Cold Chain Market Analysis by Type (Storage, Transportation, Monitoring Components), Packaging (Product, Materials), Equipment (Storage Equipment, Transportation Equipment), Application (Fruits & Vegetables, Fruit Pulp & Concentrates, Dairy Products, Fish, Meat, & Seafood, Processed Food, Pharmaceuticals, Bakery & Confectionary) -Global Industry Revenue Estimation and Demand Forecast to 2030

Market Overview

The global cold chain market was valued at $237.8 billion in 2021, and it is set to reach $925.6 billion by 2030, growing at a CAGR of 16.3% between 2021 and 2030.

This growth can be ascribed to the rising demand for convenience food with a long shelf life, growing number of organized retail stores in emerging economies, and increasing consumer awareness about the elimination of food wastage. Moreover, the demand for such solutions is rising in the food and beverage industry in order to prevent the degradation of the quality of food. Further, the increasing number of government initiatives for reducing food wastage, growing retail chains, and liberalization of trade around the world are expected to fuel the market growth over the forecast period. Additionally, technological advancements have increased the availability of effective cold storage solutions.

The increasing disposable income drives the demand for ready-to-eat food products, which need to be stored in a temperature-controlled environment. Additionally, the increasing consumer inclination toward protein-rich foods in developing countries and the rising demand for refrigerated vehicles for the transportation of food products would drive the growth of the market in the next few years.

Additionally, the rising government subsidies have given service providers the opportunity to enter markets with creative transportation-related solutions. For items that need to be transported and stored under optimal temperatures, cold storage systems are designed. These solutions have seen a considerable increase in usage due to the rising demand for perishable goods and the quick delivery needs connected with e-commerce-based food and beverage sales.

Storage Category Generates Highest Revenue

The storage category held a revenue share of more than 55% in 2021, and it is expected to retain its dominance over the next few years. This is attributed to the increasing consumer preference for packaged food around the world. Moreover, the demand for frozen meals is being driven by customers' shifting dietary habits and lifestyles. As a result, the increasing need for temperature-controlled storage solutions fuels the growth of the market.

The monitoring category also holds a significant revenue share in the market, owing to the increasing need for monitoring solutions in the cold chain industry. This can be ascribed to the technological developments and the rising need for assurances about the reliability, effectiveness, and safety of shipments. Both the frontend hardware used for real-time shipping information collection and reporting and the backend IT infrastructure have undergone improvements.

Packaging Products Are Major Revenue Contributor to Market

The product category held a revenue share of more than 73%, the largest in 2021. Food quality is crucially preserved by refrigerated packaging, which helps limit the biological degradation of the items and ensures the food is safe and of a high quality for end customers. The need for products and solutions for packaging has also expanded as a result of the rising population's greater consumption of preserved foods and drinks.

In addition, insulated containers and boxes accounted for a significant revenue share in the market owing to the increasing demand for reusable insulated containers across various applications, such as food, fruit, & vegetable processing. Further, the cold storage industry makes extensive use of temperature-controlled packaging (TCP), which is created in compliance with different specifications, to keep the items at precise temperatures over long periods. Refrigerator boxes and pallet shippers are examples of active TCP systems, which are powered by lithium-ion batteries and other grid-independent sources of electricity.

On the contrary, passive systems, which depend on insulated packaging and refrigerants, are economical and useful. Most of the pharmaceutical companies are currently in favor of water-based phase-change materials (PCMs) and Styrofoam.

Storage Equipment Is Crucial for Cold Storage Industry

Storage equipment was the major revenue contributor in the market, with a more than 75% share, in 2021. Temperature-controlled storage equipment plays a vital role in many industries by ensuring product quality and increasing their shelf life. Storage equipment includes deep freezers, refrigerators, and vaccine carriers, which could be either on-grid or off-grid.

The growing need to reduce post-harvest and post-processing food losses in underdeveloped nations is driving demand for off-grid storage systems. According to the FAO, more than 40% of the food is lost after harvesting and processing, particularly in impoverished nations. This requires the establishment of long-term cold chains that are energy-efficient, which may raise the supply of food in these nations by about 15%, or over 250 million tons.

Growing Usage of RFID Technology

The RFID technology is widely used in supply chain management and logistics. In order to trace the product's origin and stop contamination or manipulation within the supply chain, sensor-based RFID technology is increasingly being integrated into product packaging. The principal applications of this technology are in transportation and logistics. Through the whole supply chain, it is changing the game for many businesses, by greatly enhancing product traceability and automating administrative procedures. All of this is helping guarantee accurate data, lower labor costs, raise visibility, and establish high standards of responsibility across all phases.

Increasing Demand for Frozen Perishable Commodities Fuels Industry Growth

Several factors, such as the increasing women employment across the world, sudden impact of the pandemic, and increasingly hectic life, coupled with the work-from-home culture, are shifting the consumption patterns and consumers’ perception of frozen foods. As frozen foods last longer, consumers prefer them when crop productivity is affected by weather. As a result, F&B firms strive to keep processed and packaged foods, especially items that are frozen, at affordable prices to consumers.

Freezing makes it possible for food to move to the supermarket from the farmer’s market, by improving accessibility and affordability and preventing it from going bad. The growth of the foodservice sector, which includes quick-service restaurants, fast-food chains, and hypermarkets, drives the consumption of frozen foods.

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Cold Chain Solutions Are Gaining Traction in North America

North America dominated the industry with a share of more than 35% in 2021, and it will maintain that position over the forecast period, as it offers enormous growth potential for enterprises willing to spend for the long term. Moreover, a wide customer base and the rising adoption of connected devices are likely to drive the market growth in the coming years.

Asia-Pacific is projected to witness the highest CAGR owing to the increasing government investments for the development of logistics infrastructure and the rising adoption of warehouse management systems.

China led the market in 2021 owing to the rise in the pace of technical developments in the equipment used to package, process, and store seafood items. Furthermore, the rapid infrastructure development has elevated China to the position of the leader of the industry. China is currently transitioning from an economy driven by manufacturing and construction to one centered on consumers. The rapid rate of innovation in China's pharmaceutical sector is also likely to increase demand for cold storage solutions in the region.

Top Players in Cold Chain Market Are:

• Americold Logistics LLC
• Agro Merchant Group
• Burris Logistics Inc.
• Henningsen Cold Storage Company
• Lineage Logistics LLC
• Nordic Logistics
• United States Cold Storage
• Wabash National
• Cold Chain Technologies Inc.
• Cryopak Industries Inc.

Cold Chain Market Size Breakdown by Segment

The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.

Based on Type

• Storage
• Transportation
• Monitoring Components

Based on Packaging

• Product
• Materials

Based on Equipment

• Storage Equipment
• Transportation Equipment

Based on Application

• Fruits & Vegetables
• Fruit Pulp & Concentrates
• Dairy Products
• Fish, Meat, & Seafood
• Processed Food
• Pharmaceuticals
• Bakery & Confectionary

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa