The Forces Accelerating the Growth of the Cold Chain
According to a recent study by BlueWeave Consulting the global cold chain packaging market size is expected to grow at a CAGR (compound annual growth rate) of 9.81% between 2023 and 2029. The report cited numerous factors fueling the growth, including:
• increasing demand for fresh and organic food
• growing pharmaceutical sectors
• increased product safety regulations
We typically think of very cold products (ice cream) and food with a short shelf life (eggs) when envisioning the cold chain. However, this report emphasizes the importance of temperature control for a broad range of products. With rising demand for goods like chocolates and canned foods in developing countries, BlueWeave Consulting states, “the processed food segment is expected to hold the highest market share during the forecast period.”
Of course, this growth won’t come pain-free. Like the rest of the supply chain industry, the cold chain will have to embrace digital technologies to successfully scale up and keep product safe. As an article from Cold Chain News details, “digital technologies have opened new avenues for addressing these challenges and have elevated food safety standards to unprecedented levels.”
MHI’s “Jobs of Tomorrow” docuseries recently explored the cold chain. Check out the episode How the Supply Chain is Keeping It Cool to learn more about the possibilities in this expanding field.