Innovations, in terms of technology, in the food industry are driving the increasing use of digitalization in its supply chain. The food and beverage industry is a fast-growing multi-billion dollar industry which is majorly driven by the increasing population. As per to the United Nations, food production would need to grow more than 70% by 2050 to meet the demand of 9.7 billion individuals by the end of 2050. This growth in the food and beverage industry is supported by several challenges driven by the changing global trends. Globalization, safety, regulation, efficiency, and refrigerants are increasingly affecting the supply chain management of the food industry to meet the demand. New and emerging technologies are being introduced to design, optimize, and manage the food supply chain.
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The food and beverage industry, growing at a fast pace, plays an important role in the growing economy and is majorly driven by the population growth. Globalization, regulation, efficiency, and refrigerants are some of trends influencing the food industry. Increasing demand for perishable products is stimulating food manufacturers and suppliers to develop a proper cold transport and storage facility. This demand is driven by the health-conscious consumers looking for more perishable food items across the globe. To meet this demand, the food industry suppliers are investing in the development of temperature-controlled facilities, using refrigerated trucks, trailers, containers, and others to maintain the food product quality and safety.
Food loss and wastage is a huge concern being faced by major countries across the globe and companies. The Food and Agriculture Organization has estimated that more than one-third of the food, which is about $400 billion produce, across the globe gets wasted every year. The food waste is caused majorly due to poor transportation networks, lack of preservation techniques, inadequate temperature and humidity conditions, and delay in transit. This increased amount of food wastage has pushed the economies to invest in developing better cold chain infrastructure facilities. Therefore, the demand for cold chain solutions is increasing rapidly. The use of cold chain in the agriculture supply chain started in the early 1950s along with the growth of the mechanical refrigeration industry. However, the cold chain industry is yet to fully grow in the majority of developing countries.
Use of cold chain facilities under chilled and frozen temperature type provides continuous product handling within a low-temperature environment right from harvesting, collecting, packing, processing, storage, transporting, and marketing till it reaches end consumers. There are different food products which requires different temperature levels. For instance, fruits and vegetables frequently require temperature facilities and are usually stored around 55°F. Dairy products should be kept above freezing for about 35°F. Meat and poultry products should be kept below freezing at 28°F. Ice cream and other frozen products require deep freezing at temperatures ranging from -10°F to -150°F.
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The trends of the food cold chain market vary across different geographical regions. The food cold chain market holds a prominent share in various countries of North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW). North America is at the forefront of the global food cold chain market, with high market penetration rate in the U.S., Mexico, and others, which are expected to display robust market growth in the coming five years.
UPCOMING INDUSTRY TRENDS 