Food Logistics Market Size Worth US$ 162 Billion by 2024 | CAGR 8.3% – IMARCGroup
According to the latest report by IMARC Group, titled “Food Logistics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 100 Billion in 2018. Logistics plays a pivotal role in the flow of goods between the point of origin and the point of consumption. Logistics management ensures that the requirements of the customers, as well as the corporations, are met, which is essential to the planning and coordination of resources and their storage. These resources may include supplies, materials, equipment, electronics, and food and other perishable items. Food logistics, for instance, ensure that the food items are acquired, stored, and transported to their desired destination without any damage, spillage or spoilage. Food logistics providers are also expected to prevent non-durable as well as durable goods from food safety failures, such as tampering, temperature changes or cross-contamination.
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Global Food Logistics Market Trends:
Globalization and growing health-consciousness among the consumers have led to an increase in the demand for fresh food as well as exotic fruits and vegetables, which require quick shipment to maintain their quality and freshness. This has resulted in improved efficiency of cold chain facilities, which is significantly driving the growth of the market. The increasing popularity of e-commerce in the food retail sector is another major factor contributing to the market growth. Moreover, improvement in the infrastructure of distribution channels, along with the emergence of channels such as food trucks and farmers’ markets, which offer unique products, is creating a positive outlook for the market. Furthermore, technological advancements adopted by the food logistics service providers to enhance their business processes is also boosting the market growth. For instance, Nestlé Canada employs GPS-enabled sensors on the inbound ocean, rail, and truck freight, which provide real-time temperature and location status to the users. On account of the aforementioned factors, the market is expected to reach a value of around US$ 162 Billion by 2024, exhibiting a CAGR of 8.3% during 2019-2024.
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Market Summary:
- On the basis of the transportation type, the market has been divided into roadways, railways, seaways and airways. At present, roadways represent the largest segment.
- Based on the product type, the market has been categorized into fish, shellfish, and meat; vegetables, fruits, and nuts; cereals, bakery, and dairy products; coffee, tea, and vegetable oil and others. Amongst these, fish, shellfish, and meat account for the majority of the shares in the market.
- On the geographical front, North America holds the leading position in the market. Other major regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape has also been studied with some of the key players being Americold Logistics, DB Schenker, C.H. Robinson, Schneider National, CaseStack, A.N. Deringer, Echo Global Logistics, Evans Distribution, Hellmann Perishable Logistics, Matson Logistics and Odyssey Logistics.
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