IOT and technology-based operations will lead to growth in the cold chain sector.
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Focusing on sustainability initiatives, quality and product sensitivity, leveraging the internet of things (IoT), focusing on smart warehousing, outsourcing processes to third-party logistics, and focusing on strategic investments are some of the illustrations of market-trend-based strategies for the cold chain market.
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