Cold Storage Market Size to grow by USD 145.71 billion between 2024-2028
According to a research report “ Cold Storage Market” by Application (Meat and seafood, Fruits and vegetables, Bakery and confectionery, Dairy and frozen products, Others) Type (Private, semi-private, Public) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 145.71 billion, at a CAGR of 13.83% during the forecast period. The issue of food wastage is a significant global concern, with approximately 25% of the food produced annually going unused. A primary contributor to this problem is the absence of adequate cold storage infrastructure. For instance, in China, over 15%-20% of fruits and vegetables are discarded due to inadequate cold storage facilities. This challenge is particularly acute in developing countries, where more than 20% of perishable food products are lost in transit and storage. Consequently, over 700 million people worldwide still endure food insecurity. The temperature fluctuations experienced during the transportation and storage of perishable goods can lead to spoilage and wastage, exacerbating the food crisis.
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By Application, the Meat and seafood segment is projected to dominate the market size in 2024
The private and semi-private sector holds the largest market share in the global cold storage industry, accounting for approximately 75% of the total market revenue. This segment's dominance is expected to persist throughout the forecast period due to the high demand for temperature-controlled storage solutions from various industries such as food and beverage, pharmaceuticals, and logistics. Despite the substantial upfront investment required for constructing, managing, and maintaining cold storage facilities, the business offers attractive long-term returns, making it an attractive proposition for private and semi-private entities. In India, for instance, the private sector manages 92% of the country's cold storage infrastructure. The cold storage industry's profitability is a significant draw for investors, despite the initial investment being considerably larger than that of other small businesses.
By Type, Private segment is expected to hold the largest market size for the year 2024
The meat and seafood segment held the largest market share in the global cold storage industry in 2022, accounting for over 40% of the total revenue. Preserving the quality and nutritional value of these perishable food items is crucial, given their limited shelf life. Cold chains, which include refrigeration and freezing technologies, play a vital role in maintaining the desired temperature conditions for meat and seafood. Specifically, fresh seafood requires storage at 32 degrees F (0 degrees C), while frozen seafood and meat necessitate temperatures as low as 0 degrees F (-18 degrees C). The implementation of advanced cold chain solutions ensures the retention of these food items' quality and nutritional benefits, thereby catering to the evolving consumer demand for fresh and high-quality meat and seafood products.
APAC is forecasted to hold the largest market size by region in 2024
The Asia Pacific (APAC) region is the largest and fastest-growing market segment in the global cold storage industry. This growth can be attributed to the extensive presence of both food and healthcare product suppliers and consumers in the region. With rising disposable income and an aging population in countries like Japan and China, healthcare expenditure in APAC is experiencing significant growth. This surge in demand is driving the need for temperature-controlled storage solutions for healthcare products such as biopharmaceuticals, vaccines, and clinical trial materials. Additionally, the increasing preference for organic food and certified organic dairy products, along with growing health consciousness among consumers in countries like China, Australia, and New Zealand, is fueling the adoption of cold storage to maintain product shelf life and desired quality.
The Cold Storage Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The cold storage market is experiencing significant growth due to several factors, including the need for forklift battery replacement and battery charging stations in large storage facilities. Warehouse managers overseeing food products, such as fish and meat, are under pressure to minimize food spoilage and excessive waste. Population expansion in Asia, particularly in China, is driving demand for more advanced cold storage solutions to meet the needs of the organized retail sector and convenience stores. The Chinese government is promoting low-carbon designs for cold storage facilities, which are more energy-efficient and eco-friendly. Energy management systems, robots, and conveyor belts are becoming increasingly common in modern cold storage facilities, along with cloud technology for real-time monitoring and control. Strict regulations on food safety and quality are also contributing to the growth of the cold storage market. Perishable product trade is a major driver of demand, with the need to maintain specific temperature and humidity levels to prevent spoilage. The use of advanced technology and automation is helping to reduce food waste and improve efficiency in cold storage facilities. Overall, the cold storage market is expected to continue growing as the demand for fresh food products increases and technology advances.
Market Research Overview
The Cold Storage Market is a critical segment of the logistics and supply chain industry, particularly for perishable goods such as fruits and vegetables, meat production, dairy products, medications, and other food and beverages. With the increasing use of Artificial Intelligence (AI) and advanced data infrastructures, AI models are being integrated into cold storage facilities to optimize operations, reduce food waste, and improve energy efficiency. New greenfield facilities are being built with advanced features like hybrid cooling systems, connected devices, and temperature control systems to cater to the growing demand for cold storage. The market is segmented into the public and private segments, with corporate treasuries, family offices, and institutions like Bitpanda Wealth and Bitpanda showing significant interest. Key players in the market include Nova Cold Logistics, RSA Logistics, and Preferred Freeze, among others. The market is driven by population expansion, excessive food waste, and the need to maintain the quality and freshness of perishable goods. Regulatory environment, refrigerant usage, and insulation are critical factors in the design and operation of cold storage facilities. Leading players are focusing on low-carbon designs, energy management, and automation technologies like robots and conveyor belts to reduce environmental impact and improve efficiency. The market is expected to grow significantly in the coming years, driven by the increasing demand for cold storage facilities in the dairy industry, pharmaceutical items, and organized retail sectors.
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