this is the potential market size for the innovative CryoVacc solution....
Apart from the obvious verticals such as Pharmaceuticals and Aviation where the point of difference is significant, i also believe the Cryovacc solution will also have significant traction in food segments....do not underestimate the significance of this innovation...market adoption of 5% only could produce revenue exceeding USD $8 Billion...as per Stefano`s comments during this interviews, Renergen has fielded numerous significant enquiries in relation to CryoVacc..
" As per the United Nations Food and Agriculture Organization (FAO), 20% to 40% of the total production of fruits and vegetables is wasted due to accidents occurred during storage, processing, and transportation among other such reasons."
https://www.grandviewresearch.com/industry-analysis/cold-chain-marketReport Overview
The global cold chain market size was valued at USD 167.99 billion in 2018 and is expected to expand at a CAGR of 15.1% from 2018 to 2025. Growing penetration of connected devices and automation of refrigerated warehouses across the globe is anticipated to spur the growth. Increasing number of organized retail stores in emerging economies is leading to increased demand for cold chain solutions
Type Insights
Packaging Insights
Application Insights
Improvements in food packaging materials have become essential owing to expansion of trade over the past few years. As per the United Nations Food and Agriculture Organization (FAO), 20% to 40% of the total production of fruits and vegetables is wasted due to accidents occurred during storage, processing, and transportation among other such reasons. Thus, the material used for packaging food items plays a major role in enhancing storage life of food products.
Technological developments in processing, packaging, and storage of seafood are anticipated to stimulate growth of the fish, meat, and seafood segment. Moreover, rise in fish production is expected to boost the segment growth.
Changing food habits and increasing levels of disposable income are triggering the demand from bakery and confectionary products. Shippers are collaborating with third-party logistics to cater to this rising demand and to ensure that products are delivered in optimal conditions on a proper schedule.
Equipment Insights
Based on equipment, the market has been categorized into storage equipment and transportation equipment. Storage equipment is further divided into on-grid and off-grid. Storage equipment are crucial in the refrigerated storage industry as they ensure the quality of products and increases their shelf life. The equipment used includes refrigerators, deep freezers, vaccine carriers, and others.
The demand for off-grid storage equipment is attributed to increasing need to prevent food losses post-harvesting and processing in developing countries. According to the FAO, more than 40% food losses occur during post-harvesting and processing, especially in developing countries. This creates the need to establish sustainable and energy-efficient cold chains that can increase food supply in these countries by nearly 15% or about 250 million tons.
Increasing efforts by governments in developing countries to promote off-grid cold chains are expected to stimulate the demand for off-grid solar energy-based storage equipment. For instance, in March 2018, the Global Lighting and Energy Access Partnership’s (LEAP) competition to develop energy efficient cold storage facility has encouraged the adoption of off-grid solar energy-based storage equipment. This facility is aimed at meeting storage requirements for dairy products and fresh fruits and vegetables in Sub-Saharan African countries.
Regional Insights
Based on region, the market has been divided into North America, Europe, Asia Pacific, Middle East, Africa, and South America. North America held the highest market share in 2018 and enables more significant growth opportunities for the companies planning to invest for long haul. Increasing penetration of connected devices and a large consumer base are expected to further fuel the regional demand over the forecast period.
Asia Pacific is anticipated to witness significant growth over the projected period owing to increasing government investments in logistics infrastructure development and penetration of warehouses management systems. China is the major regional contributor and is expected to witness considerable growth over the forecast period. Technological advancements in packaging, processing, and storage of seafood products are anticipated to drive the growth.
Rapidly rising demand and development in cold chain infrastructure have made China a top market. Currently, the country is undergoing a rapid transition from a construction-and manufacturing-led economy to a consumer-led economy. Rising innovations in pharmaceutical sector are expected to boost the demand further. Also, regional expansion of biopharmaceuticals is likely to further drive the growth. Transportation and storage of vaccines at a specific or desired temperature is fueling the market growth in China.
Key Companies & Market Share Insights
Some of the key market participants are Americold Logistics LLC (U.S.); Al Rai Logistica K.S.C (Kuwait); Burris Logistics, Inc. (U.S.); Lineage Logistics (U.S.); Agro Merchants Group LLC (Netherlands); Swire Group (U.K.); Berlinger & Co. AG (Switzerland); and Henningsen Cold Chain Company (U.S.).
Cold chain service providers are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. Vendors have adopted Hazard Analysis and Critical Control Points (HACCP) and RFID technologies to improve efficiency with a decreased size of shipments. In addition, they are increasing their multi-compartment refrigerated vehicle fleets to provide additional services to customers.
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