Global Cold Chain Market By Type (Warehouse and Transportation), By Temperature Type (Chilled and Frozen), By Packaging, By Storage Equipment, By Application, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Sep 2023
- Report ID: 11926
- Number of Pages: 201
- Format:
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Report Overview
The Global Cold Chain Market size is expected to be worth around USD 950.50 Billion by 2032 from USD 260.5 Billion in 2022, growing at a CAGR of 14.20% during the forecast period from 2023 to 2032.
The rising perception of automation and linked devices of refrigerated warehouses all over the world is expected to encourage industry growth during the forecast period. The rising number of organized retail stores in developing countries is heading to increased demand for cold chain solutions.
In addition, government efforts to reduce food waste, trade liberalization, and increase in retail chains by multinational businesses are anticipated to propel the industry growth during the forecast period 2023 to 2032.
Driving Factors
Awareness About Food Waste, Safety, and Security to Drive the Market Growth
Food safety, food security, minimal food waste, and economic & environmental sustainability are key application areas in the food industry. Food waste and loss occurred due to multiple reasons. As well as food wastage, cold chain service providers and food manufacturers are required to obey specific requirements and international standards for maintaining conceivably hazardous food at particular temperatures.
Possibly hazardous food products might include harmful bacteria and are efficient in adopting the growth of these bacteria, which are hazardous for consumption. Therefore, cold chain services play a crucial role in safeguarding food safety and reducing food loss and possible health threats.
Restraining Factors
The Cold Chain in Food Has Global and Environmental Climate Change
Cold chain expansion causes a significant inconvenience to the environment since refrigeration has greenhouse gas emissions and is energy-concentrated. The cold chain in food has global and environmental climate change outcomes. The food cold chain equipment releases emissions from both direct and indirect sources.
The electricity is used to power cooling equipment, in addition to the fuel used to power refrigerated generators and vehicles, which causes indirect emissions. The leakage of refrigerant gases into the atmosphere affects direct emissions. The leakage of several common refrigerant gases into the atmosphere directly causes global warming.
This occurs during the servicing and operation of refrigeration equipment, as well as after discarding at the end of its life. While some refrigerants used today have a huge global warming possibility and are hundreds to thousands of times more potent than CO2, refrigerant leakage has a significant impact on total refrigeration emissions.
Growth Opportunities
Government authorities in various nations are taking the initiative to reduce agricultural and food waste by increasing food waste regulations and encouraging food-related sectors such as the cold chain industry. In various countries, there is a quiet gap between cold storage and food production capacity.
For instance, India is the world’s leading producer of milk and the second-largest producer of vegetables and fruits. However, a lack of dependable, combined cold chain facilities leads to major food waste in the country. Therefore, it creates a suitable environment for the new players.
Latest Trends
Recently, there has been a change in protein-rich foods in emerging countries which is expected to propel the development of the global cold chain market during the forecast period. The rise in demand for refrigerated transportation vehicles for transporting perishable food products will contribute considerably to the growth of the global cold chain market.
In addition, the increasing government subsidies for propelling the cold chain market are also significant factors that will boost the growth of the global cold chain market. The major growth of the e-commerce industry, which delivers perishable products, is projected to fuel the growth of the global cold chain market.
Type Analysis
Based on type, the warehouse segment recorded the major market share which is more than 55% in 2022. The warehouse segment will maintain its domination during the forecast period due to a rising priority for packaged foods worldwide.
Changing lifestyles and dietary patterns of consumers are propelling the demand for frozen foods. This is anticipated to increase the demand for warehouse solutions. Cold chain systems are essential for distributing healthcare products, food, and beverages.
The requirement for hi-cube refrigerated trailers, insulated containers, linked refrigerated trucks, and vehicles favoring cross-product transportation is anticipated to propel the transportation segment during the forecast period.
Competent management of cold storage significantly depends on hardware and software components operated for monitoring purposes. The hardware component includes isolated temperature sensors, data loggers, networking devices, RFID devices, and telematics devices. The severe regulatory environment in the pharmaceutical industry enclosing the maintenance of product worth has positively affected the adoption of cold chain temperature monitoring solutions.
Temperature Analysis
Based on temperature type, the manufacturer of the packaged food products satisfies in freezing the food products due to increasing the shelf life of the food products. The freezing process drops the chemical and biological reaction that prevents the food from getting decomposed.
The increasing disposable income and shift in food habits of consumers direct the demand for frozen food products, which is estimated to drive the growth of the global cold chain market.
Packaging Analysis
The product packaging segment dominated the largest market share of over 75% in 2022. The product segment consists of a complete analysis of insulated containers and boxes, crates, labels, cold packs, and temperature-controlled pallet transporters.
The materials segment contains an in-depth analysis of refrigerants and isolating materials. The refrigerants and isolating materials are measured in complete systems for temperature-sensitive products. The isolating materials component is further classified into Vacuum Insulated Panel (VIP), Expanded Polystyrene (EPS), cryogenic tanks, Polyurethane (PUR), and others.
Temperature-controlled packaging is the most used component in the refrigerated storage market. Active TCP systems consist of pallet transporters and refrigerated boxes that function through power sources like lithium batteries.
Passive systems are cost-efficient and practical as they depend on isolated packaging besides refrigerants. TCP is developed in accordance with multiple standards to preserve the products at precise temperatures for a specific period.
Storage Equipment Analysis
Based on the storage, the equipment category recorded the highest market share of 70% of the global cold chain market in 2022. The storage equipment segment is major in the refrigerated storage business as it safeguards the product’s quality and increases its shelf life.
The equipment includes refrigerators, vaccine carriers, deep freezers, and others. The storage equipment is divided into on-grid & off-grid, and transportation equipment. The requirement for off-grid storage equipment is anticipated to the growing demand to prevent food losses post-harvesting and processing in emerging countries.
Growing efforts booked by government authorities in emerging countries to encourage off-grid cold chains are anticipated to accelerate the need for off-grid solar energy-based storage equipment.
Application Analysis
The meat, fish, and seafood category dominated the global cold chain market and recorded the largest market share of 25% in 2022. Technical advancements in packaging, seafood storage, and processing are expected to encourage the growth of this category.
In addition, an increase in the fishing industry is anticipated to increase segment growth. , processed food is anticipated for the fastest-growing application category during the forecast periods due to constant revolutions in packaging materials. Developments in packaging materials have raised the shelf life of foods, increasing the exchange of processed foods over the last few years.
Increased product requirements in the pharmaceutical sector can be anticipated due to its prominence in retaining the safety and efficacy of the pharmaceutical industry. The cold chain in the pharmaceutical business is propelled by severe regulatory norms, like Goods Distribution Practices (GDP) by the European Union (EU).
These guidelines are a change observed in governments all over the world towards standardizing protocols globally for improved transportation systems meant for healthcare-related products.
Key Market Segments:
Based on Type
- Warehouse
- Transportation
Based on Temperature Type
- Chilled
- Frozen
Based on Packaging
- Products
- Materials
Based on Storage Equipment
- On-grid
- Off-grid
- Transportation Equipment
Based on Application
- Dairy & Frozen Desserts
- Fish, Meat, & Seafood
- Fruits & Vegetables
- Bakery & Confectionery
- Pharmaceuticals
- Other Applications
COVID-19 Impact Analysis
The COVID-19 pandemic, which started in China, became a critical issue globally in a short time. The coronavirus center moved from China to Europe and after to the United States., affecting many countries worldwide. COVID-19 resulted in travel restrictions and lockdowns in numerous countries around the world, including multiple industries’ supply chains.
Primarily, the social distancing and strict lockdown regulations enacted by the governments disturbed the overall supply chain logistics industry and also enforced the shutdown of numerous manufacturing facilities temporarily.
The global cold chain market has been impacted by a major amount owing to the effects of COVID-19. From the supply side, the supply of raw materials for vaccines and manufacturing of pharmaceutical drugs clinical trials was quickly growing, attributed to the substantial rise in the total number of active cases globally in Q2 and Q3 of 2020.
Regional Analysis
Based on regional analysis, North America held a major revenue share of more than 37% in 2022 and will hold the dominant position all over the forecast period as the region has major growth opportunities for businesses planning to invest in the long term.
Growing diffusion of a large consumer base and connected devices are also anticipated to propel the market growth during the forecast period. However, the Asia Pacific region is expected to be the fastest-growing market during the forecast period due to rising government investments in logistics penetration of Warehouse Management Systems (WMS) and infrastructural developments.
China is a key contributor to the APAC regional market. The growth of the market in China is anticipated by factors such as technological advancements in the processing, packaging, and storage of seafood products. Growing cold chain infrastructure development and growing demand have made China a top market for cold chains.
Presently, China is experiencing a rapid evolution from a manufacturing & construction-led economy to a consumer-led economy. Growing innovations in the pharmaceutical sector in China are also anticipated to increase the demand for solutions for cold chains.
Key Regions and Countries Covered in this Report:
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key service providers in the market are continuously improving their technologies to stay ahead of the competition and to safeguard safety, efficiency, and integrity. Vendors have implemented Critical Control Points (HACCP) Hazard Analysis and RFID technologies to increase productivity with reduced size of consignments. In addition, they are growing their multi-compartment refrigerated vehicle fleets to offer further services to consumers.
Market Key Players:
Listed below are some of the most prominent cold chain industry players.
- Agro Merchant Group
- Nordic Logistics and Warehousing LLC
- AmeriCold Logistics LLC
- Burris Logistics Inc.
- Lineage Logistics Holdings LLC
- Kloosterboer Group B.V.
- Preferred Freezer Services LLC
- Cold Chain Technologies Inc.
- Cryopack Industries Inc.
- Creopack
- Cold Box Express Inc.
- Other Key Players
Recent Developments:
- In September 2022, Lineage Logistics acquired the Spanish transport and cold-store operator Grupo Fuentes. This expansion in Spain will support Lineage’s footprint in Europe’s key markets for new products. This acquisition will reinforce Lineage’s footprint for cold storage distribution over Europe.
- In June 2022, Americold Logistics declared the opening of its latest facility in Dunkirk, NY. This facility has over 181,000 square feet of cold storage & operational space and 25,000 pallet positions to care for cold storage requirements in the western New York region. This new facility will enlarge the company’s footprint throughout the US.
Report Scope:
Report Features Description Market Value (2022) USD 260.5 Bn Forecast Revenue (2032) USD 950.5 Bn CAGR (2023-2032) 14.2% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered Based on Type – Warehouse, Transportation, Based on Temperature Type – Chilled, Frozen, Based on Packaging – Products, Materials, Based on Storage Equipment – On-grid, Off-grid, Transportation Equipments, Based on Application – Dairy & Frozen Desserts, Fish & Meat and Seafood, Fruits & Vegetables, Bakery & Confectionery, Pharmaceuticals, and Other Applications Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; the Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Agro Merchant Group, Nordic Logistics and Warehousing LLC, AmeriCold Logistics LLC, Burris Logistics Inc., Lineage Logistics Holdings LLC, Kloosterboer Group B.V., Preferred Freezer Services LLC, Cold Chain Technologies Inc., Cryopack Industries Inc. Creopack, Cold Box Express Inc., and Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the Cold Chain Market Size in the Year 2022?The Global Cold Chain Market size was USD 260.5 Billion in 2022, growing at a CAGR of 14.20%.
What is the Cold Chain Market CAGR Estimated During the Forecast Period 2023-2032?The Global Cold Chain Market size is expected to grow at a CAGR of 14.20% during the forecast period from 2023 to 2032.
What is the Cold Chain Market Estimated During the Forecast Period 2023-2032?The Global Cold Chain Market size is expected to be worth around USD 950.50 Billion by 2032 during the forecast period.
- Agro Merchant Group
- Nordic Logistics and Warehousing LLC
- AmeriCold Logistics LLC
- Burris Logistics Inc.
- Lineage Logistics Holdings LLC
- Kloosterboer Group B.V.
- Preferred Freezer Services LLC
- Cold Chain Technologies Inc.
- Cryopack Industries Inc.
- Creopack
- Cold Box Express Inc.
- Other Key Players
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