The global cold chain market size was valued at USD 270.98 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 18.9% from 2024 to 2030. Changes in consumer preferences and growing e-commerce sales are expected to drive the growth of the market. An increasing number of organized retail stores in developing economies are leading to the growing demand for cold chain solutions. Rising investment in cold chains and government initiatives to minimize food waste are expected to boost market growth. The growing adoption of technologies such as RFID and automation in cold chain applications provides significant growth opportunities for the market.

The World Trade Organization (WTO) and bilateral free trade agreements, such as the European Union Free Trade Agreement (FTA) and the North America Free Trade Agreement (NAFTA), have created opportunities for exporters in the U.S. and Europe to increase trade for perishable foods in a duty-free manner.

The refrigerated storage market in developing economies is driven by a shift from carbohydrate-rich diets to protein-rich foods, owing to rising consumer awareness. Countries such as China are expected to portray a significant growth rate over the coming years due to a consumer-led economic transition. With growing technological advancements in warehouse management and refrigerated transportation, the market will likely expand in developing economies.

Gather more insights about the market drivers, restrains and growth of the Global Cold Chain Market

Detailed Segmentation:

Type Insights

Based on type, the market is segmented into storage, transportation, packaging, and monitoring components. The storage segment dominated the overall cold chain industry, gaining a market share of more than 50.0% in 2023. It is expected to grow at a CAGR of 17.8% throughout the forecast period. The growth can be attributed to an increasing preference for packaged foods across the globe. The changing dietary patterns and lifestyles of consumers are driving the demand for frozen foods. This is expected to boost the demand for storage solutions. Moreover, market players are expanding their storage capacities to meet cold storage needs.

Temperature Range Insights

Based on temperature range, the market is segmented into chilled (0°C to 15°C), frozen (-18°C to -25°C), and deep-frozen (below -25°C). The frozen (-18°C to -25°C) segment dominated the overall market, gaining a revenue share of more than 61.0% in 2023. It is expected to grow at the fastest CAGR of 20.0% throughout the forecast period. Poultry, cakes & bread, and meat need freezing temperatures to remain fresh. This is driving the need for frozen cold chain solutions to preserve the quality of perishable food & beverage and pharmaceutical products. Moreover, the widespread availability of cold chain storage and transportation solutions for frozen temperature ranges drives the segment’s growth.

Application Insights

Based on application, the market is segmented into pharmaceuticals, food & beverages, and others. The food & beverages segment dominated the overall cold chain industry, gaining a market share of more than 77.0% in 2023. It is expected to grow at a CAGR of 18.7% throughout the forecast period. Technological developments in the storage, packaging, and processing of seafood are anticipated to boost the growth of this segment. However, processed food is projected to grow significantly over the forecast years owing to continued innovations in packaging materials. Advancements in packaging materials increase the shelf life of foods. This has increased the sales of processed foods over the past few years.

Regional Insight

North America held the largest revenue share of more than 34% in 2023. It will retain the dominant position throughout the forecast period as the region has significant growth opportunities for companies planning to make long-term investments. Increasing penetration of connected devices and a large consumer base are also expected to fuel market growth over the forecast period. However, Asia Pacific is anticipated to be the fastest-growing regional market over the projected period with a CAGR of 21.1% owing to increasing government investments in logistics infrastructure development and penetration of Warehouse Management Systems (WMS).

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Key Cold Chain Market Company Insights

Some of the key players operating in the market include e LINEAGE LOGISTICS HOLDING, LLC; Americold Logistics, Inc.; among others.

·        LINEAGE LOGISTICS HOLDING, LLC is a U.S.-based firm that provides warehousing and logistics solutions to users operating in various industries. The company’s solutions consist of temperature-controlled public warehousing facilities for storing various types of food, including pork, beef, poultry, bakery products, fruits & vegetables, seafood, ice creams, and vegetables. The company also provides port-centric cold chain facilities on the East and West Coasts of the country to serve containerized markets and break bulk for its customers. The third-party facility management services comprise customized operating solutions for Fortune 500 companies in various consumer and food segments.

·        In April 2023, LINEAGE LOGISTICS HOLDING, LLC announced the opening of a new facility in Port Wentworth, Georgia. The facility is 220,000 square feet in size and offers cross-docking services. With this expansion, the company aimed to meet the needs of port-centric warehousing.

·        Americold Logistics, Inc., based in the U.S., provides temperature-controlled warehousing and transportation for the food industry. The services provided under producer solution include dedicated facilities, public refrigerated warehouses, port facilities, automation, and integrated consolidation programs. The services provided under the retailer solutions include integrated consolidation programs, i-3PL supply chain, system integration, port facilities, automation, and network optimization study. It has marked its presence across regions such as Asia Pacific and the Americas.

·        In June 2023, Canadian Pacific Kansas City (CPKC) and Americold announced a strategic partnership for the co-location of Americold’s warehouse facilities on the CPKC network. The main objective of the partnership is the optimization of temperature-controlled logistics across North America by building a facility in Kansas City, Missouri, bringing together cold storage and value-added-services and connecting major markets in the U.S. Midwest and Mexico.

·        Burris Logistics and Tippmann Group are some of the emerging companies in the global cold storage market

·        Burris Logistics is a logistics and supply chain management service company. The company provides temperature-controlled warehousing and transportation services. The company’s solution offerings include custom retail distribution, refrigerated warehousing, freight management, and redistribution of food service. Additionally, the company offers information technology services for custom applications and system integration. The company offers solutions for poultry, meat, frozen food, and dairy products. In June 2023, Honor Foods, a Burris Logistics subsidiary, announced the acquisition of Sunny Morning, a U.S.-based food service redistributor. With this acquisition, the company aimed to strengthen its position as a food service redistributor.

·        Tippmann Group is a cold storage construction and warehousing solution provider for the food industry. According to the Global Cold Chain Alliance (GCCA), Interstate Warehousing, a business of Tippmann Group, ranked fourth in terms of temperature-controlled space operated in North America in May 2023. It has a presence across various U.S. states, including Illinois, Colorado, Arizona, and Virginia. In June 2021, Tippmann Group introduced the Pallet Fit door, an addition to its blast-freezing solution QFR Zone. The Pallet Fit door provides more flexibility for freezing palletized products quickly. With this upgrade, the company aimed to make the blast-freezing solution more efficient.

Key Cold Chain Companies:

The following are the leading companies in the cold chain market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these cold chain companies are analyzed to map the supply network.

·        Americold Logistics, Inc.

·        LINEAGE LOGISTICS HOLDING, LLC

·        United States Cold Storage

·        Burris Logistics

·        Wabash National Corporation

·        NewCold

·        Sonoco ThermoSafe (Sonoco Products Company)

·        United Parcel Service of America, Inc.

·        A.P. Moller - Maersk

·        NICHIREI CORPORATION

·        Tippmann Group

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