The global food logistics market was worth US$ 100 Billion in 2018. Logistics is the detailed flow of the products from the point of origin to the point of consumption to meet the requirements of corporations and consumers. It aids in planning, controlling as well as implementing the storage and flow of goods and services. It also helps to maintain a continuous supply of non-durable and durable products from various distributors and suppliers. Owing to this, logistics plays a crucial role in the food industry. Transportation and logistics providers use different equipment, expertise and technologies to control and improve the supply chain operations.
The growth of the global food logistics market is majorly driven by a rapid rise in the prevalence of e-retail in the food and retail sector. As logistics forms a significant part of the storing, transporting and delivery of the goods purchased online, this has provided a positive thrust to the market growth. Apart from this, the advent of artificial intelligence (AI) has enabled logistics companies to increase delivery efficiency. For instance, United Parcel Service (UPS), an American multinational package delivery and supply chain management company, utilizes AI algorithms for intelligent route planning. This helps in reducing delivery times without damaging perishable food products. Some of the other factors which are positively influencing the market include improving distribution networks and infrastructure in developing regions, and the adoption of new technologies by logistics providers for enhancing their business processes. Looking forward, IMARC Group further expects the market value to reach US$ 162 Billion by 2024, expanding at a CAGR of 8.3% during 2019-2024.
Breakup by Transportation mode:
Roadways currently represent the leading segment, holding the largest market share.
Breakup by Product Type:
Fish, shellfish and meat are the most popular product type, accounting for the majority of the total market share.
Breakup by Service Type:
At present, cold chain represents the most popular service type, dominating the market.
Breakup by Segment:
Based on the segment, transportation is the leading segment across the globe.
On the geographical front, North America exhibits a clear dominance in the market.
The competitive landscape of the market has been characterized by the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
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