Market Research Future (MRFR) has published a cooked research report on the “Global Cold Chain Equipment Market” that contains information from 2018 to 2032. The cold chain equipment market is estimated to register a CAGR of 22.50% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global cold chain equipment market - Thermo King, Carrier Transicold, Zanotti SpA, Fermod, Intertecnica, ebm-papst Group, CAREL, Rivacold srl, Kason Industries Inc., Bitzer, Kelvion, Incold S.p.A., CHG Europe BV, Viessmann and Schmitz Cargobull
The global cold chain equipment market is accounted to register a CAGR of 22.50% during the forecast period and is estimated to reach USD 88.209 billion by 2032.
The increase in demand for convenience foods with a long shelf life, the expansion of organized retail establishments in emerging nations, and greater consumer awareness of the need to reduce food wastage are all contributing factors to this trend. In addition, the need for such solutions is growing in the food and beverage sector in order to stop the decline in food quality. Additionally, the growth of retail chains, the liberalization of trade around the world, and the rising number of government programs to reduce food waste are anticipated to fuel the market's expansion during the forecast period.
Browse In-depth Details [Table of Content, List of Figures, List of Tables] of cold chain equipment market manufacturing trends
The global cold chain equipment market has been segmented based type and application.
On the basis of type, the market is segmented into Storage Equipment and Transportation Equipment. The storage equipment segment was attributed to holding the largest market share in 2022 attributable to the growing demand for cold storage facilities to accommodate customer demand for fresh fruit, dairy products, and frozen items, as well as the ever increasing requirement to preserve the quality and safety of temperature-sensitive products, such vaccines, biologics, and chemicals, for extended periods.
Based on application, the global cold chain equipment market has been segmented into Meat, Dairy & Frozen Desserts, Bakery & Confectionary, Processed Food, Pharmaceuticals, Vegetables & Fruits and Others. The processed food segment was expected to hold the largest market share in 2022. Foods that have been heated, cooked, canned, or dried after being in their raw agricultural state are referred to as processed foods. These include frozen pizzas, premade meals, and foods flavored with oils, sugars, and flavorings.
The global cold chain equipment market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe cold chain equipment market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The cold chain equipment market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World cold chain equipment market comprises of Middle East, Africa, and Latin America.
The largest market share for cold chain equipment was maintained by the North American regional sector. One of the main factors driving an increase in demand for high-quality cold chain equipment in the North American region is the region's substantial refrigerated transportation network and storage facilities for temperature-controlled food goods. A further potential driver for this geographical market is favorable government rules pertaining to strict limits on the movement of perishable agricultural commodities.
Moreover, the Europe market has been persistently growing over the forecast period due to the expanding requirement for a sophisticated cold chain infrastructure to preserve product quality, the development of e-commerce and online grocery delivery services, the expansion of international trade, and the growing importance of making informed judgments and quality control in the cold chain.
Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. Due to the rising need for fresh and frozen foods, medications, and other perishable goods, the Asia Pacific region's market for cold chain equipment is growing quickly. The need of preserving product quality and safety during transit and storage is becoming more and more clear because the region is home to some of the largest population centers on earth.
Furthermore, the rest of the world's cold chain equipment market is divided into the Middle East, Africa, and Latin America. This market is expanding in rest of the world due to factors including rising demand for cold storage equipment to lower the risk of food-borne illnesses, extend shelf life, and enhance the convenience of frozen foods.
Key Findings of the Study