Cold Chain Temperature Monitoring Market 2020 and Forecast 2021-2027

  • TBI502534
  • November 05, 2020
  • Global
  • 135 pages
  • IFF Market Research

Report Overview: Cold Chain Temperature Monitoring Market

The global cold chain temperature monitoring market size was valued at USD 5.74 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 16.8% from 2021 to 2027. The key drivers attributing to the growth include a significant boost in demand from the pharmaceutical industry. Amidst the coronavirus pandemic, the trade and transit of various drugs, over-the-counter medicines, temperature-sensitive test sample, among others, is drastically increasing. Further, the market is poised for unprecedented growth owing to the increased automation in refrigerated warehouses for handling and monitoring the goods such as food products, vegetables, and meat. As such, the wireless monitors enable less human interference with the refrigerated goods, thereby retaining the product quality for an extended period. Growing demand for pharmaceutical products is expected to drive market growth in the near future. The pharmaceutical products include many temperature-sensitive products, such as vaccines, which require effective monitoring technologies to maintain them at desired temperatures throughout the supply chain. Moreover, there are several provisions related to medicine temperature monitoring, including Good Manufacturing Practices (GMP) and Good Distribution Practices (GDP), which specify that continuous monitoring is required to regulate temperature and record data for future references. Also, such monitoring technologies can help in preventing product spoilage by maintaining the temperature at desired levels throughout the shipment and in the storage. As such, the demand is significantly increasing in the pharmaceutical sector. Modern temperature monitoring solutions are designed to track and monitor products throughout the storage and transportation cycles. They can track temperature-sensitive products, such as processed food, frozen food items, and other eatables, in real-time. At this juncture, the growing trade of perishable products across the developed and developing economies is favorable for the growth of the market. Advances in connected devices technologies, such as Radio Frequency Identification (RFID) and the Internet of Things (IoT), is also expected to open opportunities for the development of innovative cold chain monitoring solutions. The increasing use of RFID devices for accurate real-time monitoring of temperature, humidity, location, and other parameters of the pharmaceutical products is anticipated to provide a lucrative platform for market growth over the forecast period 2021-2027. Additionally, the real-time monitors, coupled with various cloud-based software are used to alert businesses in critical instances, such as the storage of products at an undesired temperature, humidity, and so on. This enables operators to collectively predict the foreseeable spoilage and shelf life of the product. As a result, the temperature monitoring devices and software are being increasingly used in the market to minimize spoilage and increase profitability.

Hardware Insights: Cold Chain Temperature Monitoring Market

The conventional temperature loggers segment led the market and accounted for more than 30.0% share of the global revenue in 2019. This high share is attributable to the high preference and demand for a cost-effective and reliable solution. Furthermore, owing to this high demand, the market is fragmented, with numerous conventional temperature monitor providers. However, the real-time monitoring devices market is estimated to witness the highest CAGR from 2020 to 2027. The real-time monitoring devices segment is expected to emerge as a prominent market by 2027 owing to a rapid shift towards advanced technologies such as real-time monitoring and alerts, cloud-based data management, and wireless sensing technologies. Along with conventional and real-time monitors, food processing and transportation companies significantly use the temperature indicators. A time-temperature indicator is a device or smart label that collects and displays the time-temperature history of a product. Time-temperature indicators are also used on pharmaceutical and medical products to indicate exposure to extreme temperatures. Other types of loggers include egg loggers, such as EggTemp Data Logger by MadgeTech and OM-CP-EGGTEMP series loggers by OMEGA Engineering. Such loggers are placed in egg trays to monitor the temperature of shipping, storage, and incubation. Along with these, the use of USB-supported PDF data loggers for monitoring perishable products and pharmaceutical products is also increasing owing to its ability to provide PDF reports at an ease.

Software Insights: Cold Chain Temperature Monitoring Market

The on-premise software segment led the market and accounted for more than 75.0%share of the global revenue in 2019 and is anticipated to maintain its dominance over the forecast period. This high share is attributable to the preference of logistics and warehousing companies towards local data storage on in-house servers and IT infrastructure. Concerns related to the safety and security of cloud-based systems have also prompted companies to opt for on-premises software. However, the development of various secured protocols used in novel cloud-based solutions is helping in annulling the security concerns associated with it. The cloud-based segment is expected to register the fastest growth over the forecast period. Cloud-based software enables real-time monitoring and reporting of the status. Cloud-based software also helps in enhancing the efficiency and efficacy of the cold chain, particularly during long-distance transits. The integration of real-time monitoring devices with mobile phones and tablets has improved the operating excellence of the cold chain. Such technology integration has allowed the users to accelerate the processes of temperature measurement of each package and cut down the expenses by significantly increases operational efficiency.

Application Insights: Cold Chain Temperature Monitoring Market

The fish, meat, and seafood application led the market and accounted for more than 20.0% share of the global revenue in 2019. This high share is attributable to the rising volumes of meat products, including beef and chicken that are increasingly being exported from U.S. and Brazil. As meat products are prone to natural, continuous, and irreversible bio-physiochemical changes, they need to be stored at a suitable frozen temperature range during its transit and storage. The processed food segment is projected to exhibit the highest CAGR of around 19% from 2021 to 2027. The growth can be attributed to the increased intake of processed foods such as cereals, cookies, chips, granola bars, protein bars, and other microwaveable food by the people around the globe. Based on application, the market has been further segmented into fruits and vegetables, fruit pulp and concentrates, dairy products, pharmaceuticals, bakery and confectionaries, and others. The pharmaceuticals segment is anticipated to expand at a considerable CAGR of around 17%. The growth can be attributed to the stringent regulatory standards applicable in various parts of the world to ensure safe and secure storage and transport of pharmaceutical products. Some of the drugs and medicines tend to be highly temperature-sensitive and need to be stored and transported at consistent temperature levels. Hence, supply chain operators are particularly opting for cold chain temperature monitoring devices and software while storing and transporting pharmaceutical products. Moreover, the increased trade of drugs and medicines amidst the impact of the COVID-19 pandemic is also expected to increase the demand for temperature monitors from the pharmaceutical sector.

Regional Insights: Cold Chain Temperature Monitoring Market

North America lead the market and accounted for over 35.0% share of global revenue in 2019 and is anticipated to maintain its dominance over the forecast period. The high market share of the region is attributed to the increasing demand for temperature monitors from food storage facilities and food logistics operators. The dietary habits of consumers in this region are changing on account of rising obesity levels. The people are increasing their preference for the intake of fresh and organic food such as fresh leafy vegetables, organic milk, and organic eggs, which requires critical handling and monitoring at each level of storage and transit to avoid spoilage. This, in turn, is boosting the regional market growth. The Asia Pacific is expected to emerge as the fastest-growing regional market and open significant growth opportunities for the companies contemplating long-term investments. Emerging economies, such as India, Singapore, Thailand, and China, are expected to contribute to the growth of the regional market. The growing population, rapid industrialization, continued rollout of transportation and warehousing networks, and rising demand for processed and canned food items are some of the factors expected to drive the regional market growth. The market in China is expected to witness stable growth over the forecast period, attributed to various factors, such as technological advancements, the advent of smart sensors, and the growth of the pharmaceutical and processed food industries.

Key Companies & Market Share Insights: Cold Chain Temperature Monitoring Market

The market is highly fragmented with the presence of numerous market players, especially the manufacturers of conventional temperature monitors and cost-effective temperature indicators. Some market players, such as Berlinger & Co., are integrating innovative technologies in their temperature indicators. For instance, in April 2019, Berlinger & Co. AG announced updates to Fridge-tag 3. The improvements in Fridge-tag 3 included innovative configuration options, SMS notify of warning status, enhanced PDF layout with signature fields on each page, and alarming enhancements of an alarm event or warning. The manufacturers of real-time temperature monitoring equipment are staying ahead of the competition by technological advancements. Such players are focusing on expanding and enhancing their product portfolio by integrating the latest technologies such as RFID and Bluetooth Low Energy (BLE), among other technologies in their product offerings. For instance, in July 2018, DeltaTrak, Inc. introduced a new product called FlashTrak PreCool Prime. This automated wireless solution can be used during pre-cooling and subsequently for increasing pallet throughput. The solution enables users to monitor internal product temperature in real-time from a cloud-based dashboard, which eliminates manual labor, thereby improving operational efficiency. Some prominent players in the cold chain temperature monitoring market include:

Key companies Profiled: Cold Chain Temperature Monitoring Market Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global cold chain temperature monitoring market report based on hardware, software, application, and region:

Hardware Outlook (Revenue, USD Million, 2016 - 2027)

  • Conventional Temperature Loggers
  • Real-Time Monitoring Devices
  • Resistance Temperature Detectors
  • Temperature Indicators
  • Others

Software Outlook (Revenue, USD Million, 2016 - 2027)

  • On-Premise
  • Cloud-Based

Application Outlook (Revenue, USD Million, 2016 - 2027)

  • Fruits & Vegetables
  • Fruit & Pulp Concentrates
  • Dairy Products
  • Milk
  • Butter
  • Cheese
  • Ice Cream
  • Fish, Meat & Seafood
  • Processed Food
  • Pharmaceuticals
  • Vaccines
  • Blood Banking
  • Bakery & Confectionaries
  • Others

Table of Contents
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definitions
1.3. Information Procurement
    1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum)
    1.3.2. IFF Internal Database
    1.3.3. Secondary Sources & Third-Party Perspectives
    1.3.4. Primary Research
1.4. Information Analysis
    1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization  
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