Global Cold Storage Market Size (2024 to 2032)
The size of the global cold storage market was valued at USD 219.4 billion in 2023 and is predicted to grow at a CAGR of 8.11% from 2024 to 2032 and be worth USD 442.44 billion by 2032 from USD 237.1 billion in 2024.
Current Scenario of the Cold Storage Market
Today, the cold storage market is growing rapidly. The need for effective solutions for cold storage has progressively become vital because of the rise of online grocery shopping, worldwide expansion of food sources, and an increasing population. Moreover, the market has witnessed significant transformation propelled by changing customer preferences, and technological innovations. In addition, companies are increasingly recognising the importance of investing in potent solutions for cold chain. Additionally, the market is expected to be shaped by the incorporation of advanced technology.
Market Drivers
The expansion of e-commerce is one of the primary factors driving the growth of the cold storage market. The increase in the frequency of online shopping of grocery has made a considerable requirement for these storage facilities or units or warehouses that can assist in the swift delivery of perishable items. Traders and organizations are infusing money to ensure temperature-controlled logistics to satisfy customer expectations for freshness. Furthermore, one of the notable trends propelling the market growth is the inclusion of modern technologies, like blockchain, artificial intelligence, and the Internet of Things (IoT), into refrigeration chain activities.
Market Restraints
The unique last-mile problems of transportation is one of the key challenges hindering the expansion of the cold storage market. The most evident enhancement to last-mile logistics which are needed for cold chain consignments is vehicles and other systems to keep the cold temperatures. Making them available the ability necessitates an extra investment for these logistics providers and further effort for the maintenance of vehicles. Also, the driver of these cold chain vehicles demands extra pay and higher training. Another factor impeding the growth of the market is high operational costs. In a few areas, fuel expenses can represent a big portion of operation expenditures, turning it economically difficult for companies to maintain effective cold storage transportation.
Segmental Analysis
Global Cold Storage Market By Construction Type
- Bulk Storage
- Production Stores
- Ports
The bulk storage segment holds the maximum share of the cold storage market and is expected to thrive further during the forecast period. This growth can be credited to the rising adoption of digital technologies, expanding e-commerce, and surging demand for quick deliveries. Moreover, the rapid advancement in the biotechnology and pharmaceutical industries, especially in North America and Asia Pacific region, is driving the segment’s market share.
Global Cold Storage Market By Temperature
- Chilled
- Frozen
The frozen segment is leading under this category of the cold storage market and is likely to move forward throughout the estimation period. This development can be attributed to the higher consumption of frozen foods. There has been a major change in customer preference towards comfort foods, comprising frosty and ready-to-cool meals. Another factor fuelling the segment’s market size is the expansion of organised retail. The rise of this retail business, like hypermarkets and supermarkets, is contributing to the market growth.
Global Cold Storage Market By Application
- Processed Foods
- Dairy Products
- Fruits and Vegetables
- Meat and Seafood
- Pharmaceuticals
The fruit and vegetable segment is projected to command under this category of the cold storage market and is expected to grow further during the forecast period. Health trends are primarily accelerating the market growth rate of this segment. Moreover, stricter rules and guidelines concerning food security are urging companies to invest in cold storage solutions for these items. Adherence to these standards is important for stopping spoilage and maintaining customer safety. Therefore, these drivers are accelerating the expansion of this segment.
Global Cold Storage Market By Warehouse Type
- Public
- Private
- Semi-Private
The private segment dominates the cold storage market and is believed to propel in the coming years. These facilities are customised to satisfy the certain requirements of individual businesses, enabling tailored storage solutions that can adjust to innovative product requirements and business growth. In addition, the greater control over operations majorly contributes to expanding the segment’s market size. For instance, in April 2024, Gopuff introduced Storefronts, a division of its new Powered by Gopuff platform that allows brands to provide delivery from their own online stores.
Regional Analysis
North America spearheads the cold storage market and is expected to maintain its position during the forecast period. The region commands technological incorporation with the biggest market size. On the other hand, Europe focuses on regulatory compliance and sustainability. In comparison, Asia Pacific displays a quickly evolving prospect which is propelled by rising customer expenditure on perishable goods.
Recent Market Developments
- In November 2024, Agile Cold Storage and Ti Cold reported that they are advancing with their 3rd joint project which is a new cold storage facility. It is planned to be built in West Seneca, New York, right outside Buffalo.
