Cold Chain Market Is Dominated by North America

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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Increasing Popularity of Ready-To-Eat Foods Fueling Demand for Cold Chain Logistics

Cold chain has been an integral component of logistics since the late 18th century when ice was used for preserving temperature-sensitive and perishable products such as dairy products, fish, and meat during transportation from one place to another. With rapid technological advancements in the following decades, cold chain logistics witnessed a drastic evolution. At present, cold chain logistics includes exclusively built cold storage facilities, cooling equipment, cold processing, cold transport, and cold distribution. 

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This rapid transformation in cold chain logistics made the transportation of perishables and temperature-sensitive products over large distances possible. This, in turn, fueled large-scale commercial activities involving these products, which subsequently caused the expansion of the global cold chain market. Moreover, with the growing popularity of ready-to-eat food items, especially in the developing countries such as India, Brazil, and China, the industry will exhibit rapid progress in the coming years. 

The other major factor propelling the demand for cold chain logistics is the rising consumption of processed food items and fast foods, especially in the emerging economies, mainly because of the surging disposable income of the people residing in these countries. Besides this, the increasing popularity of the ‘eating out’ culture and the development of numerous hypermarkets, supermarkets, quick service restaurants (QSRs), and fast-food chains in these countries are also driving the expansion of the cold chain market. 

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Bakery & confectionery, meat & seafood, dairy & frozen desserts, biopharmaceuticals, sauces, and fruits & vegetables are the main categories under the application segment of the market. Out of these, the meat & seafood category recorded the highest growth in the market in the years gone by, as per the findings of the market research company, P&S Intelligence. This was because of the huge demand for proper cold storage facilities for meat and seafood in several countries around the world.

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