ShareCold chain equipment market to grow rapidly through 2020
The global demand for the cold chain equipment market, valued at USD 67 billion in 2014, is expected to reach USD 118.0 billion in 2020.
The global demand for the cold chain equipment market, valued at USD 67 billion in 2014, is expected to reach USD 118.0 billion in 2020.
According to a recent report published by Zion Market Research, the global demand for cold chain equipment market, valued at USD 67.0 billion in 2014, is expected to reach USD 118.0 billion in 2020 and is anticipated to grow at a CAGR of 9.8% between 2015 and 2020.
Storage equipment segment dominated the cold chain equipment market in 2014, which accounted for more than 50% share of the global market. Storage equipment is followed by transport equipment segment of the market in 2014. Moreover, storage equipment is expected to continue this trend during the coming years due to growing need of storage equipment to fulfill the increasing demand for food coupled with strong demand for frozen food across the globe.
Based on end-uses segment, the global cold chain equipment market was dominated by meat, fish and seafood segment. It accounted over 35% share of the entire revenue generated in 2014. Furthermore, it is also expected to remain prolong segment owing to robust demand for meat, fish and seafood on a global basis. Moreover, dairy and frozen dessert is another important outlet that is expected to witness the significant growth in near future.
In 2014, North America was a supreme market for cold chain equipment and Europe was the second largest market. Asia Pacific is expected to be one of the fastest growing regional markets for cold chain equipment market within the forecast period, growing at a CAGR of 11.3%. Rising disposable income, growth in food retail market, and rapidly growing demand for frozen food in the region is expected to trigger the cold chain industry in the years to come.
According to a recent report published by Zion Market Research, the global demand for cold chain equipment market, valued at USD 67.0 billion in 2014, is expected to reach USD 118.0 billion in 2020 and is anticipated to grow at a CAGR of 9.8% between 2015 and 2020.
Storage equipment segment dominated the cold chain equipment market in 2014, which accounted for more than 50% share of the global market. Storage equipment is followed by transport equipment segment of the market in 2014. Moreover, storage equipment is expected to continue this trend during the coming years due to growing need of storage equipment to fulfill the increasing demand for food coupled with strong demand for frozen food across the globe.
Based on end-uses segment, the global cold chain equipment market was dominated by meat, fish and seafood segment. It accounted over 35% share of the entire revenue generated in 2014. Furthermore, it is also expected to remain prolong segment owing to robust demand for meat, fish and seafood on a global basis. Moreover, dairy and frozen dessert is another important outlet that is expected to witness the significant growth in near future.
In 2014, North America was a supreme market for cold chain equipment and Europe was the second largest market. Asia Pacific is expected to be one of the fastest growing regional markets for cold chain equipment market within the forecast period, growing at a CAGR of 11.3%. Rising disposable income, growth in food retail market, and rapidly growing demand for frozen food in the region is expected to trigger the cold chain industry in the years to come.