USD 118.58 billion
Cold Storage Market Size, Share, Growth Analysis, By Storage Type(Facilities/Services (Refrigerated Warehouse (Private & Semi-Private, Public), Cold Room), Equipment (Blast freezer), By Temperature Range(Chilled (0°C to 15°C), Frozen (-18°C to -25°C), Deep-frozen (Below -25°C)), By Application(Food & Beverages (Fruits & Vegetables, Fruit Pulp & Concentrates, Dairy Products (Milk, Butter), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45I2145 |
Region:
Global |
Published Date: September, 2024
Pages:
165
|Tables:
65
|Figures:
75
Cold Storage Market Insights
Global Cold Storage Market size was valued at around USD 98.6 billion in 2022 and is expected to rise from USD 119.5 billion in 2023 to reach a value of USD 434.2 billion by 2031, at a CAGR of 17.5% over the forecast period (2024–2031).
The expansion of the market has been driven by the growth in e-commerce retailing of fresh produce and increasing warehouse automation. There has been a rise in the use of apps enabling clients to order food within a short span of time and also track the time of delivery. Due to digital retailing, customers can now buy and access products and services from any place. Online purchases of perishable goods have created a trend that has brought forth both new opportunities and challenges. These include the need for low-cost, cutting-edge temperature monitoring devices to ensure the safety of fresh food products, automated warehouse facilities to manage inventories and lower per-item costs, and creative solutions to provide the vital last-mile delivery service.
In addition, the growing popularity of on-line shopping has lowered the barriers that would otherwise inhibit the growth of brick-and-mortar businesses. In order to alleviate this hurdle, food and beverage retailers have employed certain business strategies such as offering click-and-collect, as well as home delivery services. Demand for temperature-controlled storage solutions is rising as food safety and quality become more and more important. Customers' knowledge of foodborne illnesses and businesses' desire to keep perishable goods fresh are driving this development. The US Department of Agriculture (USDA) began a new initiative in August 2024 to raise the bar for food safety regulations for frozen and refrigerated goods. The campaign focused on the importance of using proper cold storage techniques to keep food from deteriorating.
US Cold Storage Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
private
Fastest Growth
semi-private
Growth Rate
17.2% CAGR
Global Cold Storage Market ($ Bn)
Country Share by North America (%)
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Cold Storage Market Segmental Analysis
Cold Storage Market is segmented by Storage Type, Temperature Range, Application, and region. Based on Storage Type, the market is segmented into Facilities/Services (Refrigerated Warehouse (Private & Semi-Private, Public), Cold Room), Equipment (Blast freezer, Walk-in Cooler and Freezer, Deep Freezer, Others). Based on Temperature Range, the market is segmented into Chilled (0°C to 15°C), Frozen (-18°C to -25°C), Deep-frozen (Below -25°C). Based on Application, the market is segmented into Food & Beverages (Fruits & Vegetables, Fruit Pulp & Concentrates, Dairy Products (Milk, Butter, Cheese, Ice cream, Others), Fish, Meat, and Seafood, Processed Food, Bakery & Confectionary, Others), Pharmaceuticals (Vaccines, Blood Banking, Others), Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Cold Storage Market Analysis by Type Outlook
As per categorization by type outlook, the market is classified as refrigerated warehouse and refrigerated transport. Among these, the refrigerated warehouse earned the largest share and continues to dominate the market. There is a paradigm shift across the globe in the cold storage sector, more so in refrigerated warehouses, owing to the changing temperature control technology and energy efficiency. Such facilities are more frequently equipped with the Internet of Things (IoT) platforms for effective monitoring and management in real-time in a bid to improve efficiency in operations and limit wastage. The refrigerated warehouses occupy a large share of the market since they are critical components in managing the storage of perishable items, fulfilling the rising consumer needs for food safety and the increasing trend of e-commerce in the food and medicines markets.
Refrigerated transport is expected to be the fastest growing segment of the global cold storage market due to a number of reasons. The growth of e-commerce especially food and pharmaceutical products has increased the need for cold chain logistics to maintain the safety and quality of products in transit. Furthermore, there is an increasing recognition of food quality and safety standards among consumers which further demands efficient refrigerated transport services. Owing to the incorporation of contemporary developments such as elaborate temperature control systems, green refrigerants, and tracking technologies in real time, refrigerated transport has become an indispensable segment of modern day supply chains, the majority of which is attributed to the growth of this market.
Cold Storage Market Analysis by Temperature Outlook
Recent developments in the global cold storage market focus on the storage at below freezing temperatures oriented towards improvement of refrigeration technologies and integration of energy efficient systems. New insulation systems, introduction of barcoding and RFID systems, and monitoring using Internet of Things (IoT) are being adopted to enhance efficiency and reduce energy use. Nevertheless, frozen temperature storage is leading the market since it is fundamental in maintaining quality and enhancing the storage duration of goods especially in the food and drug industries. With the increasing appetites of consumers for convenience in the form of microwaveable and delicate goods, the demand for strong frozen storage systems has been very high thus making it one of the most significant sectors in the refrigeration storage arena.
As per the estimates, the chilled storage segment of the global cold storage market is expected to observe the fastest growth due to an increase in the number of customers buying fresh and less processed food items. The growing consumption pattern of perishables, including but not limited to, fruits, vegetables, dairy, and ready-to-eat meals calls for efficient chilled storage in order to keep these products safe and of a desirable quality. Moreover, the growth of chilled storage facilities is also aided by the growth of food retailing and e-commerce. Innovations in refrigeration systems such as energy-efficient ones and real-time monitoring further improve efficiency in operations making cold storage a must for changing market and consumer needs.
Global Cold Storage Market By Type Outlook (%)
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Cold Storage Market Regional Insights
The global cold storage market is led by North America owing to the existing infrastructure coupled with advanced technology and a strong logistics network. Governments and the populace in the region have invested heavily in cold storage facilities since there are stringent laws concerning food safety and there are consumers willing to buy fresh and frozen food products. E-commerce as an industry has also been on the rise with more and more people ordering food hence the rise in demand for cold chain logistics. The role of prominent players alongside the constant evolution of the refrigeration technology further strengthens the market position of North America, turning it into a crucial region for the provision of cold storage services for the purposes of not only internal but external trade as well.
Europe is the most rapidly expanding region in the global cold storage market due to increasing consumption of frozen and refrigerated foods and adherence to food safety regulations. E-commerce and grocery delivery have made it even more complicated as cold chain management is now critical in protecting the quality of products from the time of placing the order to the time of delivery. Further, Europe's focus on sustainability is causing stakeholders to invest in green cold storage options. The region is also home to numerous innovative companies that leverage advanced technologies, such as IoT and automation, enhancing operational efficiencies. This combination of factors positions Europe as a key player in the evolving cold storage landscape.
Global Cold Storage Market By Geography
- Largest
- Fastest
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Cold Storage Market Dynamics
Cold Storage Market Driver
Rising Demand for Perishable Goods
- The world’s population is on the rise and so is urbanization, which has significantly increased the need for perishable goods, which includes fruits and vegetables, dairy and even frozen goods. With consumers growing quality and convenience conscious, food retailers and manufacturers have no choice but to invest in effective cold storage solutions to keep their food products fresh for longer periods.
Technological Advancements in Refrigeration
- Technological advances in refrigeration apparatus such as energy-efficient systems as well as IoT monitoring, are transforming the cold storage industry. These developments improve temperature regulation, save energy consumption and enhance functional efficiency. With the growing emphasis on sustainability and cost-efficiency by firms, application of advanced technologies is becoming vital to sustain competition within the cold storage industry.
Restraints
High Operational Costs
- The global cold storage market is highly saturated with operational challenges owing to huge energy consumption, maintenance and radical cooling systems’ costs. Such costs are likely to compress the profit margins for the operators especially the small ones which will affect their quest to put in place the essential infrastructural changes, thereby curtailing the growth prospects of the market.
Regulatory Compliance Challenges
- There are obstacles presented by strict regulations on food safety and the environment in the cold storage industry. Adhering to these standards often necessitates heavy expenditure on facilities and reengineering, which, however, can be a challenge for operators. Too much regulation may discourage new players from entering the market and also slow the growth of the cold storage industry.
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Cold Storage Market Competitive Landscape
Numerous primary contenders who are dedicated towards innovation and expansion define the competitive landscape of the global cold storage market. The focus includes players like Americold Logistics, Lineage Logistics, Cold Storage Solutions among others that employ cutting edge technologies in their operations for more efficiency and sustainability. Also, regional players such as SWC and Nichirei Logistics also play a significant role. The competition within the market is growing, as optimization of services is required owing to the demand for cold chain logistics and storage solutions.
Top Players Cold Storage Market
- Lineage Logistics Holdings (US)
- Americold Logistics LLC (US)
- Nichirei Corporation (Japan)
- AGRO Merchants Group
- United States Cold Storage, Inc.
- VersaCold Logistics Services
- Interstate Warehousing, Inc.
- Swire Cold Storage Pty Ltd.
- Cloverleaf Cold Storage Co.
- John Swire & Sons Pty Ltd.
- Kloosterboer Group BV
- Gati Kausar
- Henningsen Cold Storage Co.
- Preferred Freezer Services, LLC
- NewCold Advanced Cold Logistics
- Burris Logistics
- Congebec Logistics Inc.
- Snowman Logistics Ltd.
- XPO Logistics, Inc.
- ColdEX Logistics Pvt. Ltd.
Cold Storage Market Recent Development
- In September 2023, Americold Logistics has disclosed the launch of an advanced cold storage warehouse in the state of Texas. The purpose of this new building is to boost their temperature controlled storage abilities as well as the provision of services to the clients in the food and pharmaceuticals industries where the demand for cold chain logistics is high.
- In August 2023, Lineage Logistics grew its reach by purchasing a cold storage warehouse in the territory of Italy. This strategic decision is designed to enhance their position in the European market and increase operational effectiveness. The facility will allow Lineage to provide better services to customers in the region and help with their supply chain needs.
- In October 2023, Nichirei Logistics Group announced the launch of an innovative temperature-controlled logistics platform utilizing IoT technology. This development aims to improve monitoring and management of cold storage operations, ensuring optimal temperature control and food safety. The initiative reflects Nichirei’s commitment to leveraging technology for enhanced efficiency.
Cold Storage Key Market Trends
- Expansion of E-commerce and Online Grocery Delivery: There is a consistent surge in demand for Cold Storage facilities owing to the accelerated expansion of the e-commerce industry, more specifically, online grocery delivery services. Enhanced customer’s demand for prompt delivery of fresh and frozen products is making retailers invest more and more in sophisticated refrigerated logistics systems to keep with the changing customer needs
- Adoption of Sustainable Practices: Sustainability is regarded as an important consideration in the growing cold storage market where much emphasis is placed on the use of energy saving refrigeration systems along with environmental friendly practices. The current focus is on lowering carbon emissions and reducing costs which have become common practice in the market as consumers tend to lean to companies that employ green practices and policies especially in the food sector where the applicable regulations are so strict.
Cold Storage Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the Global Cold Storage Market is experiencing significant growth driven by e-commerce demand, technological advancements, and changing consumer preferences for fresh and frozen products. Innovations in refrigeration technologies and automated systems enhance operational efficiency while ensuring food safety. North America has the lion’s share of the market owing to strong infrastructure; however, countries in Europe position themselves with rapid growth and emphasis on sustainability. Nonetheless, factors like high operational cost and adherence to regulation remain. While organizations are able to adjust to these changes, innovation in the organization is important in order to take advantage of new developments in the growth within this environment.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 98.6 billion |
| Market size value in 2031 | USD 434.2 billion |
| Growth Rate | 17.5% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cold Storage Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cold Storage Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cold Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cold Storage Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cold Storage Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cold Storage Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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