According to the research report titled ‘Global Cold Chain Market Size study, by Type (Storage, Transportation and Monitoring Components), by Packaging (Product and Materials), by Equipment (Storage Equipment and Transportation Equipment), by Application (Fruits & Vegetables, Fruit Pulp & Concentrates, Dairy Products, Fish, Meat, and Seafood, Processed Food, Pharmaceuticals, Bakery & Confectionary and Others (Ready-to-Cook, Poultry)), and Regional Forecasts 2021-2027’, available with Market Study Report, global cold chain market size was worth USD 210.49 billion in 2020 and is expected to multiply at a CAGR of 14.8% over 2021-2027, subsequently amassing USD 553.13 billion by the end of the forecast period.
 

Supportive initiatives by government, growing pharmaceutical sector, and increasing refrigerated warehouses are the primary drivers of global cold chain market growth.
 

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According to the India Brand Equity Foundation (IBEF) 2020 report, the Ministry of Food Processing Industries (India) sanctioned 28 new projects for cold chain infrastructure under the Pradhan Mantri Kisan SAMPADA Yojana' (PMKSY) in September 2020, in order to reduce food waste and boost the export potential of the local agri-food sector by providing INR 2.08 billion (USD 28 million) in central government aid. Similar initiatives by the government is creating expansion opportunities for the businesses operating in this vertical.
 

For the unaware, a system that brings together temperature-controlled surface transportation with supply chain is referred to as cold chain. It offers freezing solutions to store products, including fresh agricultural produce, chemicals, photographic film, seafood, frozen food, and pharmaceutical drugs, and have a long shelf life.
 

Surging demand for perishable commodities associated with the e-commerce-based food & delivery business is expected to further augment worldwide cold chain industry share.
 

High operational costs of cold chains, on the other hand, is anticipated to stifle industry expansion during the projection period.
 

Regionally, Europe holds a major portion of global cold chain market share presently, owing to mounting demand for cold chain due to constant domestic consumption of perishable products.
 

Meanwhile, Asia Pacific industry is projected to witness momentum over the coming years, creditable to rising investments by the government for logistics infrastructure development, and increasing penetration of warehouse management systems.
 

Major firms in global cold chain market sphere are W. Barnet GmbH & Co. KG, Tongkun Group Co. Ltd., Shubhalakshmi Polyesters Ltd., Reliance Industries Ltd., Nirmal Fibres (P) Ltd., Indorama Ventures Public Company Ltd., Far Eastern Group (FEG), Diyou Fibre (M) Sdn. Bhd., Bombay Dyeing & Manufacturing Co. Ltd., and Alpek S.A.B. de C.V.