Cold Storage Market Growth Report and Size by 2030
Cold storage market size is projected to reach US$ 4,17,686.89 million by 2030 from US$ 1,19,621.36 million in 2022. The market is expected to register a CAGR of 16.9% in 2022–2030.
The rising consumer preference for processed and easy-to-cook canned food boosts the demand for cold storage facilities. In addition, the growing adoption of omnichannel grocery shopping and the proliferation of online shopping are also benefitting the cold storage market globally. Consumers are considering online shopping for groceries as it is safe and helps save time. The booming food & beverages sector, due to growing demand for canned and frozen food products, along with development in the pharmaceutical sector, is also propelling the global cold storage market
Cold Storage Market Analysis
Growing population, rising urbanization, increasing disposable income, and rising busy lifestyle are driving the demand for processed, canned, and easy-to-make food items globally. The canned or convenience food items require proper storage facilities to be in consumable condition. The importance of cold storage facilities is undeniable, as processed foods have a high chance of getting rotten within a few days or weeks if not preserved well. The maintained optimal temperature and proper storage conditions are essential for extending the shelf life of processed or canned food.
Cold Storage Market Overview
Cold storage is an exclusive storage facility used to store temperature-sensitive goods or products, often perishable items, including frozen foods, fresh produce, and pharmaceutical products. Cold storage facilities help to ensure the integrity, freshness, and safety of perishable products. Fruits, vegetables, seafood, fish, Middle East and Africa, processed food, and pharmaceutical product producers transport their items for further processing and labelling. After harvesting crops or slaughtering chicken, beef, and pork, the raw crops and Middle East and Africa-based products are transported to processing hubs for packaging.
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Cold Storage Market: Strategic Insights
CAGR (2022 - 2030)16.9%- Market Size 2022
US$ 1,19,621.36 Million - Market Size 2030
US$ 4,17,686.89 Million
Market Dynamics
- Rapid Growth in Import and Export Activities of Food and Pharmaceutical Products
- Increasing automation in cold storage facilities drives the market growth
- Increasing Demand for Convenience Food Among Consumers
Key Players
- Constellation Cold Logistics Sarl
- Nafta Frigorificos Sa De Cv
- Superfrio Armazens Gerais SA
- Tippmann Group
- Nichirei Corp
- Frialsa Frigorificos Sa De Cv
- Friozem Armazens Frigoreticos Ltda
- Emergent Cold Latam Management LLC
- Americold Realty Trust Inc
- Lineage Logistics Holdings LLC
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Temperature Type - Chilled
- Frozen
Warehouse Type - Public
- Private and Semi-Private
Application - Dairy Products
- Meat and Seafood
- Fruits and Vegetables
- Pharmaceuticals
- Processed Food
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Cold Storage Market Drivers and Opportunities
Rising Demand for Cold Storage in the Pharmaceutical Industry Drives the Market Growth
Several countries across the globe are implementing strict rules and regulations to manufacture and store the pharmaceutical products. Cold storage is important in the pharmaceutical industry to ensure the efficacy, safety, and integrity of various vaccines and drugs. These drugs are required to maintain at specific temperature during storage. Hence, cold storage facilities are used to preserve the quality and the potency of pharmaceutical products. According to the World Health Organization (WHO) and the Indian Pharmaceutical Association (IPA) have provided certain standard guidelines and rules for the storage and dispensing of the pharmaceutical medicines.
Increasing Demand for Convenience Food Among Consumers
Growing population, rising urbanization, increasing disposable income, and rising busy lifestyle are driving the demand for processed, canned, and easy-to-make food items globally. The canned or convenience food items require proper storage facilities to be in consumable condition. The importance of cold storage facilities is undeniable, as processed foods have a high chance of getting rotten within a few days or weeks if not preserved well. The maintained optimal temperature and proper storage conditions are essential for extending the shelf life of processed or canned food. Over the years, consumers' lifestyles have evolved drastically; and the growing number of working populations are some of the major driving factors for the cold storage market. In addition, increased marketing exposure of processed food is also attracting major younger generation toward consuming processed food. The rise in demand for canned and processed food is boosting the requirement for cold storage facilities globally. For instance, the share of processed food exports in agri-exports increased significantly from 13.7% in 2014–2015 to 25.6% in 2022–2023 in India. The US also showed a high consumption rate of processed or canned food as those are tasty, time-saving, and convenient products.
Cold Storage Market Report Segmentation Analysis
Key segments that contributed to the derivation of the cold storage market analysis are temperature type, warehouse type, and application.
- Based on temperature type, the market is divided into chilled, and frozen.
- Based on temperature type, the global cold storage market is bifurcated into chilled and frozen. Chilled storage facilities primarily cater to preserving dairy products such as milk, fresh cream, curd, milk-based beverages, cheese, processed cream, and medicines (including tablets). On the other hand, frozen storage facilities help preserve frozen meat, processed food, fish, seafood, chemicals, and pharmaceutical products—such as vaccines.
- Based on warehouse type, the global cold storage market is classified into public, private, and semi-private. The growing demand for seasonal fruits, vegetables, and processed food products is driving the demand for cold storage facilities.
- Based on application, the cold storage market is categorized into dairy, fish, meat and seafood, fruits and vegetables, pharmaceuticals, and processed food. The rise in inclination toward processed food and the busy lifestyle of consumers are boosting the requirement for convenient food products that possess longer shelf life, further creating the demand for cold storage facilities.
Cold Storage Market Share Analysis by Geography
The geographic scope of the cold storage market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America.
Asia Pacific is expected to grow with highest CAGR during the forecast period. This is primarily owing to growing population, increasing per capita income, and rising consumer inclination toward consuming frozen and processed food products. The demand for cold storage facilities is higher in several Asia Pacific countries such as China, India, South Korea, Japan, and Australia.
The growing popularity of online grocery sales and e-commerce platforms, which were further augmented by the pandemic and social distancing, majorly contribute to the market growth. Furthermore, the growing government initiatives to implement schemes and policies that support vigorous import and export of products are boosting the growth of the cold storage market in Asia Pacific.
Cold Storage Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 1,19,621.36 Million |
| Market Size by 2030 | US$ 4,17,686.89 Million |
| Global CAGR (2022 - 2030) | 16.9% |
| Historical Data | 2020-2021 |
| Forecast period | 2022-2030 |
| Segments Covered | By Temperature Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
|
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Cold Storage Market News and Recent Developments
The cold storage market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In April 2024, BOOTES, first Net-Zero company, and CargoPeople, India-based multi-modal Logistics company made joint venture to launch Net-Zero energy cold storage facility to address the demand for critical food and beverage wastage challenge in India. (Source: Eurofins, Press Release)
Cold Storage Market Report Coverage and Deliverables
The “Cold Storage Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering the following areas:
- Cold Storage Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Cold Storage Market Trends
- Detailed PEST Analysis and SWOT analysis
- Cold Storage Market Analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments.
- Cold Storage Market Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
- Detailed Company Profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Cold storage market size is projected to reach US$ 4,89,529.03 million by 2031.
Increasing automation in cold storage facilities drives the market growth.
Constellation Cold Logistics Sarl, Nafta Frigorificos Sa De Cv, Superfrio Armazens Gerais SA, Tippmann Group, Nichirei Corp, Frialsa Frigorificos Sa De Cv, Friozem Armazens Frigoreticos Ltda, Emergent Cold Latam Management LLC, Americold Realty Trust Inc, Lineage Logistics Holdings LLC, Burris Logistics Co, Chiltern Cold Storage Group Ltd, United States Cold Storage Inc, and Newcold Cooperatief UA and Others.
Rapid growth in import and export activities of food and pharmaceutical products.
North America is expected to dominate the cold storage market in 2023.
The market is expected to register a CAGR of 17.3% in 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published and advised several client across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organization are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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