Cold Chain Industry Overview
The global cold chain market size was valued at USD 210.49 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 14.8% from 2021 to 2028.
The growing penetration of connected devices and automation of refrigerated warehouses across the globe is anticipated to spur the industry growth over the forecast period. An increasing number of organized retail stores in emerging economies are leading to increased demand for cold chain solutions. Moreover, trade liberalization, government efforts to reduce food waste, and expansion of retail chains by multinational companies are expected to boost industry growth over the forecast period. 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 of perishable foods in a manner that is free of import duties.
Gather more insights about the market drivers, restrains and growth of the Global Cold Chain Market
In developing economies, the refrigerated storage market 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 transition in the economy. With growing technological advancements in warehouse management and refrigerated transportation, the market is likely to expand in developing economies.
Furthermore, growing government subsidies have enabled service providers to tap these emerging markets with innovative solutions to overcome complex transportation. Cold chain services are designed to provide ideal transportation and storage conditions for temperature-sensitive products. Increasing demand for perishable products and fast delivery requirements associated with the e-commerce-based food and beverages delivery market has created a significant boost in cold chain operations.
This is a stark shift from the earlier trend of consumers buying processed foods that had a longer shelf life. The rising trend of purchasing perishable products online has led to new opportunities and challenges. These include the need for innovative solutions to provide last-mile delivery, automated warehouses to manage inventories and reduce per-item costs, and low-cost and advanced temperature monitoring devices to maintain the safety of fresh food products.
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Cold Storage Market - The global cold storage market size was valued at USD 119.98 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.4% from 2022 to 2030. The market has benefitted significantly from the stringent regulations governing the production and supply of temperature-sensitive products.
Frozen Food Market - The global frozen food market size was valued at USD 291.3 billion in 2019. Growing importance of Ready-to-Eat (RTE) food products as a result of hectic lifestyles among working-class individuals on a global level are expected to expand the industry size over the next few years.
Cold Chain Market Segmentation
Grand View Research has segmented the global cold chain market on the basis of type, packaging, equipment, application, and region:
Cold Chain Type Outlook (Revenue, USD Million, 2017 - 2028)
Storage
Warehouses
On-grid
Off-grid
Reefer Containers
Transportation
Road
Sea
Rail
Air
Monitoring Components
Hardware
Sensors
RFID Devices
Telematics
Networking Devices
Software
On-premise
Cloud-based
Cold Chain Packaging Outlook (Revenue, USD Million, 2017 - 2028)
Product
Crates
Dairy
Pharmaceuticals
Fishery
Horticulture
Insulated Containers & Boxes
Payload Size
Large (32 to 66 liters)
Medium (21 to 29 liters)
Small (10 to 17 liters)
X-small (3 to 8 liters)
Petite (0.9 to 2.7 liters)
Type
Cold Chain Bags/Vaccine Bags
Corrugated Boxes
Others
Cold Packs
Labels
Temperature-controlled Pallet Shippers
Materials
Insulating Materials
EPS
PUR
VIP
Cryogenic Tanks
Others (Insulating Pouches, Hard Cased Thermal Boxes, and Active Thermal Systems)
Refrigerants
Fluorocarbons
Inorganics
Ammonia
CO2
Hydrocarbons
Cold Chain Equipment Outlook (Revenue, USD Million, 2017 - 2028)
Storage Equipment
On-grid
Walk-in Coolers
Walk-in Freezers
Ice-lined Refrigerators
Deep Freezers
Off-grid
Solar Chillers
Milk Coolers
Solar-powered Cold Boxes
Others (Solar Refrigerators and Products related to Solar Panels)
Transportation Equipment
Cold Chain Application Outlook (Revenue, USD Million, 2017 - 2028)
Fruits & Vegetables
Fruit Pulp & Concentrates
Dairy Products
Milk
Butter
Cheese
Ice cream
Fish, Meat, and Seafood
Processed Food
Pharmaceuticals
Vaccines
Blood Banking
Bakery & Confectionary
Others (Ready-to-Cook, Poultry)
Cold Chain Regional Outlook (Revenue, USD Million, 2017 - 2028)
North America
Europe
Asia Pacific
South America
Middle East
Africa
Market Share Insights
March 2018: The Global Lighting and Energy Access Partnership’s (LEAP) competition to develop energy-efficient cold storage facility encouraged the adoption of off-grid solar energy-based storage equipment.
April 2020: Agro Merchants Group (US) extended its activities by adding more refrigerated extra room at its Nashville office. This choice was taken to oblige the rising interest.
Key Companies profiled:
Some prominent players in the global cold chain market include
Agro Merchant Group (U.S.)
Nordic Logistics and Warehousing, LLC (U.S.)
Preferred Freezer Services, LLC (U.S.)
Cold Chain Technologies, Inc. (U.S.)
Cryopack Industries, Inc. (U.S.)
Creopack (Canada)
Cold Box Express, Inc. (U.S.)
Order a free sample PDF of the Cold Chain Market Intelligence Study, published by Grand View Research.