Cold Storage Global Market Report 2024

The cold storage market size has grown strongly in recent years. It will grow from $37.66 billion in 2023 to $41.02 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. Historical growth can be attributed to several factors, including an increasing demand for dairy products fueling the need for cold storage, rising demand from the processed food and healthcare sectors, technological advancements, emphasis on quality and product sensitivity, and an upsurge in food exports.

The cold storage market size is expected to see strong growth in the next few years. It will grow to $57.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. Forecasted growth is fueled by an expanding and aging population, increased automation, government support, higher investments, booming e-commerce, and rising consumption of packaged food. Key trends include prioritizing quality, sustainability initiatives, smart warehousing, IoT utilization in cold storage, and strategic mergers/acquisitions.

The escalating demand for perishable products is anticipated to drive the growth of the cold storage market in the foreseeable future. Perishable items, characterized by a short lifespan and vulnerability to deterioration, encompass goods such as fruits, vegetables, dairy products, and pharmaceuticals. The increasing trade of perishables necessitates the cold storage market to deliver higher-quality products to meet customer demands. For instance, in June 2021, the Australian Bureau of Statistics reported a 3% annual revenue growth in perishable goods in 2021, where revenue rose from 7.4% in January 2020 to 9% in the year 2021. This surge in perishable trade is expected to boost the demand for cold storage facilities.

The cold storage market is poised for further advancements in the forecast period, fueled by positive investor sentiments, growing occupier interest, supportive government reforms, and enhanced economic activities. Investments, mergers, and acquisitions have played a pivotal role in driving the cold storage sector. The surge in online grocery sales during the pandemic, coupled with the reopening of U.S. restaurants and bars, has led to unprecedented demand for cold storage space, resulting in a drop in national vacancy rates from 4.7% to 3.8% over the past 12 months. This increased demand has attracted significant private equity and institutional capital. For instance, in June 2022, Solar Cold Storage Company Ecozen secured ₹540 million ($6.8 million) in funding, furthering the development of its solar-powered decentralized cold storage solution, Ecofrost. This solution incorporates innovative thermal energy storage technology, including motor controls, IoT, and energy storage. Additionally, Constellation Cold Logistics, a leading European cold storage and logistics platform, acquired a majority equity interest in HSH Coldstores in January 2021, reinforcing its position in the European market and expanding its service offerings.

Technological advancements are emerging as a prominent trend in the cold storage market, with major companies leveraging new technologies to enhance their market position. Automation in warehouses and the implementation of taller warehouses with temperature control are key technological strategies adopted by industry leaders. In May 2021, Vertical Cold Storage, a U.S.-based temperature-controlled and dry storage facility provider, unveiled Vertical Cold Facilities, featuring state-of-the-art automation and cost-effective refrigeration facilities with a focus on green practices. These facilities integrate decision-making technology to enhance performance and sustainability.

Mergers and acquisitions continue to be a significant trend in the cold storage industry, as companies seek strategic alliances to navigate the competitive landscape effectively. Vertical Cold Storage, for instance, engaged in acquisitions to strengthen its market presence. In November 2021, Vertical Cold Storage acquired Liberty Cold Storage from West Liberty Foods, marking a strategic move to expand its operational capabilities. Liberty Cold Storage's facility near Chicago in Bolingbrook, Illinois, equipped with advanced features such as LED motion lighting, blast freezer positions, and high-pressure pasteurization, contributed to Vertical Cold Storage's growth plans. Furthermore, in August 2022, Lineage Logistics, the world's largest temperature-controlled industrial REIT and logistics solutions provider, announced the acquisition of Cold Storage Nelson Limited, a leading cold storage business in New Zealand. The acquisition aligns with Lineage's commitment to sustainable practices, as Cold Storage Nelson has demonstrated advancements in energy efficiency through innovative process control and design, ensuring minimal energy consumption.

In August 2022, Lineage Logistics LLC, a US-based warehousing and logistics management company, acquired Cold Storage Nelson Limited (CSN) for an undisclosed sum. This strategic acquisition aimed to bolster Lineage's footprint in the Asia-Pacific region, utilizing New Zealand's status as a major exporter of primary products. Customers in New Zealand stand to benefit from CSN's facilities, coupled with Lineage's technological advancements and innovation, addressing the increasing supply chain demands locally and globally. Cold Storage Nelson Limited is a cold storage business based in New Zealand.

Major companies operating in the cold storage market report are Americold Logistics LLC, Burris Logistics, Nichirei Corporation, United States Cold Storage, Toyo Suisan Kaisha, Ltd.,VersaCold Logistics Services, Lineage Logistics Holdings, Tippmann Group, Snowman Logistics Pvt Ltd., Conestoga Cold Storage, Coldman Logistics, Cold Box India LLP, Rinac India Limited, Singhania Logistics & Distribution Pvt. Ltd., Cold Storage Japan Ltd., Sinotrans Shanghai Cold storage Company, Kerry Logistics Network Limited, Global Cold storage Solutions, China Resources Logistics Limited, Beijing Er Shang Group, Jinjiang International Holdings Co., Ltd., Nichirei Logistics Group Inc., HNA, 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, ARRA GROUP SP. Z O.O. SP. K, NOWAKOWSKI TRANSPORT Sp. z o.o, Fructus Transport, Artrans Transport, NewCold, Frialsa, Qualianz, ARCOSA, Bradner Cold Storage, Congebec, Confederation Freezers, Interstate Warehousing, Inc., Constellation Cold Logistics, Localfrio S/A, Brado Logistica S/A, ComFrio, Martini Meat S/A, Friozem Armazens Frigorificos Ltda, Comfrio SoluCoes LogIsticas, Agility, Al Futtaim, RSA Cold Chain, Sharjah cold stores, Tameem logistics, APG Logistics, GEFCO South Africa, Value Logistics, Transnova Africa, KAP Industrial Holdings Limited, Tsiko Africa Group, Bakers SA Limited, ColdHubs.

North America was the largest region in the cold storage market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the cold storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cold storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of cold storage facilities include private, semi-private, and public categories. Private and semi-private cold storage are owned or operated by the companies responsible for the stored products. Cold storage constructions vary, including bulk storage, production stores, and ports, accommodating different temperature requirements such as frozen and chilled. Cold storage is used extensively for storing various perishable items such as fruits, vegetables, dairy products, fish, meat, seafood, processed foods, pharmaceuticals, and other commodities, ensuring their freshness and quality.

The cold storage market research report is one of a series of new reports that provides cold storage market statistics, including the cold storage industry global market size, regional shares, competitors with a cold storage market share, detailed cold storage market segments, market trends and opportunities, and any further data you may need to thrive in the cold storage industry. This cold storage 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 storage market consists of sales of compressor, condenser, evaporator and throttle valve, and other auxiliary parts. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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.


This product will be delivered within 3-5 business days.