The rapid shift towards cloud computing, the growing adoption of advanced technologies such as AI, IoT, and big data, as well as rising investments by public and private companies in the development of data centre infrastructure, are expected to help the Global Data Centre Market grow at a significant rate during the forecast period between 2023 and 2029.

Global Cold Storage Market – Industry Trends & Forecast Report, 2029

Global Cold Storage Market was market size was estimated at USD XX billion in 2022. During the forecast period between 2023 and 2029, the size of the global Cold Storage Market is projected to grow at a CAGR of XX% reaching a value of USD XX billion by 2029. The sector has benefited greatly from the stringent restrictions controlling the supply and manufacture of temperature-sensitive items. The industry is predicted to expand considerably throughout the forecast period, mainly to the growth of organised retail sectors in developing nations. Furthermore, increased automation in refrigerated warehouses is expected to expand demand even further. Cloud technology, conveyor belts, robotics, energy management, and automated truck loading are all examples of warehouse automation. Refrigerated storage has become an essential part of supply chains for storing and delivering temperature-sensitive items.

Cold Storage Market – Overview

Cold storage refers to the preservation of products, samples, or materials at controlled low temperatures to maintain their quality, integrity, and usability over extended periods. This process is essential in various industries such as healthcare, food and beverage, pharmaceuticals, and biotechnology to prevent spoilage, maintain product quality, and ensure safety by inhibiting microbial growth. Cold storage can include refrigeration (2°C to 8°C) for short-term storage and freezing (below 0°C) for long-term preservation.

Global Cold Storage Market

Growth Drivers

Rising of Cloud Storage

The cold storage market is at a high development stage. The globalisation of the food supply chain, shifting customer tastes, and the increased necessity to preserve pharmaceuticals and other temperature-sensitive commodities have all led to a rise in demand for cold storage facilities. The industry’s capacity to adapt to changing customer tastes and dietary trends is a notable feature. The growing preference of customers for fresh and perishable commodities has resulted in an increase in the demand for cold storage facilities to retain the integrity and quality of these items. This trend is being observed not only in industrialised nations such as North America and Europe, but also in emerging economies, as rising income and urbanisation cause a shift in consumer behaviour.

Restraints

High Initial Investment:

Setting up a cold storage facility requires significant capital investment due to the specialized infrastructure, equipment, and technology needed to maintain controlled low temperatures. Cold storage facilities need to be constructed with specialized insulation materials and designs to maintain controlled low temperatures. This includes insulated walls, floors, and ceilings to minimize heat transfer from the external environment. Cold storage facilities rely on refrigeration systems such as compressors, evaporators, condensers, and refrigerant gases to cool and maintain the desired temperature levels.

Impact of COVID-19 on Cold Storage Market

Cold storage facilities played a crucial role in the storage and distribution of COVID-19 vaccines, especially those requiring ultra-low temperatures such as the Pfizer-BioNTech vaccine. This led to increased investment in specialized cold chain infrastructure and logistics for vaccine storage and transportation. To improve operational efficiency, reduce labor dependency, and enhance traceability, cold storage facilities increased their investment in automation, robotics, and IoT-enabled monitoring systems.

Global Cold Storage Market

Segmental Coverage

By Storage Type

The market is divided into two segments based on storage type: facilities/services and equipment. The facilities/services category led the total market, increasing its revenue share in 2022. It is predicted to expand at a 17.3% CAGR between 2023 and 2030. The cold storage sector comprises two types of facilities/services: refrigerated warehouses and cold rooms.

By Temperature Range

The market is divided into three segments based on temperature range: chilled (0°C to 15°C), frozen (-18°C to -25°C), and deep-frozen (below -25°C). The frozen (-18°C to -25°C) category led the entire market in 2022, with a revenue share of more than 61%. It is projected to expand at a CAGR of 18.7% over the forecast period. Rising consumption of frozen meals in growing economies like China and India is propelling category expansion.

By Region

By region, the global cold storage market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2022, North America had the largest worldwide market revenue share. The development of connected devices and the presence of a big customer base are the primary drivers of the region’s growth. The presence of significant market players, such as U.S.-based LINEAGE LOGISTICS HOLDING, LLC; Americold Logistics, Inc.; United States Cold Storage; and Canada-based CONESTOGA COLD STORAGE, is boosting market expansion in the area.

Competitive Landscape

Americold Logistics, Inc., Al Rai Logistica K.S.C, Agro Merchants Group, Burris Logistics, Barloworld Limited, Cloverleaf Cold Storage, Gulf Drug LLC, Henningsen Cold Storage Company, Kloosterboer, LINEAGE LOGISTICS HOLDING, LLC, Nordic Logistics, Oxford Logistics Group, Oceana Group Limited, Preferred Freezer, RSA Logistics, Swire Group, VersaCold Logistics Services are among the top worldwide market participants in 2022. The intense rivalry among top firms to introduce new and creative goods encourages corporations to engage in energy-efficient data centre research and development.

Recent Development

• March 2023: Americold has announced a strategic investment in Dubai-based RSA Cold Chain, an experienced regional cold storage provider that began operations in 2017. Americold’s minority ownership will assist realise the company’s aspirations to expand locally, explore strategic development opportunities in the Middle East and neighbouring areas, and connect RSA Cold Chain to its worldwide network.
• February 2023: Lineage Logistics launched its ‘Lineage Fresh’ service in Europe, offering storage options for prominent supermarkets, producers, and exporters of fresh fruit and produce during the Fruit Logistical trade exhibition in Berlin. The service, which began in the United States in November 2022, will allow items with a limited shelf-life to face fewer impediments and reduced danger and spoiling, thanks to Lineage’s cold storage technology and powerful logistical network..

Segments Covered in the Report

By Storage Type

• Facilities/Services
  • Refrigerated Warehouse
    • Private & Semi-Private
    • Public
  • Cold Room
• Equipment
  • Blast freezer
  • Walk-in Cooler and Freezer
  • Deep Freezer
  • Others

By Temperature Range

• Chilled (0°C to 15°C)
• Frozen (-18°C to -25°C)
• Deep-frozen (Below -25°C)

By Application

• Food & Beverages
  • Fruits & Vegetables
  • Fruit Pulp & Concentrates
  • Dairy Products
    • Milk
    • Butter
    • Cheese
    • Ice cream
    • Others
  • Fish, Meat, and Seafood
  • Processed Food
  • Bakery & Confectionary
  • Others
• Pharmaceuticals
  • Vaccines
  • Blood Banking
  • Others
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa