Cold Storage Market Revenue to Attain USD 407.72 Bn by 2033

06 Jan 2025

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Table of Content

1. Cold Storage Market Revenue and Trends 2024 to 2033 2. Market Overview 3. Report Highlights of the Cold Storage Market 4. Major Trends in the Cold Storage Market 5. Regional Insights 6. Cold Storage Market Coverage 7. Market News  8. Cold Storage Key Players

Cold Storage Market Revenue and Trends 2024 to 2033

The global cold storage market revenue reached USD 167.31 billion in 2024 and is predicted to attain around USD 407.72 billion by 2033 with a CAGR of 10.59%. The growing international food trade and stringent regulations regarding food safety are expected to boost the growth of the cold storage market during the forecast period.

Market Overview

The cold storage market is experiencing rapid growth due to the rising demand for perishable goods, like fresh vegetables & fruits, dairy products, processed meat, seafood, and frozen food. Cold storage facilities use temperature-controlled storage solutions, such as portable cold storage and temperature-controlled containers, to store and preserve perishable food items and pharmaceutical and healthcare products at a specific temperature. They find applications in various industries, such as food & beverages, healthcare, and pharmaceuticals. These solutions maintain a specific temperature and ensure products remain within the specified temperature range.

With the increasing trade of food around the world, there is a high demand for cold storage systems to transport perishable food items at longer distances. These systems maintain the safety and integrity of food items during transportation and reduce spoilage. Moreover, the rise of e-commerce, the rising trend of online grocery shopping, and the expansion of food delivery businesses fuel the growth of the market.

In addition, strict regulatory bodies and collaborations among industries is creating the importance of cold storage in ensuring food safety. Furthermore, advancements in technologies an improved infrastructure also contribute the growth of the market. The development of energy efficient refrigeration systems, temperature monitoring and control systems with improved efficiency and cost-effectiveness continue to propel the market for cold storage.

Report Highlights of the Cold Storage Market

• By warehouse type, the private segment dominated the market with the largest share in 2024. This is mainly due to the increased investments by private retailers in developing cold storage solutions. Private warehouses provide businesses with the flexibility to scale their cold storage capacity as per requirements. Several businesses that deal with perishable goods and pharmaceuticals prefer private warehouses for storage and preservation purposes to maintain product efficiency and quality.
• By temperature type, the frozen segment accounted for the largest share of the market in 2024 due to the increased consumption of frozen food products. This temperature is required to preserve fruits, vegetables, and processed meat and seafood. The increasing awareness regarding the unaltered nutrients in frozen food further contributes to segmental growth.
• By application, the fish, meat, & seafood segment dominated the market in 2024. This is mainly due to the increased adoption of processed meat. The rapid expansion of supermarkets offering processed meat and seafood demands cold storage systems to maintain quality and safety, thus boosting the segment.

Major Trends in the Cold Storage Market

• Rising Demand from Pharmaceuticals and Healthcare Companies: With the increasing production of pharmaceutical and healthcare products, the need for cold storage solutions is rising in pharmaceutical and healthcare companies. Cold storage solutions play a crucial role in preserving the efficacy and integrity of temperature-sensitive pharmaceutical products. Moreover, the increasing production of vaccines, biologics, and other medications propels the market growth. Stringent regulations regarding the safety of pharmaceuticals further boost the growth of the market.
• Technological Advancements: Technological advancements in cold storage solutions improve efficiency. Integrating technologies like IoT and artificial intelligence (AI) in cold storage solutions enables real-time temperature monitoring and improves inventory management. Moreover, advancements in technology lead to the development of energy-efficient refrigeration systems, which reduce energy consumption and contribute to sustainability by minimizing greenhouse gas emissions.
• Growth of E-commerce: The emerging e-commerce sector and the shift toward online shopping for purchasing perishable goods boost the demand for cold chain logistics. Perishable goods like dairy products, processed meat, and other frozen items require specific temperatures to maintain quality and safety. Moreover, e-commerce businesses are investing heavily in advanced cold storage systems, which enable them to store and ship perishable goods over long distances.

Regional Insights

North America dominated the cold storage market in 2024 by capturing the largest share. This is mainly due to the increased adoption of cold storage systems in the retail sector. Moreover, busy lifestyles and high disposable incomes have boosted the consumption of ready-to-eat and processed food, further bolstering market growth. On the other hand, Asia Pacific is expected to be the fastest-growing region in the market in the coming years. With the rising urbanization, there is a high demand for frozen food products, significantly boosting the demand for cold storage solutions. Furthermore, stringent regulations regarding the safety of food and pharmaceuticals contribute to regional market growth.

Cold Storage Market Coverage

Market News 

• In September 2024, Indicold, a leading player in India’s cold chain industry, launched the nation’s first rack-clad Automated Storage and Retrieval System (ASRS) frozen facility in Ahmedabad. 
• In April 2024, Bootes in partnership with CargoPeople launched net-zero cold storage to address critical food waste challenges. 

Cold Storage Key Players

• Americold Logistics
• Lineage Logistics Holdings
• Nichirei Corporation
• Burris Logistics
• Agro Merchants Group
• Kloosterboer
• United States Cold Storage
• Tippmann Group
• VersaCold Logistics Services
• Henningsen Cold Storage Co
• Coldman
• Congebec Inc.
• Conestoga Cold Storage
• NewCold
• Hanson Logistics

Market Segmentation

By Warehouse Type

• Private
• Public

By Temperature Type

• Frozen
• Chilled

By Construction

• Bulk Storage
• Production Stores
• Ports

By Application

• Dairy
• Processed Food
• Fruits and Vegetables
• Fish, Meat, and Sea Food
• Pharmaceuticals

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