Advancements in cold chain technologies and increasing demand from the developing nations such as India and China is further boosting global cold chain market. In addition, growth in pharmaceutical industry and introduction of new healthcare products that require storage and transportation at specific temperatures is also contributing to growth in the market. The global cold chain market is projected to witness a CAGR of over 11 percent during 2015 to 2020. According to the report, the processed food industry and pharmaceutical industry are set to surge the demand for cold chain services. The growing demand for frozen and processed food items such as meat and fish, frozen and canned food products and ready to eat meals is driving cold storage demand. With a study by the United Nations, one third of perishables is lost or wasted globally, this equals 1.3 billion tons per year. The greatest challenge is to maintain the cold chain, which varies from product to product. Perishable food products and beverages are often exposed to fluctuating temperatures during transit and handling, which leads to the wastage. With increasing world population and food wastage, the need for efficient cold chain logistics is expected to increase significantly in the coming years. The F&B cold chain logistics market mainly comprises of the following segmentation: Bakery and confectionery, dairy and frozen desserts, fruits and vegetables, meat, fish and seafood, and floral. In the Middle East, the growing population and increased income levels have fueled significant growth in the food sector and this is expected to further grow, according to MCI. However, weak supply chain infrastructure is one of the key drivers of food inflation resulting in wastage caused by lack of storage facilities and transportation, which in turn adversely affects efficiency and leads to higher costs. With most fresh and frozen food products being vulnerable to temperature variations, the logistics industry has been experiencing stringent regulatory controls to ensure the integrity of the transport and storage of such perishable goods. During 2015, the meat, fish, and seafood segment dominated the market and accounted for a market share of more than 43 percent in terms of revenue. The high demand for meat exports from the countries in the Middle East such as Saudi Arabia, Turkey and Qatar contributes to the growth of this segment. Currently, global cold chain market is fragmented, with a large number of players operating in the market, according to TechSci Research. However, a number of mergers and acquisitions have been witnessed over the past decade. This trend is expected to continue over the forecast period, owing to which the market is moving towards consolidation in coming years. In terms of revenue contribution, North America captured the largest market share in 2014, and is expected to retain its dominance in global cold chain market over the next five years. Major players operating in the market include AmeriCold Logistics, Lineage Logistics, APL Logistics, Swire Group, Oxford Cold Storage, VersaCold, and Burris Logistics, among others. The retailers and franchise customer have vertical integration with the cold chain service providers to ensure the safety and quality of the product. The lack of cold chain facilities in less-developed economies made retailers to invest heavily in developing own cold chain logistics systems. The increasing penetration of connected devices and growing usage of RFID, barcode scanners in the refrigerated warehouse is anticipated to drive the monitoring components segment demand over the projected period, according to a report by Grand View Research. The service providers are focusing on adopting new technologies such as cloud technology to enhance the overall logistics performance.