The food cold chain market is a critical component of the global supply chain, ensuring the safe and efficient transportation and storage of perishable goods. The food cold chain market is expected to grow at a CAGR of 17.5% during the forecast period of 2024 to 2032, fueled by increasing demand for fresh and frozen food, stringent food safety regulations, and the growth of e-commerce in grocery retail. However, the high initial investment and operational costs pose a significant restraint, requiring companies to balance expansion with cost management strategies.
The seafood processing equipment market plays a vital role in the seafood industry, enabling the efficient handling and preparation of seafood products for consumption. The seafood processing equipment market is expected to grow at a CAGR of 3.5% during the forecast period of 2024 to 2032, driven by rising global seafood consumption, automation and technological advancements, and the globalization of seafood trade.
The global cold chain market has witnessed strong growth in recent years and is expected to continue its upward trajectory with an expected CAGR of 18.5% during the forecast period of 2024 to 2032. The global cold chain market is poised for robust growth from 2024 to 2032, driven by several key factors. The increasing demand for perishable goods, the expansion of the food retail industry, and stringent regulatory standards are major drivers propelling the market forward.
Canned Tuna Market Is Projected to Expand At A CAGR Of 4.2% Between 2023 And 2031. Tuna is a saltwater fish canned for both commercial and retail usage since it is one of the major sources of animal protein. Canning is a method of preservation of food stuffs that are highly perishable in nature. Canning is generally done in an air-tight container that prevents contact of food products from atmospheric conditions thereby increasing its shelf-life. Edible oils, sauces, mineral salt solutions (like brine water) are the storage medium used inside the canned container.
The global food service market is expected to cross US $5300 billion by 2030 growing at an anticipated CAGR of 11% during the forecast period of 2023 to 2031. Due to the increasing popularity of eating away from home, the food service business has developed. Using sophisticated techniques and technology has also enabled food service businesses to boost their output and streamline their operations, hence improving their overall efficiency. Migration and urbanization have exposed consumers to a variety of cuisines. In addition, increasing advertising for ethnic cuisine and expanding interest in diverse cuisines have contributed to the expansion of this industry. The creation of new types of enterprises to serve the food demand in institutions such as corporate offices, retirement communities, orphanages, and hospitals contributes to the expansion of the food service sector. In addition, institutional catering is prominent in developing nations such as India, Singapore, South Africa, Qatar, and the United Arab Emirates.
The increase in dual-income households and dining-out expenditures have contributed to the expansion of the global market. In addition, the rapid proliferation of food service establishments in both developing and developed nations has increased their popularity. The increasing preference of the millennial generation for fast food consumption trends will raise their expenditures on the quick service restaurant industry, which includes franchises.
In addition to the increased spending of local consumers, the expenditures of tourists on hotels and restaurants also contribute to the expansion of numerous regional marketplaces. While the tourism business has flourished in recent years, hotels and restaurants are introducing new types of cuisine to local markets in order to attract tourists from specific nations. This helps companies attract tourists and domestic consumers who are eager to taste new sorts of international cuisine. Thus, the rising cost of dining out is projected to stimulate the expansion of this sector.
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