Food loss and wastage is a huge concern being faced by major countries across the globe and companies. The Food and Agriculture Organization has estimated that more than one-third of the food, which is about $400 billion produce, across the world gets wasted every year. Food waste is caused majorly due to sparse transportation networks, lack of preservation techniques, inadequate temperature and humidity conditions, and delay in transit. This increased amount of food wastage has pushed the economies to invest in developing better cold chain infrastructure facilities. Therefore, the demand for cold chain solutions is expanding rapidly. The use of cold chains in the agriculture supply chain started in the early 1950s, along with the growth of the mechanical refrigeration industry. However, the cold chain industry is yet to grow in the majority of developing countries fully.
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The cold chain is gaining importance for reducing food loss and waste and has also been promoted by an industry-focused organization such as the International Institute of Refrigeration, the World Food Logistics Organization, and the Global Cold Chain Alliance. Refrigerated storage is the fastest-growing segment because of the increased need to reduce wastage of perishable foods. The market for refrigerated storage capacity has witnessed strong growth with a shift from food products just being stored in warehouses to providing additional services to the customers. Technological advancements in the refrigerated transport segment have led to the increased focus on improved food safety, reduced food waste, energy consumption, and environmental impact, which has supported its growth in the food cold chain industry.
Across the globe, the refrigerated storage industry is growing rapidly due to the increased demand to reduce the wastage of perishable foods. Growth in the refrigerated transport segment is due to the lower number of tariffs applicable, increasing the trade of perishable commodities across the globe. Additionally, technological advancements in refrigerated systems, mainly technological solutions introduced by refrigerated transport service providers, for reducing the environmental impact, are projected to help the refrigerated transport product manufacturers attain ease in business operations.
Perishable food products such as dairy, fruits, vegetables, marine, and meat products are required to be kept at a chilled or frozen state alongside the food supply chain. However, inadequate refrigeration facilities can result in the growth of pathogens and microorganisms, which affect product quality and safety. Increasing urbanization, high demand due to economic growth, and the use of proper distribution channels have led to the high demand for dairy products.
The competitive landscape for the food cold chain market demonstrates an inclination toward companies adopting strategies such as mergers and acquisitions, business expansion and contracts, partnerships, collaborations and joint ventures, and product launches. The major established players in the market are focusing on mergers and acquisitions to increase the customer base and enhance their business and regional products segment, whereas the relatively less adoptive strategies comprised various product developments.
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Lineage Logistics, Americold Logistics, Emergent Cold LLC, VersaCold Logistic Services, AGRO Merchants Group, Cloverleaf Cold Storage, Burris Logistics, Penske Logistics, and Nichirei Logistics are some of the prominent players in the food cold chain market. The food cold chain technologies market comprises significant companies dealing with technologies such as cold storage, automated warehousing, post-centric warehousing, and temperature-controlled technologies used in a wide range of applications such as dairy products, meat, and seafood products, fruits and vegetables, and bakery product.
