Global Cold Chain Logistics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $386 billion by 2024 from $135 billion in 2016; growing at a CAGR of 14% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 14.9% and 14.2%, respectively, during the forecast period.

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Growth in organized retail & food service industry and increase in demand for processed & frozen food are the major factors driving the global cold chain logistics market. In addition, increase in export & import of various drugs and vaccines, and rising adoption of multi-temperature refrigerator vehicles also drive the market. Though, high cost involved in transportation and difficulties & delay in clearing customs across borders would act as a restraint for the growth of the market. Third party logistics, tax exemptions on certain items and express delivery service providers would provide several growth opportunities for the market in the coming years.

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The global cold chain logistics market has been segmented on the basis of end-use industry and geography. The end-use industry segment include frozen desserts, bakery & fruits & vegetables, meat, fish & sea food, dairy & confectionary, drugs & pharmaceuticals, and others. In 2016, meat, fish & sea food accounted for the largest market share of around 34%, owing to the high demand for frozen meat from several countries such as India, Saudi Arabia and China. Fruits & vegetables accounted for the second largest market share of 28.4%.
Based on geography, the global cold chain logistics market has been bifurcated into North America, Europe, Asia-Pacific and RoW. Asia Pacific accounted for the largest market share of 32.8% and is likely to dominate the market with the fastest CAGR during the forecast period, driven by growing disposable income, increasing presence of modern supermarkets & franchises, and establishment of Trans-Pacific Partnership trade agreements in 2016.
Market players have used various strategies in order to gain competition in the market. With the ever-increasing demand, manufacturers have an opportunity to expand their business in the new markets. For instance, in September 2016, DHL launched new air freight service for emergency logistics that would be cost-effective for critical shipments. The key players in the cold chain logistics market include Continental Air Cargo, DHL International GmbH, Burris Logistics, Nichirei Logistics Group Inc., FedEx Corporation, World Courier, Nordic Logistics and Warehousing, LLC, C & M Cold Stores Ltd, VPA Logistics, and AGRO Merchants Group, among others.

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