Cold Storage Market Size, Share, Growth by 2030

The cold storage sector is projected to expand significantly, with an anticipated increase from US$ 119,621.36 million in 2022 to US$ 417,686.89 million by 2030. This growth represents a compound annual growth rate (CAGR) of 16.9% from 2022 through 2030.

The rise of globalization and advancements in transportation logistics have greatly enhanced the supply chain for various products, both domestically and internationally. This trend has led to a heightened demand for cold storage solutions, ensuring that goods arrive at their destinations in optimal condition while maintaining the required temperature, irrespective of the distance or duration of transit. The leading regions in this market include Asia Pacific, North America, and Europe, followed by the Middle East & Africa and South America. Factors such as population growth, increasing disposable income, and a growing preference for frozen and processed foods are driving the need for cold storage facilities in countries like China, the United States, India, South Korea, Brazil, and Germany. Nevertheless, the environmental impact of cold storage operations may pose challenges to market growth. Innovations in sustainable refrigeration and storage technologies are expected to shape new trends in the cold storage market in the years ahead.

Effectively utilizing cold storage can significantly decrease food waste by extending the shelf life of perishable items such as dairy, meat, fish, seafood, and processed foods. Proper management of cold storage can enhance operational efficiency for food businesses, minimizing the risk of spoilage and maintaining product freshness. The cold storage market is likely to experience substantial growth by 2030, driven by increasing concerns over food waste and its implications for the environment, the food industry, and the economy as a whole. Additionally, the rising volume of imports and exports of food and pharmaceutical products is contributing to the expansion of the cold storage market.

In terms of revenue, North America held the largest share of the cold storage market in 2022. The demand for processed meat and seafood, coupled with the increasing need for pharmaceutical products, has facilitated the growth of the cold storage market in this region. The essential requirement for storing seasonal fruits, meat, and dairy products over extended periods is met by efficient cold storage solutions. Furthermore, effective supply chain management for agricultural products, frozen meats, seafood, medicines, and pharmaceuticals has further propelled the growth of the cold storage market in the United States, Canada, and Mexico. In Europe, countries such as Germany, the United Kingdom, and France are significant contributors to the cold storage market's development, with Italy, Russia, the Netherlands, Belgium, Poland, and Spain also playing important roles. The COVID-19 pandemic and geopolitical tensions, such as the Russia-Ukraine conflict, have underscored the critical importance of cold storage facilities in meeting consumer needs during crises.

The cold storage market is categorized by temperature type into chilled and frozen segments. Cold storage facilities, or freezer warehouses, maintain specific temperature ranges through advanced refrigeration systems. The frozen segment represented the largest share of the cold storage market, accounting for 65.2% of the total in 2022, and is expected to continue its dominance throughout the forecast period.

When examining warehouse types, the cold storage market is divided into public, private, and semi-private categories. The increasing consumer preference for perishable goods and the rising demand for frozen food products are key drivers behind the proliferation of cold storage facilities worldwide. Additionally, the growing frequency of natural disasters and other emergencies is heightening the need for cold storage solutions to safeguard food and pharmaceutical products. The public segment dominated the cold storage market, comprising 66.8% of the total in 2022, and is projected to maintain its leading position during the forecast period.

In terms of application, the cold storage market is segmented into dairy products, meat and seafood, fruits and vegetables, pharmaceuticals, and processed foods. The increasing inclination towards processed foods and the fast-paced lifestyles of consumers are driving the demand for products with extended shelf lives and convenience, thereby boosting the need for cold storage facilities. Moreover, the growing demand for online delivery services and a rising population are further propelling the need for cold storage to accommodate dairy products, meat and seafood, processed foods, and pharmaceuticals. The meat and seafood segment accounted for the largest share of the cold storage market, making up 31.2% of the total in 2022, and is expected to maintain its leading position in the coming years.

The global cold storage market report is organized by temperature type, warehouse type, application, and geography. The temperature type segments include chilled and frozen categories. The warehouse type analysis includes public, private, and semi-private segments. The application analysis encompasses dairy products, meat and seafood, fruits and vegetables, pharmaceuticals, and processed foods. Geographically, the cold storage market report is divided into five major regions: Europe, Asia Pacific (APAC), North America, Middle East & Africa (MEA), and South America (SAM).

Key players in the cold storage market include 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. These companies, along with others analyzed in the study, provide a comprehensive view of the market and its ecosystem. Strategies such as expanding storage capacity and launching new cold storage facilities equipped with advanced technologies like automation and digitalization are being adopted by these firms to strengthen their presence in the global cold storage market. Notably, Lineage Logistics, Americold Logistics, United States Cold Storage, Inc., Nichirei Logistics Group, Inc., and Interstate Warehousing, Inc. are among the prominent global logistics and cold storage service providers focusing on increasing their cold storage capacities to meet the rising demand for storage space worldwide.

The overall forecast for the cold storage market is derived from both primary and secondary sources. Secondary research has been conducted using a combination of internal and external sources to gather quantitative and qualitative data related to the market size. This process also aids in obtaining an overview and forecast of the cold storage market across all segments. Additionally, numerous primary interviews with industry participants have been conducted to validate the data and gain analytical insights. This includes discussions with industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the cold storage sector. Furthermore, several other significant players in the cold storage market have been analyzed to provide a comprehensive understanding of the global cold storage landscape and its network.