Global Cold Chain Outlook: Cold Is Hot
The global cold chain market is a bright spot in the perishables business landscape. It was valued at $253 billion in 2021, and is projected to reach $437 billion by 2028, at a CAGR of 8.1%, according to a SkyQuest Technology Consulting report.
Booming demand for medical supplies and food products, among other factors, is fueling growth.
Still, challenges exist, the report says. More than $750 billion is lost each year to improper food safety handling, inefficient logistics, a dearth of proper facilities, and insufficient personnel training.
India, for example, loses $14 billion every year to poor warehouse management; that amounts to more than 35% of the country’s total agricultural produce. That waste is enough to feed the UK, Germany, France, and Italy for one year, the SkyQuest report finds.
One possible solution: robots.
“As the cold chain industry continues to undergo modernization, robots are likely to play an increasingly important role,” the report states. “They offer significant benefits for companies operating in this sector, and are likely to become even more popular in the future.”