Cold Storage Market Size, Share, & Growth Analysis by 2030

The cold storage market size is expected to grow from US$ 1,19,621.36 million in 2022 to US$ 4,17,686.89 million by 2030. It is expected to register a CAGR of 16.9% from 2022 to 2030.

Analyst Perspective:

The global cold storage market has been segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Cold storage facilities help ensure the integrity, freshness, and safety of perishable products. 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 growing demand for canned and frozen food products is having a positive impact on the food & beverages sector. Furthermore, the booming development in the pharmaceutical sector in terms of rising demand, is also propelling the development of the cold storage market from 2022 to 2030.

Market Overview:

Cold storage is an exclusive storage facility that stores temperature-sensitive goods or products, often perishable items, including frozen foods, fresh produce, and pharmaceutical products. 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, and 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 increase in inclination toward processed food and the busy lifestyle of consumers are boosting the requirement for convenient food products with longer shelf life, further creating the demand for cold storage facilities. The increasing consumer preference for processed and easy-to-cook canned food boosts the demand for cold storage facilities, which is anticipated to propel the growth of the cold storage market from 2022 to 2030.

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Cold Storage Market: Strategic Insights

Market Size Value in	US$ 1,19,621.36 million in 2022
Market Size Value by	US$ 4,17,686.89 million by 2030
Growth rate	CAGR of 16.9% from 2022 to 2030
Forecast Period	2022-2030
Base Year	2022

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Market Driver:

Increase in Demand for Convenience Food Among Consumers

The cold storage market size is likely to surge by 2030 owing to rising population, increasing urbanization, growing disposable income, and busy lifestyles, which 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 working population is one of the major driving factors for the cold storage market. In addition, the cold storage market growth is further fueled by increased marketing of processed food to attract the younger generation. 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. Thus, the increasing consumer inclination toward processed food is a major factor contributing to the growth of the cold storage market.

Segmental Analysis:

Based on temperature type, the cold storage market is bifurcated into chilled and frozen. The frozen segment accounted for 65.2% of the global cold storage market share in 2022 and is projected to maintain its dominance during the cold storage market over the forecast period. A cold storage, or freezer warehouse, maintains specific temperatures using a complex refrigeration system. Coolant, compressor, separator, condenser, receiver, and evaporator are major components of cold storage facilities. The primary objective of cold storage is to store temperature-sensitive goods, including perishable products, such as frozen foods, dairy items, meat and seafood, and pharmaceutical products. This helps maintain their quality and extend their product shelf life. Chilled storage helps in reducing rotting, sprouting, and insect damage.

Reefer containers, ships, and trucks are usually equipped with chilled storage facilities for better management of products at the time of transportation as per supply chain requirements. A refrigerated warehouse is also known as a cold storage warehouse or chill store. These facilities primarily maintain a controlled temperature, normally between 2° and 8°, to save the quality of perishable products. Frozen warehouses or freezer warehouses are primarily operational in subzero temperatures, usually between -18°C and -25°C. These facilities are designed and developed to store frozen foods, such as seafood, meats, and frozen desserts. In terms of construction, freezer warehouses must always be constructed from sandwich panels, the insulating element that avoids temperature leaks to the outside. The flooring of the freezer warehouse floors should be insulated to prevent condensation. Frozen storage is a broadly used method for expanding the shelf life of refrigerated food products.

Regional Analysis:

Geographically, the scope of the cold storage market report encompasses North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Russia and the Rest of Europe), Asia Pacific (South Korea, China, Japan, India, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). According to The Insight Partners cold storage market analysis, in 2022, North America registered the highest cold storage market share of 42.9% and is expected to register a CAGR of 16.9% during 2022–2030, owing to rapid growth in import and export activities of food and pharmaceutical products. Developed food and pharmaceutical sectors, growing consumer preference for convenience food, and increasing population are major North America cold storage market trends. Extremely busy lifestyles and consumer inclination toward processed food, which saves time, also facilitate the expansion of the cold storage market share in North America. The US is one of the major countries in the cold storage market in North America, with a total share of more than 79.8% in 2022. The North America cold storage market growth is further fueled by the increase in demand for convenience food, and it is projected to drive the development of the market in the coming years. Europe and Asia Pacific are the key regions that accounted for 22.8% and 21.8% of the total cold storage market share in 2022, respectively. Cold storage is a critical part of food and pharmaceutical supply chains, allowing the consistent supply of high-quality, safe, fresh, and frozen products while also profoundly lowering food waste and the correlated carbon impact.

The major benefit of adopting cold storage for the conservation of perishable products is that it decreases the probability of chemical changes in food or pharmaceutical products, which may result in wastage. Additionally, the cold storage warehouses are outfitted with innovative climate control systems. These warehouses ensure the optimal preservation of perishable commodities and help in proper storage and prevention of spoilage. The growing trend of automation and digitalization in cold storage facilities is also benefitting the market as technological advancements save time and mitigate human errors. In addition, the economic growth of Asia Pacific is anticipated to drive changes in the retail sector as consumers claim higher quality products that need proper preservation in a measured environment, predominantly in the healthcare, pharmaceutical, and food & beverages sectors.

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Key Player Analysis:

The cold storage market forecast is based on various secondary and primary research findings, such as key company publications, association data, and databases. 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 are among the key players profiled in the cold storage market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem.

Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the global cold storage market. A few recent developments by the key cold storage market players are listed below: