Controlled shipping of goods without damaging their original state is one of the most challenging tasks faced by the logistics industry. Product temperature maintenance is not an easy task.
Cold Chain is the management of accurate temperature needed to preserve the original state of the products that are likely to get spoiled when the desired temperature is not provided to them. Fruits and vegetables, medicines and vaccines, biological lab samples, drinks and beverages, and other chemical industries employ efficient cold chain management to safeguard their end products.
According to the Forbes 2024 report, the cold chain has disrupted the food and beverages industry and frozen food demands across the globe have risen by a good 34%. This was followed by another report from the CSR Group that revealed that the global medical cold storage market is projected to experience significant growth, with revenue expected to reach USD 385.4 Bn by 2030.
This growth is driven by the increasing demand for temperature-sensitive drugs and medical products, especially COVID-19. Such products require specialised cold storage and transportation solutions and with today’s modern cold chain technology and warehouse solutions, this is becoming possible.
In this blog, we will see 3 cold chain technological trends shaping the industry, let’s begin!
1) AI and Data Analytics in Cold Chain - Improving the supply chain visibility and making the entire process more efficient, versatile and trustworthy, AI and Data Analytics in Cold Chain solutions are emerging as a new trend to look out for in 2024.
Some of the key benefits are;
● Informed Decisions - Constant monitoring of the products is not easy when done manually. Here, with the use of technology, this is easy. Along with this, AI, IoT and other related technologies help stakeholders keep a good check on temperature.
● Product Specific Algorithms - Cold chain technologies help extend products’ shelf life by balancing the temperature needed. These technologies have pre-installed data fitted in their memory because of which they can scan the products better and understand the tailored care that should be provided to them accordingly.
● Proactive Supply Chain Maintenance - The technologies are capable enough to not just tell you about the products inside but also possible system hampers so that potential equipment failures can be prevented.
2) Sustainability Drive - Needless to say, the cold chain industry has completely changed the game of year-round production, that too fresh and authentic. Thanks to the invention that today we can get fresh mango drinks despite it being seasonal or medicines across the globe, regardless of where it is manufactured.
But, we must also understand that cold chain operations conventionally produce too many greenhouse gases and all of this is the direct result of cooling which requires a lot of energy.
But thanks to the new-age technologies, researchers’ findings and innovative ways to tackle the situation. Sustainable cold chain solutions are the result of their hard work.
The process of the sustainable cold chain system is similar to the conventional one but with a touch of sustainability to it.
You’ll often find;
● Energy efficient refrigeration system - Nowadays, in regions such as the Middle East, Asia etc. where frozen foods, medicines and vaccines are in high demand, keeping the sustainable future movement alive is a tough task. Refrigeration systems that consume less energy and are powered by renewable energy sources such as solar or wind power are in great demand.
● Packaging technology for the future - Packaging designed to maintain the safety and integrity of temperature-sensitive products throughout the supply chain, while minimising waste and environmental impact are in huge demand.
Yahoo Finance reports that the cold chain packaging market was worth $28.2 Bn in 2023 and is expected to reach $137.8 Bn by 2032, growing at a rate of 19.2% annually.
This growth is largely due to the rising demand for packaging that's better for the environment. As people and businesses become more aware of environmental issues, they're looking for alternatives to regular plastic packaging. This creates a big opportunity for companies in the cold chain packaging market.
● Fuel monitoring of the Logistics Truck - Monitoring fuel usage in truck fleets is a complicated task. But not anymore, the fuel monitoring in a logistics truck ensures that real-time data on fuel consumption, leaks or thefts are reported with AI technology inside them.
3) Fully Integrated Supply Chain Management - Visibility, enabling data-driven decision-making, reducing reliance on manual elements and improving collaboration and communication are some of the key elements of a successful cold chain and logistics system.
Via an integrated supply chain management system, all the stakeholders are kept informed and work towards the same goal. Right from procurement and transportation to distribution of the products.
Some of the benefits reported are;
● A higher Satisfaction rate is seen through this process.
● Order fulfilment and timely delivery are seen.
● Via the centralised data system, not just real-time data mapping is done but accurate information is transmitted to everyone involved in the process.
So, we have covered three cold chain logistics trends but we are confident there are more. If you too have innovative technology and solutions in the cold chain and logistics market - how about expanding it to the booming Middle East market?
The World ColdChain Expo 2024 is an ideal platform where you can network, showcase, build your brand with our strategies and excel in the dynamic field of cold chain and logistics sector by engaging with the industry stakeholders for two brand-building days.
For booth booking, here is the registration link - https://lnkd.in/gxCtNbq8
