Cold Storage Market - Global Outlook & Forecast 2024-2029

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28 company

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THE GLOBAL COLD STORAGE MARKET SIZE IS EXPECTED TO REACH USD 12.22 BILLION BY 2029 FROM USD 7.83 BILLION IN 2023, GROWING AT A CAGR OF 7.70% DURING THE FORECAST PERIOD.

The Cold Storage Market Size, Share, & Trends Analysis Report By

  • Warehouse Type: Private and Public
  • Facility Type: Refrigerated Warehouse, Cold Rooms, Refrigerated Containers, Blast Freezers & Chillers, and Other Facilities
  • Temperature Type: Chilled, Frozen, and Deep Frozen
  • Structure Type: Civil Structure, Steel Structure, and Hybrid Structure
  • Application: Dairy Products, Fish, Meat & Seafoods, Fruits & Vegetables, Bakery & Confectionery, Pharmaceuticals, and Others
  • Geography: North America, Europe, APAC, Latin America, and Middle East & Africa

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast 2024–2029.

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COLD STORAGE MARKET REPORT SCOPE

REPORT ATTRIBUTEDETAILS
MARKET SIZE – REVEUNE (2029)USD 12.22 Billion
MARKET SIZE – REVEUNE (2023)USD 7.83 Billion
CAGR – REVEUNE (2023-2029)7.70%
MARKET SIZE – VOLUME (2029)1,064.52 million cubic meters
HISTORIC YEAR2020-2022
BASE YEAR2023
FORECAST YEAR2024-2029
SEGMENTS BYWarehouse Type, Facility Type, Temperature Type, Structure Type, Application, and Geography
GEOGRAPHIC ANALYSIS North America, Europe, APAC, Latin America, and Middle East & Africa
KEY PLAYERSLineage Logistics Holding, LLC, Americold Logistics, United States Cold Storage, Inc, NewCold, and Nichirei Corporation
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MARKET INSIGHTS

The global cold storage market size by revenue was valued at USD 7.83 billion in 2023 and is expected to reach USD 12.22 billion by 2029, growing at a CAGR of 7.70% during the forecast period. Factors such as increasing demand for frozen and chilled food products, expanding pharmaceutical and healthcare industries, and the need for efficient supply chain management contribute to this growth. Additionally, the rapid expansion of the organized retail sector is expected to drive the demand for cold storage systems. This growth is surged by the production of retail chains such as hypermarkets, supermarkets, convenience stores, and other retail outlets, particularly in established markets like Europe and North America. Major retail giants such as Walmart, 7-Eleven, and Tesco require efficient cold storage solutions to support their distribution networks for perishable goods. Further, as these retail chains expand into emerging economies like India, Brazil, Argentina, UAE, and Saudi Arabia, there will be significant opportunities for manufacturers in the cold storage market to meet their increasing demand.

Moreover, the growing adoption of automation in cold storage facilities is anticipated to boost the demand further. Automated cold storage includes several advanced technologies like IoT, robotics, and automated loading. For instance, Lineage automation capabilities are strategically located to serve across the network in North America and Europe, which are fully automated warehousing uses a smaller footprint to handle more products. Hence, with the rising technological advancements, the cold storage market is expected to grow during the forecast period.

The global cold storage market volume is expected to reach 1,064.52 million cubic meters by 2029. Increased consumer demand for perishables and increasing trade in foreign foods are the major factors driving the market growth. Furthermore, the cold storage industry has also benefited immensely from stringent government policies such as MIDH cold chain, Value Addition, and Preservation Infrastructure in India to provide integrated cold chain and preservation infrastructure facilities, without any break, from the farm gate to the consumer in India to provide integrated cold chain and warehousing, without a break, from the farm gate to the consumer and the State Government and Central Government offers a subsidy ranging from 35% to 50% subsidy for cold storage. Hence, the industry is expected to grow significantly during the forecast period.

MARKET TRENDS & OPPORTUNITIES

Expansion of Cold Chain Networks
The cold chain is vital to the global supply chain, confirming the safe and efficient transportation and storage of temperature-sensitive products. The expansion in demand for perishable food items, international trade because of trade liberalization, and the increasing organized food retail industry are some factors driving the cold chain networks. For instance, in 2023, Americold Logistics announced the opening of its office expansion in Santa Perpetua, Barcelona, ​​Spain. The expansion added 11 storage locations and 12,000 packing slots, increasing the capacity of temperature-controlled products and services for regional customers. Hence, such factors support the growth of the cold storage market as cold storage is a static part of a cold chain, which can help preserve perishable commodities.

Growing Technological Advancements
Innovations in refrigerated warehouses and the cold storage market are crucial in supply chains prioritizing temperature control. Further, using cutting-edge technologies such as automation is one of the main trends influencing the cold chain logistics sector. It includes robotic arms and conveyors to efficiently store and retrieve pallets of goods within refrigerated environments. For instance, Lineage's new, fully automated warehouse expansion in Peterborough added an extra 45,000 pallet positions and increased the total capacity to nearly 71,000 pallets.

SEGMENTATION INSIGHTS

INSIGHTS BY WAREHOUSE TYPE
The global cold storage market by warehouse type is segmented into private and public. The private segment holds the most significant segmental market share in 2023. The private segment dominates the global market as these facilities are committed to meeting an organization's or company's specific needs; this allows for tailor-made storage solutions in preferred sizes designed to meet unique customer needs. Private cold storage warehouses offer greater scalability and expansion opportunities for growing businesses. However, the public sector is growing at a high rate of CAGR due to the growth of e-commerce, and online commerce has increased the demand for cold storage facilities to support the storage and distribution of perishable goods.

INSIGHTS BY FACILITY TYPE
The global cold storage market by facility type is segmented into refrigerated warehouses, cold rooms, refrigerated containers, blast freezers & chillers, and other facilities. The refrigerated warehouse segment dominated the global cold storage market share in 2023 as it is versatile and can store a wide range of perishable products, including fruits, vegetables, dairy, meat, marine food, pharmaceuticals, and others. Further, it maintains environments to effectively inhibit the growth of microorganisms and enzymes responsible for spoilage, ensuring that products remain in optimal condition for extended periods. Furthermore, cold rooms are growing at a high CAGR owing to the rising expansion of supermarkets, convenience stores, and online grocery platforms. Additionally, advances in insulation materials and energy-efficient cooling systems have made cold rooms more cost-effective and sustainable.

INSIGHTS BY TEMPERATURE
The chilled storage segment, which typically refers to storage at temperatures between 0°C and 5°C, held the largest share of the global cold storage market in 2023. Chilled storage is specifically designed to preserve perishable goods such as fruits, vegetables, dairy products, meat, and seafood, among others. Chilled storage facilities are in high demand in the market due to the increasing need for temperature-controlled storage solutions. These facilities help maintain the freshness, quality, and safety of perishable items throughout the supply chain, from production to distribution.

INSIGHTS BY STRUCTURE TYPE
The global cold storage market by structure type is segmented into civil, steel, and hybrid structures. In 2023, the civil structure dominated the industry share as this type of cold storage warehousing provides effective insulation, essential for maintaining the desired temperature levels within the cold storage facility. They also utilize insulation materials and construction techniques that minimize heat transfer and prevent temperature fluctuations. Further, the hybrid structure is growing at a high CAGR rate, driven by the versatility of systems assembled around a mobile hybrid cold storage unit. This setup effectively fulfills the cooling requirements for preserving and distributing perishable foods like fish, meat, vegetables, and beverages.

INSIGHTS BY APPLICATION
The global cold storage market by application is segmented into dairy products, fish, meat & seafood, fruits & vegetables, bakery & confectionery, pharmaceuticals, and others. The dairy products segment holds the most substantial global market share in 2023. Cold storage, such as cold rooms, refrigerated warehouses, and others, are used for dairy products depending on various factors such as the volume of products, storage requirements, transportation needs, and facility infrastructure for maintaining low temperatures to prevent spoilage and maintain product quality. The surge in demand for dairy products is influenced by several factors, including the expanding global population, escalating personal disposable income among consumers, heightened health consciousness, augmented milk production in emerging economies, and amplified consumption of protein-enriched foods.

GEOGRAPHICAL ANALYSIS

The APAC region led the global cold storage market share, accounting for a revenue share of over 37% in 2023. The presence of huge cold chain networks drives the growth. For instance, according to GCCA (Global Cold Chain Alliance), the region represents more than 300 cold chain suppliers and logistics providers in more than 15 countries, significantly supporting the market. Moreover, China holds the largest regional market share, and India is the fastest-growing market in the region as the government is implementing various cold chain schemes for setting up cold storage for perishable goods and horticultural & non-horticultural products.

North America is also a well-developed and mature market consisting of two major U.S. and Canada contributors to this region's cold storage industry growth. Factors such as the expanding demand for frozen food products, the growth of e-commerce, and the need for effective supply chain management have driven market expansion. Moreover, Europe has a significant presence in the global cold storage market, with countries like Germany, France, and the U.K. boasting well-developed infrastructure for cold storage facilities. The market extension in this region is propelled by numerous factors, including increasing demand for convenience foods, the expansion of organized retail, and strict regulations concerning food safety and quality.

COMPETITIVE LANDSCAPE

The global cold storage market is a highly competitive industry that plays a crucial role in storing and preserving perishable goods, such as food and pharmaceuticals, at low temperatures. The industry is dominated by several major players who have established a strong presence globally. Companies such as Americold Logistics, Lineage Logistics, and Preferred Freezer Services are among the leading players in the industry. Further, the global cold storage market could be more cohesive with several local companies present. These market players strive to gain a higher market share by adopting investments, partnerships, acquisitions, and mergers. Companies are also spending on the development of improved products and focusing on maintaining competitive pricing. For instance, in February 2023, Lineage Logistics started its 'Lineage Fresh' service in Europe, providing a storage solution for major producers, grocers, and fresh fruit importers at the Fruit Logistica trade show in Berlin. With Lineage's cold storage technology and strong logistics network, the service launched in the U.S. in November 2022 will allow products with a short shelf life to face fewer obstacles and less risk and damage.

Frequently Asked Questions

How big is the cold storage market?

The global cold storage market size by revenue was valued at USD 7.83 billion in 2023 and is expected to reach USD 12.22 billion by 2029.

What are the significant trends in the cold storage industry?

Expansion of cold chain networks, rising technological advancements, and profit variability in APAC are significant trends in the market.

Which region dominates the global cold storage market share?

APAC held the largest global cold storage market share, accounting for a share of over 37% in 2023.

What is the growth rate of the global cold storage market?

The global cold storage market share by revenue is expected to grow at a CAGR of 7.70% from 2023 to 2029.

Who are the key players in the global cold storage market?

Lineage Logistics Holding, LLC, Americold Logistics, United States Cold Storage, Inc., NewCold, and Nichirei Corporation are the key players in the global cold storage market.

The global cold storage market size by revenue is expected to grow at a CAGR of approximately 7.70% from 2023 to 2029.

The following factors are likely to contribute to the growth of the global cold storage market during the forecast period:

  • Advanced Cold Storage for the Pharmaceutical Industry
  • Increasing Consumption of Dairy Products
  • Rising Consumption of Processed Food

Base Year: 2023

Forecast Year: 2024-2029

The report considers the global cold storage market's present scenario and its market dynamics for 2024−2029. It provides a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the industry. It also profiles and analyzes leading companies and several other prominent companies operating in the industry.

Key Company Profiles

  • Lineage Logistics Holding, LLC
    • Business Overview
    • Product Offerings
    • Key Strategies
    • Key Strengths
    • Key Opportunities
  • Americold Logistics
  • United States Cold Storage, Inc
  • NewCold
  • Nichirei Corporation

Other Prominent Vendors

  • Emergent Cold LatAM
    • Business Overview
    • Service Offerings
  • The Tippmann Group
  • Constellation Cold Logistics
  • Superfrio Logistica Frigorificada
  • FreezPak Logistics
  • Conestoga Cold Storage
  • Congebec Logistics, Inc.
  • Metcold Holdings Limited
  • RLS Logistics
  • Friozem Armazens Frigorificos
  • Magnavale Ltd
  • Trenton Cold Storage
  • Nor-Am Cold Storage
  • Burris Logistics
  • Arihant Cold Storage
  • ColdStar Solutions Pvt Ltd
  • ColdStar Logistics
  • Coldman Logistics Pvt Ltd
  • Coldrush Logistics
  • Indicold Private Limited
  • Frialsa
  • Confederation Freezers (Premium Brands Holdings)
  • Vertical Cold Storage

Segmentation by Warehouse Type

  • Private
  • Public

Segmentation by Facility Type

  • Refrigerated Warehouse
  • Cold Rooms
  • Refrigerated Containers
  • Blast Freezers & Chillers
  • Other Facilities

Segmentation by Temperature Type

  • Chilled
  • Frozen
  • Deep Frozen

Segmentation by Structure Type

  • Civil Structure
  • Steel Structure
  • Hybrid Structure

Segmentation by Application

  • Dairy Products
  • Fish, Meat & Seafoods
  • Fruits & Vegetables
  • Bakery & Confectionery
  • Pharmaceuticals
  • Others

Segmentation by Geography

  • APAC
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Indonesia
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Spain
    • Germany
    • France
    • Italy
    • Poland
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Chile
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Turkey

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Frequently Asked Questions

How big is the cold storage market?

The global cold storage market size by revenue was valued at USD 7.83 billion in 2023 and is expected to reach USD 12.22 billion by 2029.

What are the significant trends in the cold storage industry?

Expansion of cold chain networks, rising technological advancements, and profit variability in APAC are significant trends in the market.

Which region dominates the global cold storage market share?

APAC held the largest global cold storage market share, accounting for a share of over 37% in 2023.

What is the growth rate of the global cold storage market?

The global cold storage market share by revenue is expected to grow at a CAGR of 7.70% from 2023 to 2029.

Who are the key players in the global cold storage market?

Lineage Logistics Holding, LLC, Americold Logistics, United States Cold Storage, Inc., NewCold, and Nichirei Corporation are the key players in the global cold storage market.