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Pharmacy benefit management market
REPORT OVERVIEW
The global Temperature Controlled Logistics (TCL) Market size was in USD 273620 million 2022. As per our research, the market is expected to reach USD 392540 million by 2028, exhibiting a CAGR of 6.2% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
The temperature controlled logistics entails overseeing and moving merchandise, items, or substances that necessitate precise temperature prerequisites to uphold their excellence, soundness, and security during the entirety of the supply chain. This is especially crucial for commodities susceptible to temperature variations, including but not limited to, perishable edibles, pharmaceuticals, chemicals, biologics, and select industrial goods.
COVID-19 Impact: Increased Demand for Pharmaceuticals and Medical Supplies to Fuel Market Growth
Amidst the COVID-19 pandemic, the Temperature Controlled Logistics (TCL) Market encountered a twofold effect, encompassing both advantageous and detrimental outcomes. One of the beneficial consequences was the significant upsurge in the requirement for pharmaceuticals and medical supplies. The pandemic led to a surge in demand for pharmaceuticals, vaccines, and medical supplies, which are often temperature-sensitive. This boosted the need for efficient temperature-controlled logistics to ensure the safe and timely distribution of these critical products.
Global supply chains faced disruption due to lockdowns, travel limitations, and shortages in labor, all of which affected the transportation of temperature-sensitive commodities. Consequently, this situation resulted in delays, elevated expenses, and difficulties in ensuring steady temperature conditions.
LATEST TRENDS
"Digitalization and IoT Integration, and Blockchain for Traceability to Fuel Market Growth "
The emergence of Digitalization and IoT Integration within the temperature controlled logistics domain signifies the increasing adoption of digital technologies and Internet of Things (IoT) solutions to elevate the oversight and surveillance of temperature-sensitive commodities across the supply chain. This trend is propelled by the necessity for immediate visibility, data-guided decision-making, and heightened efficiency in safeguarding the caliber and safety of products that demand specific temperature prerequisites. Incorporated within the supply chain are IoT devices like temperature sensors, humidity detectors, and GPS trackers, which maintain constant vigilance over the condition of goods in transit. The data generated in real time is collated and relayed to central systems, equipping stakeholders with the capacity to track temperature variations and promptly intervene should any deviations arise.
Blockchain technology became increasingly popular in temperature-controlled logistics due to its capacity to offer a secure and transparent means of tracking products throughout the entire supply chain. This was of special significance in sectors such as pharmaceuticals and food, where ensuring the unbroken integrity of the supply chain holds paramount importance.
SEGMENTATION
- By Type
On the basis of type, the market is divided into warehousing, transport, packaging, and other.
- By Application
On the basis of application, the market is classified as fruits and vegetables, fish, meat, and seafood products, packaged foods, dairy and frozen desserts, bakery and confectionery products, healthcare, and other.
DRIVING FACTORS
"Rising Demand for Perishable Goods to Fuel Market Growth "
The Temperature Controlled Logistics (TCL) Market growth is significantly shaped by the increasing demand for perishable goods. This trend closely parallels the rising consumer preference for fresh and premium items such as fruits, vegetables, dairy products, meat, and seafood. The implications of this demand reverberate profoundly within the logistics sector, primarily focusing on the market's expansion driven by the imperative to uphold the quality and safety of these temperature-sensitive products.
"Globalization of Supply Chains to Stimulate Market Progress"
The expansion of trade and business activities on a global level, involving the sourcing, manufacturing, and distribution of goods across diverse countries and regions, serves as a substantial driving force in the Temperature Controlled Logistics (TCL) Market due to the globalization of supply chains.
RESTRAINING FACTOR
"High Initial Investment to Harm Market Growth "
The considerable upfront investments needed for setting up temperature-controlled facilities, procuring specialized vehicles, and integrating advanced monitoring technologies can pose a hurdle for smaller enterprises aiming to enter the market.
REGIONAL INSIGHTS
"North America exhibit Substantial Market Demand to Drive Market Share "
North America to hold the largest Temperature Controlled Logistics (TCL) Market share globally. Regional insights within the market offer a comprehensive comprehension of industry operations and evolution within distinct geographic zones. Diverse regions exhibit distinct elements that impact the demand, expansion, and obstacles of temperature-controlled logistics. The Temperature Controlled Logistics (TCL) Market share in specific areas is driven by regional insights such as Substantial market demand for temperature-controlled logistics, fueled by significant consumption of perishable items, pharmaceuticals, and healthcare commodities. Adoption of advanced infrastructure and regulatory benchmarks that encourage the uptake of intricate temperature control solutions. The surge of e-commerce amplifies the urgency for efficient last-mile delivery with temperature control capabilities.
KEY INDUSTRY PLAYERS
"Multitude of Companies that Played a Pivotal Role in Expansion of Temperature Controlled Logistics"
Here are notable participants in the temperature controlled logistics sector. UPS provides an array of temperature-controlled logistics solutions encompassing cold chain transport and storage options for pharmaceuticals, healthcare items, and perishable commodities.
List of Market Players Profiled
- Americold (U.S.)
- Nichirei (Japan)
- Lineage (U.S.)
- Burris Logistics (U.S.)
- VersaCold (Canada)
REPORT COVERAGE
The future demand for the Temperature Controlled Logistics (TCL) Market is covered in this study. The research report includes the increased demand for pharmaceuticals and medical supplies due to the COVID-19 Impact. The report covers the latest trends in digitalization and IoT integration. The paper includes a segmentation of the market. The research paper includes the driving factors that are rising demand for perishable goods to fuel market growth. The report also covers information on regional insights where the region which has emerged leading market for temperature controlled logistics.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 273620 Million in 2022 |
Market Size Value By |
US$ 392540 Million by 2028 |
Growth Rate |
CAGR of 6.2% from 2022 to 2028 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global Temperature Controlled Logistics (TCL) Market expected to touch by 2028?
The global Temperature Controlled Logistics (TCL) Market size is expected to reach USD 392540 million by 2028.
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What CAGR is the global Temperature Controlled Logistics (TCL) Market expected to exhibit by 2028?
The global Temperature Controlled Logistics (TCL) Market is expected to exhibit a CAGR of 6.2% by 2028.
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Which are the driving factors of the Temperature Controlled Logistics (TCL) market?
The driving factors of the Temperature Controlled Logistics (TCL) market are Rising Demand for Perishable Goods and Globalization of Supply Chains.
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Which are the key players or most dominating companies functioning in the Temperature Controlled Logistics (TCL) market?
Americold, Nichirei, Lineage, Burris Logistics, and VersaCold are the key players or most dominating companies functioning in the Temperature Controlled Logistics (TCL) market.