The global food and beverage cold chain logistics market has been forecast to grow at a compound annual growth rate (CAGR) of almost 7% during the next five years according to a report by market research firm Technavio.
Titled the ‘Global Food and Beverage Cold Chain Logistics Market 2018 – 2022’, the report found one of the key factors contributing to this growth was the rising consumption of frozen food. Technavio industry analyst Sharan Raj M told FTW that frozen foods had become increasingly popular because of the convenience they provided to consumers in terms of easy and immediate cooking.
Raj M said globally the food and beverage cold chain logistics market had for several years seen year-on-year growth, but the growth momentum was expected to accelerate during the forecast period. Valued at $144.56 billion in 2017 it is expected to grow to $198.39 billion by 2022. “The frozen food industry alone is expected to grow by 20.82% by 2022,” he said.
Commenting on regional growth, Raj M said that the Americas had held the largest share of the market in 2017, accounting for close to 39%, followed by Europe, the Middle East and Africa (Emea) and then AsiaPacific (Apac).
