The global food logistics market is driven by the increase in demand for frozen food and the increase in imports of perishable commodities such as vegetables and fruits in the region
PORTLAND, Ore., Oct. 16, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Food Logistics Market by Mode of Operation (Storage, Roadways, Seaways, Others), Product Type (Fish, Shellfish, and Meat; Vegetables, Fruits, and Nuts; Cereals, Bakery and Dairy Products; Coffee, Tea, and Vegetable Oil; Others), Service Type (Cold Chain, Non-Cold Chain) and Business Type (Warehouse, Distribution, Value added services): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global food logistics market was valued at $116.3 billion in 2022, and is projected to reach $260.56 billion by 2032, registering a CAGR of 8.3% from 2023 to 2032.
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Food logistics concentrate on transport, storage, and distribution of food products. Activities such as material handling, packaging, transportation, inventory, security, and warehousing comes under food logistics.
Prime determinants of growth
Factors, such as surge in demand for ready-to-eat foods, increase in demand for last mile food delivery, and increased demand of cold chain logistics drive the growth of the food logistics market. Moreover, increased challenges of truck industry including driver shortage and increased fuel price, and increased competition from bigger player hamper the growth of the food logistics market. However, the rise in adoption of IoT, automation and AI technologies in food logistics, and increase in hybrid routing for short timeline deliveries are expected to offer lucrative opportunities for the growth of the food logistics market.
Leading Market Players in Food Logistics Industry: –
Agility
Americold Logistics, Inc.
C.H. Robinson worldwide, inc.
Db Schenker
Deutsche Post AG
Lineage Logistics Holdings, LLC
XPO, Inc.
Yusen Logistics Co., Ltd.
Hellmann Worldwide Logistics
CJ Logistics Corporation
The report provides a detailed analysis of these key players of the global food logistics market. These players have adopted different strategies such as partnership, product launch, expansion and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Food Logistics Industry Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$116.30 billion |
|
Market Size in 2032 |
$260.56 billion |
|
CAGR |
8.3 % |
|
No. of Pages in Report |
227 |
|
Segments covered |
Mode Of Operation, Product Type, Service Type, Business Type, and Region. |
|
Drivers |
Surge in demand for ready-to-eat foods Increase in demand for last mile food delivery Increased demand of cold chain logistics |
|
Opportunities |
Rise in adoption of IoT, automation and AI technologies in food logistic Increase in hybrid routing for short timeline deliveries |
|
Restraints |
Increased challenges of truck industry including driver shortage and increased fuel price Increased competition from bigger player |
The storage segment to maintain its leadership status throughout the forecast period
Based on mode of operation, the storage held the highest market share in 2022, accounting for more than one-third of the global food logistics market revenue and is estimated to maintain its leadership status throughout the forecast period owing to the growth of urban areas and the scarcity of space in cities are driving the need for efficient storage solutions, especially in densely populated regions. However, seaways segment is projected to manifest the highest CAGR of 9.1% from 2023 to 2032 as the globalization of the food supply chain is leading to an increased demand for international shipping services to meet the needs of diverse markets.
The non-cold chain segment to maintain its lead position during the forecast period
Based on service type, the non-cold chain segment accounted for the largest share in 2022, contributing to nearly three-fifths of the global food logistics market revenue, and is estimated to maintain its leadership status throughout the forecast period as these are quick and cost-effective distribution solutions. However, the cold chain segment is projected to manifest the highest CAGR of 9.0 % from 2023 to 2032. Perishable food items must be kept in cold places for storage and transportation to avoid food wastage. Hence, the growth of the frozen food market is driving the need for efficient cold chain logistics to preserve product quality and safety. Stringent food safety regulations and quality standards emphasize the importance of maintaining temperature control throughout the supply chain.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global Food Logistics market revenue, and is estimated to maintain its leadership status throughout the forecast period. Also, same segment is projected to manifest the highest CAGR of 9.1% from 2023 to 2032. The growth of the regional market is attributed to the booming last mile food and grocery delivery in emerging economies. In addition, increased adoption of outsourced logistics services in the region is driving the growth of the food logistics market in Asia-Pacific.
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