Cold Storage Market Research Report Information By Type (Refrigerated Warehouse And Refrigerated Transport), By Temperature Type (Frozen And Chilled), By Application (Dairy and Frozen Desserts, Fish, Meat and Seafood Products, Bakery and Confectionery Products, Fruit & Vegetables And Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

Global Cold Storage Market Overview

Cold Storage Market Size was valued at USD 125.9 Billion in 2022. The Cold Storage industry is projected to grow from USD 143.5 Billion in 2023 to USD 409.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.00% during the forecast period (2023 - 2032). Increasing consumer demand for perishable goods and international food trade expansion as a result of trade economic liberalisation are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review                                                            

Cold Storage Market Trends

• 
  

  Rising consumer awareness about decreasing food waste propels market growth.

  
  

Market CAGR for cold storage is being driven by the increasing consumer awareness about decreasing food waste. Food waste is a serious issue all around the world. The majority of food waste is caused by a lack of suitable storage facilities. Furthermore, about 700 million people ly do not have enough food to consume. Perishable goods typically transit through the supply chain at varying temperatures, which can result in food spoilage and waste. The Chinese government is focused on measures to reduce food waste and increase the shelf life of perishable foods to address this issue. The  population is predicted to rise fast, increasing demand for food and increasing emphasis on decreasing food waste. Because of  population expansion and excessive food waste, there is a need for better storage worldwide; storage will contribute in addressing the problem of food insecurity by providing a stable environment for food goods across the supply chain. Thus, rising awareness of the importance of decreasing food waste would increase demand for storage facilities, propelling the growth of the market under consideration over the forecast period.

In addition, the utilisation of fuel cell-based technology can assist warehouse managers in saving valuable space in warehouses that is often occupied by battery charging stations and batteries. For example, when compared to traditional fuel-based and battery-powered infrastructure, fuel cell-based infrastructure takes up more than 60% less space. A forklift battery replacement takes approximately 10-20 minutes, but hydrogen refuelling in a fuel cell-based forklift takes approximately five minutes. As a result, such trends will have a positive impact on the storage market's growth over the forecast period.

Rising perishables are projected to drive the expansion of the cold storage industry in the future. Perishable products are those that decay quickly and have a short shelf life, such as fruits and vegetables, dairy products, medications, and others. The expanding perishables trade forces the cold storage business to supply higher quality items to their clients. For instance, According to a report issued in 2021 by the Food and Agricultural Organisation of the United Nations, worldwide milk production reached 906 million tonnes in 2020, up 0.2% from 2019. Another article published by the Food and Agriculture Organisation of the United Nations and the Organisation for Economic Cooperation and Development, an intergovernmental organisation with 38 member countries, stated that total meat production in 2020 is expected to be around 134 megatons, 1.2% higher than in 2019. As a result, an increase in perishables trade will raise demand for cold storage.

Cold Storage Market Segment Insights

Cold Storage Type Insights

The  Cold Storage Market segmentation, based on type includes refrigerated warehouse and refrigerated transport. In 2022, the refrigerated warehouse segment dominated the market. A refrigerated warehouse is used to store commodities that can only be held at specified temperatures to keep them fresh. Refrigerated storage reduces sprouting, rotting, and insect damage.

Figure1:  Cold Storage Market, by Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cold Storage Temperature Type Insights

The  Cold Storage Market segmentation, based on temperature type, includes frozen and chilled. In 2022, the frozen segment led the market, accounting for around 77.3% of total worldwide sales. Rising consumption of frozen foods in emerging nations such as India and China is particularly propelling the frozen food segment. This segment's warehouses keep their storage temperatures between -10 and -20°F. They are used to preserve frozen vegetables, fruit, fish, meat, seafood, and other things.

Cold Storage Application Insights

The  Cold Storage Market segmentation, based on application, includes dairy and frozen desserts, fish, meat and seafood products, bakery and confectionery products, fruit & vegetables and others. The fish, meat and seafood segment held largest market share in 2022 and will continue to expand. The rising emphasis on health and nutrition in the food and beverage business has led to the recent increase in demand for frozen beef. When compared to freshly cut meat, many urban consumers prefer frozen processed meat since it is easier to prepare and saves time. Beef, hog, and mutton are all popular frozen meats. As a result, rising demand for frozen meat and seafood is predicted to enhance storage adoption, boosting market growth through the meat and seafood segment throughout the projection period.

Cold Storage Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Cold Storage Market area will dominate this market, owing to the strengthening of the network of warehouses and increased investments in the development of the logistics infrastructure. These would also be important elements in driving demand for the cold chain.

 

Figure2:  COLD STORAGE MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Cold Storage Market accounts for the second-largest market share due to the rising investments in the development of the logistics infrastructure.  Further, the German Cold Storage Market held the largest market share, and the UK Cold Storage Market was the fastest growing market in the European region

The Asia-Pacific Cold Storage Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the extensive presence of both food and healthcare product suppliers and consumers.  Moreover, China’s Cold Storage Market held the largest market share, and the Indian Cold Storage Market was the fastest growing market in the Asia-Pacific region.

Cold Storage Key Market Players & Competitive Insights

Leading cold storage reit are investing heavily in research and development in order to expand their product lines, which will help the Cold Storage Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their  footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Cold Storageindustry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the  Cold Storage industry to benefit clients and increase the market sector. In recent years, the Cold Storage industry has offered some of the most significant advantages to medicine. Major players in the Cold Storage Market, including VersaCold Logistics Services (Canada), Congebac Inc. (Canada), NewCold (Netherlands), Snowman Logistics Pvt Ltd (India), Wabash National Corporation (US), Cloverleaf Cold Storage (US) and others, are attempting to increase market demand by investing in research and development operations.

Americold Realty Trust, Inc. is a temperature-controlled warehouse and transportation corporation headquartered in Atlanta, Georgia. It is in the business of modern commercialised temperature-controlled warehousing for perishable commodities storage, which is one type of food preservation. The history of Americold began in the early twentieth century, around the time of the first ice and coal enterprises. Atlanta Ice and Coal Company, Atlanta City Brewing Company (later known as Atlanta Brewing and Ice Company,) Versacold, Munford, Jackson Atlantic, United Refrigerated Services, Atlas Cold Storage, and others merged to form Americold. In January 2020, Americold Logistics finalised the acquisition of Nova Cold Logistics in order to develop and enhance its position in Canada.

Bay Grove, LLC owns Lineage Logistics, an international warehousing and logistics management company, as well as an industrial real estate investment trust (REIT). When it first entered foreign markets in 2017, it quickly grew to become the world's largest refrigerated warehousing company, acquiring 72 additional cold-chain storage companies by 2021 and handling more than 8% of the  food supply. Lineage employs about 17,000 people in 15 countries, including North America, South America, Europe, Asia, Australia, and New Zealand. In September 2022,  Lineage Logistics LLC purchased Grupo Fuentes, a major transport and cold storage facility operator in Spain. Grupo Fuentes is a market leader, with a fleet of 500 vehicles and trailers, six logistics centres, a cold storage warehouse, and value-added services to support those facilities.

Key Companies in the Cold Storage market include

• Lineage Logistics Holdings (US)


• Americold Logistics LILC (US)


• Nichirei Corporation (Japan)


• Kloosterboer (Netherlands)


• Tippmann Group (US)


• The United States Cold Storage. (US)


• Henningsen Cold Storage Co. (US)


• VersaCold Logistics Services (Canada)


• Congebac Inc. (Canada)


• NewCold (Netherlands)


• Snowman Logistics Pt Ltd (India)


• Wabash National Corporation (US)


• Cloverleaf Cold Storage (US)

Cold Storage Industry Developments

In May 2021, Vertical Cold Storage introduces a customer-centric business approach to increase performance and reduce waste. Vertical Cold Storage, along with others, is constructing initial cold storage facilities in Nebraska and Kansas.

Cold Storage Market Segmentation

Cold Storage Market By Type Outlook

• Refrigerated Warehouse


• Refrigerated Transport

Cold Storage Market By Temperature Type Outlook

• Frozen


• Chilled

Cold Storage Market By Application Outlook

• Dairy and Frozen Desserts


• Fish, Meat and Seafood Products


• Bakery and Confectionery Products


• Fruit & Vegetables


• Others

Cold Storage Regional Outlook

• 
  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• 
  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• 
  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• 
  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America
  
  
  
  

Report Scope:

Report Attribute/Metric	Details
Market Size2022	USD 125.9 Billion
Market Size 2023	USD 143.5 Billion
Market Size2032	USD 409.4 Billion
Compound Annual Growth Rate (CAGR)	14.00% (2023-2032)
Base Year	2022
Market Forecast Period	2023-2032
Historical Data	2018- 2022
Market Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Temperature Type, Application, and Region
Geographies Covered	North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered	The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled	Lineage Logistics Holdings (US). Americold Logistics LLC (US). Nichirei Corporation (Japan), Kloosterboer (Netherlands), Tippmann Group (US), The United States Cold Storage (US), Henningsen Cold Storage Co. (US), VersaCold Logistics Services (Canada), Congebac Inc. (Canada), NewCold (Netherlands), Snowman Logistics Pvt Ltd (India), Wabash National Corporation (US), Cloverleaf Cold Storage (US)
Key Market Opportunities	Growth in the organised retail sector.
Key Market Dynamics	Increasing foreign direct investment in emerging markets.

Frequently Asked Questions (FAQ) :