Cold Chain Global Market Report 2024

The cold chain involves managing perishable goods' temperature from their origin to the end-user to maintain quality and safety. This process utilizes refrigeration, thermal packaging, and other techniques to handle temperature-sensitive products.

Primary types of cold chains include refrigerated warehousing and refrigerated transport. Refrigerated warehousing (cold storage) involves temperature-controlled storage to prevent product decay and ensure compliance with relevant regulations. Refrigerated transport (reefer freight) utilizes vehicles equipped with refrigeration systems to maintain desired temperatures during transportation. Cold chain temperatures commonly range from frozen to chilled. Cold chain storage finds application across various sectors, including pharmaceuticals, healthcare, food and beverages, chemicals, and other industries, facilitating the safe preservation and distribution of temperature-sensitive goods.

The cold chain market research report is one of a series of new reports from The Business Research Company that provides cold chain market statistics, including cold chain industry global market size, regional shares, competitors with a cold chain market share, detailed cold chain market segments, market trends and opportunities, and any further data you may need to thrive in the cold chain industry. This cold chain market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cold chain market size has grown rapidly in recent years. It will grow from $365.57 billion in 2023 to $411.95 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. Historical growth can be attributed to several factors, including robust economic expansion in emerging markets, a growing global population, increased food exports, and rising demand from various end-use industries.

The cold chain market size is expected to see rapid growth in the next few years. It will grow to $679.31 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. Forecasted growth is driven by global population increase, urbanization, rapid e-commerce expansion, higher consumption of packaged food, food security initiatives, and growing demand from industries. Key trends include sustainability initiatives, focus on quality, IoT utilization, smart warehousing, third-party logistics outsourcing, and strategic investments.

The growth of the cold chain market in the historical period was significantly influenced by the increasing consumer demand for perishable foods. The rising urban population, coupled with shifts in consumer eating habits, has led to a heightened demand for perishable goods such as dairy products, fruits, vegetables, and meat. Consumers are increasingly opting for perishable items with a longer shelf life due to their nature. Notably, developing markets in the Asia-Pacific and Latin America regions have witnessed a surge in demand for perishable food products. For instance, in 2021, sales of ready-to-eat products in India, tracked by the retail intelligence platform Bizom, increased by 9.1% in August compared to July 2021. This growing preference for packaged and convenience foods is anticipated to be a key driver for the cold chain market in the forecast period.

The expansion of food exports is expected to contribute significantly to the growth of the cold chain market. Food export involves the international trade and shipment of food products between countries, and the effectiveness of a well-managed cold chain system is crucial for the success and benefits of food exports. In January 2022, India's Ministry of Commerce and Industry reported a notable 24% increase in ready-to-eat food exports to $394 million in the period of 2021-22 compared to the same period in 2020-21 (April-October). Additionally, the packaged food sector in Japan, as estimated by Euromonitor, reached $216.3 billion in retail sales in 2022. This surge in food exports underscores the integral role of the cold chain in facilitating international trade and is a driving force for the growth of the cold chain market.

Cold chain industry players are increasingly embracing smart warehousing strategies to enhance efficiency, reduce costs, and minimize errors. Smart warehousing leverages advanced technologies for automated tasks such as goods recognition, sorting, arrangement, and retrieval, minimizing the need for human intervention. The integration of a sophisticated warehouse management system, which monitors real-time data on temperature and other variables affecting perishable goods, ensures the quality of consignments in temperature-controlled storage. In October 2021, Smart Warehousing, a US-based warehousing and fulfillment solutions company, inaugurated an Innovation Hub at its Edgerton, Kansas headquarters. Linked to a 500,000-square-foot warehouse, the hub serves as a testing ground for technology and automation before deployment across the company's 34 national warehouse locations.

Sustainable logistics practices aim to reduce the environmental impact of processes, including CO2 emissions, noise pollution, and accidents. Cold chain operators are adopting measures to balance financial growth, environmental responsibility, and societal well-being. Companies such as TESSOL, an India-based cold chain logistics firm, offer fuel- and environment-free thermal storage technology that uses recyclable bags and non-toxic, non-inflammable phase change materials. This approach enhances environmental health and reduces the carbon footprint. In November 2021, Lineage Logistics, the world's largest temperature-controlled industrial REIT and logistics solutions provider, committed to achieving net-zero carbon across its business operations by 2040, a decade ahead of the Paris Agreement. This emphasizes the industry's commitment to sustainable practices.

In September 2021, India-based logistics firm Sitics Logistics acquired Udgam Logistics for an undisclosed sum. This acquisition aimed to propel Sitics Logistics further in the global 3PL market and enhance its product portfolio. Udgam Logistics, headquartered in Delhi, specializes in cold chain and distribution services as a startup.

Major companies operating in the cold chain market report are Americold Logistics, Burris Logistics, Nichirei Corporation, United States Cold Storage, Lineage Logistics Holdings, VersaCold Logistics Services, Tippmann Group, Congebec Inc., Snowman Logistics Ltd., Conestoga Cold Storage, Cold Box India LLP, Rinac India Limited, Singhania Logistics & Distribution Pvt. Ltd., Sinotrans Shanghai Cold Chain Company, Kerry Logistics Network Limited, Global Cold Chain Solutions, Valley Food Storage, ACS&T Logistics, VIMA Foods, Logifrio, Cabezuelo Foods, Ebro Foods, CRS IE, Maersk, Ruzave, FREJA Transport & Logistics, Priority Freight, Dropex, Internel Sp. z o.o, NATANEX, PUH Jamax, Fructus Transport, Artrans Transport, DH Warehousing & Fulfillment Ltd., Belleair Storage, Sysco EastTexas LLC, Freedom Warehousing and Solutions, Sam Dune Enterprises, Des Moine Cold Storage Co, Paige Logistics Ltd., N&N Logistics Inc., XPO Logistics, Legacy Logistics, Localfrio S/A, Brado Logistica S/A, ComFrio, Friozem Armazens Frigorificos Ltda, Martini Meat S/A, Agility, Al Futtaim, RSA Cold Chain, Sharjah cold stores, Tameem logistics, APG Logistics, GEFCO South Africa, Value Logistics, Transnova, KAP Industrial Holdings Limited, Tsiko Africa Group, Bakers SA Limited

North America was the largest region in the cold chain market in 2023. Asia-Pacific region is projected to record the fastest growth over the forecast period. The regions covered in the cold chain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the cold chain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The cold chain market includes revenues earned by entities by refrigerated containers, cold rooms, chillers, cold boxes, and blast freezers. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Cold Chain Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on cold chain market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for cold chain? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cold chain market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Refrigerated Warehousing; Refrigerated Transport
• 2) By Temperature Type: Frozen; Chilled
• 3) By Industry Vertical: Pharmaceuticals And Healthcare; Food And Beverages; Chemicals; Other Industry Verticals
• Companies Mentioned: Americold Logistics; Burris Logistics; Nichirei Corporation; United States Cold Storage; Lineage Logistics Holdings
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.