The global cold chain market was valued at $237.8 billion in 2021, and it is set to reach $925.6 billion by 2030, growing at a CAGR of 16.3% between 2021 and 2030.
The growth of this industry can be credited to the growing requirement for convenience food with a longer shelf life, snowballing awareness about the food wastage, and rising number of planned retail stores in the developing countries.
Furthermore, the requirement for these solutions is mounting in the food & beverage sector in order to avoid the degradation of the quality of food.
Moreover, the increasing number of government guidelines in order to reduce food wastage, growth in the number of retail chains is projected to contribute to the market growth in the years to come.
In 2021, the storage category dominated the industry with share of above 55%, and will continue its dominance in the years to come as well. This can be credited to the growing consumer fondness for packaged food across the globe.
Furthermore, the increasing need for frozen food because the consumers are leaning more toward healthy diet and lifestyles, which in turn is, contributing to the growth of the temperature-controlled storage solutions.
In 2021, the product category had the largest revenue share of above 73%. Food quality is preserved by refrigerated packaging, which supports in limiting biological degradation of the products and ensures that the food is safe for consumption of customers.
The requirement for the solutions and products for packaging has also increased mainly because of the growing population and increasing consumption of preserved beverages and foods.
Storage equipment is a main revenue generator of the industry, with more over 75% share. Temperature-controlled storage machinery plays an important role in several businesses by ensuring product standards and increasing their shelf life. Storage equipment such as refrigerators, vaccine carriers and deep freezers, both off-grid and on-grid.
In 2021, North America held the largest cold chain market share of above 35%, and it is projected to keep dominating the industry in years to come. Because of great growth potential, companies want to invest for a long period.
Furthermore, a wide customer base and the growing acceptance of connected devices are expected to contribute toward the industrial growth in the future
APAC is estimated to grow with the fastest rate in the near future. This can be credited to the snowballing government expenditure for the expansion of logistics infrastructure and the growing acceptance of warehouse managing systems in the region.
Hence, the growing requirement for convenient food with a longer shelf life, snowballing awareness about food wastage will drive the demand for cold chain in the future.
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