Cold Chain Market to Grow at a CAGR of 9.0% to reach USD 428.4 billion by 2028

The market for cold chain is estimated at USD 278.2 billion in 2023; it is projected to grow at a CAGR of 9.0% to reach USD 428.4 billion by 2028. Food security, food safety, economic and environmental sustainability, and minimal food waste are major focus areas in the food industry. According to FAO 2020, global trends show an average 3% annual increase in loss from 2010 to 2019, with global overall food loss (including non-perishables) in 2019 at a staggering 1.2 billion tons of food, more than three times of Africa's annual food production. Meanwhile, the human population is growing exponentially across the globe, and so is the demand for food. The increase in foods consumption, leads to increase in food production and storage. To overcome this, the demand for refrigerated storage and transportation services has increased across the globe. Cold chain system is a temperature-controlled supply chain used to maintain a product within a specified low-temperature range from harvest/production until the point of consumption. A cold chain helps extend the shelf-life of perishable products, such as fresh agricultural produce, seafood, and frozen food. Various cold chain companies are offering temperature-controlled storage warehouses and transportation services to various food industries in order to preserve and stock their inventory. These companies offer temperature control ranges based on the food products. They have been focusing on maintaining product quality to avoid cross contamination and damage by auditing and testing the products on a regular basis.

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By type, the LCV sub-segment in refrigerated transport is projected to observe the fastest growth in the cold chain market throughout the forecasted period.

LCVs are vehicles with mass ranging between 3.5 and 7 tons. These light-duty truck is low on maintenance and gives high performance. These vehicles are preferred more by the food suppliers as they are optimizes the cargo space. These vehicles have a very constrained storage space, which means it is easier to control the temperature. They also take less time to adjust the temperature to the desired range. Moreover, factors such as the easy availability of finance options are the main factors for demand of LCV refrigerated vehicles.

The frozen segment by temperature type is estimated to account for the largest market share in the global cold chain market.

The frozen segment has grown rapidly as a result of numerous factors such as rising demand for convenience foods, changing dietary preferences, and globalization of food supply chains. As a result, the cold chain industry has developed frozen product logistics and warehousing services such as freezer trucks, blast freezers, and containers.

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The fruit & vegetables segment, by application, is estimated to account for the largest market share in the global cold chain market.

Exotic fruits and vegetables such as mushrooms, tangy kiwis, green olives, fresh broccoli, dragon fruit, and many others have been popular among consumers. These items have recently gained popularity among the urban population as well as gourmet hotels and restaurants. Several countries import a wide variety of vegetables from places like the United States and Australia, including broccoli, iceberg lettuce, asparagus, celery, parsley, Brussel sprouts, zucchini, and cabbage. Farmers cultivate these vegetables throughout the year, not just during the growing season. Several government and non-governmental organizations have launched incentive programs to encourage farmers to grow these crops. these exotic fruits and vegetables requires refrigeration for longer shelf life, and need to be fresh until they reach the market.

Break-up of Primaries

By Company type: Tier 1: 30%, Tier 2: 30%, Tier 3: 40%
By Designation: CXOs: 40%, Managers: 25%, and Executives: 35%
By Region: Europe: 16%, Asia Pacific: 40%, North America: 30%, RoW: 14%
Leading players profiled in this report

Americold Logistics (US)
Lineage Logistics Holdings, LLC. (US)
Nichirei Corporation (Japan)
Burris Logistics (US)
A.P. Moller Maersk (Denmark)
United States Cold Storage (US)
Tippmann Group (US)
VersaCold Logistics Services (Canada)
Coldman (India)
Congebec Inc. (Canada)
Conestoga Cold Storage (Canada)
NewCold (Netherlands)
Confederation Freezers (Canada)
Seafrigo (France)
Trenton Cold Storage (Canada)

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Research Coverage

This report segments the cold chain market on the basis of type, temperature type, application, and region. In terms of insights, this research report focuses on various levels of analyses-competitive landscape, end-use analysis, and company profiles-which together comprise and discuss the basic views on the emerging & high-growth segments of the cold chain market, the high-growth regions, countries, government initiatives, market disruption, drivers, restraints, opportunities, and challenges.

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