The cold chain market is estimated to be valued at USD 203.14 billion in 2018 and is
projected to reach USD 293.27 billion by 2023, at a CAGR of 7.6%. The key
players in the cold chain market include Americold Logistics (US), Preferred
Freezer Services (US), Burris Logistics (US), Lineage Logistics (US), and
Nichirei Logistics (Japan). Other players include Swire Cold Storage
(Australia), AGRO Merchants (US), Kloosterboer (Netherlands), and Interstate
Cold Storage (US).
Key
strategies such as expansions & investments, new service launches, mergers
& acquisitions, partnerships, collaborations, agreements, rebranding, and
joint ventures were adopted by the prominent players to expand their global
presence and increase their share in the market for cold chain. The leading
players are focusing on strengthening their R&D capabilities by investing
in advanced cooling technologies to offer diversified service portfolios for
different applications, particularly in the food & beverages, dairy, and
confectionery industries.
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Innovative
new service launches, strategic acquisitions, and organic expansions were the
core strengths of the leading players in the cold chain market; these strategies
were adopted by the players to increase their market presence. They helped the
players diversify their businesses geographically, strengthen distribution
networks, and enhance their service portfolios. Market leaders such as
Americold Logistics (US), Preferred Freezer Services (US), Burris Logistics
(US), Lineage Logistics (US), and Nichirei Logistics (Japan) successfully
tapped the potential markets through new service launches, expansions,
investments, and acquisitions.
Americold
Logistics (US) is the global leader in temperature-controlled warehousing and
logistics, and offers the most comprehensive warehousing, transportation, and
logistic solutions in the world. It offers warehousing services to food
producers, processors, distributors, retailers, and end consumers. The company
also offers a full range of temperature-controlled transportation solutions for
its customers, including LTL (less than truckload) and Multi-Vendor
Consolidation programs. Americold has a well-established business in North America
and is now focusing on the Asia Pacific region for expansions and partnerships.
For instance, in December 2017, the company opened a new addition to its
Clearfield, Utah campus. The new building added around 9.5 million cubic feet
of temperature-controlled warehouse space. The expansion helped increase the
company’s market leadership in northern Utah in the US to greater than 50% of
the total temperature-controlled warehouse capacity. Also, in July 2016,
Americold set up a temperature-controlled storage facility in Georgia, US. This
expansion increased the company’s Georgia-based facility network to fifteen and
added more than 90 million cubic feet of capacity in the Southeast US.
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Preferred Freezer Services (PFS) is a
temperature-controlled warehousing and logistics service-providing company that
offers a wide range of temperature-controlled cold storage facilities and other
cold chain services to various food industries, worldwide. It offers
intermodal, less than truckload, truckload, and drayage services. The company
is trying to increase its market share through expansions and joint ventures.
For instance, in September 2015, Preferred Freezer Services set up a new facility
in Lynden, Washington, US, to expand its footprint. The facility would cater to
the increasing demand of the local agricultural market. Also, in February 2015,
Preferred Freezer Services expanded its facility in Houston, Texas, US. The
extension comprised 2.964 million cubic feet of storage capacity and catered to
the increasing consumer demand. The company is also investing in advanced
engineering temperature control warehouses to improve warehouse management
systems. As the demand for fresh fruits & vegetables, meat, seafood, and
temperature-sensitive food items is increasing across the globe, the company
will see rapid growth in its services.