Cold Chain Market Size, Share & Trends Analysis Report By Type (Storage, Transportation, Packaging, Monitoring Components), By Temperature Range, By Application, By Region, And Segment Forecasts, 2023 - 2030

Cold Chain Market Growth & Trends

The global cold chain market size is expected to reach USD 892.3 billion by 2030, growing at a CAGR of 18.6% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The increasing demand for quality foods, rising Information Technology (IT) spending in cold storage logistics, and growing investment in developing cold chains drive market growth. Moreover, increasing e-commerce sales, accelerated by the COVID-19 pandemic, drive the need for cold chain solutions.

Growing applications of telematics in logistics and transportation provide significant opportunities for the cold chain industry. Telematics improves the accuracy and efficiency of inventory management in cold storage facilities. This can reduce waste and minimize the costs associated with storage and transportation. For example, telematics systems can monitor the inventory's temperature and condition in real-time, allowing companies to quickly respond to any issues that may arise from temperature fluctuations, such as spoilage or product contamination.

Increasing Foreign Direct Investments (FDI) in emerging economies will enable cold chain companies based in the region to tap opportunities in those marketplaces. The search for convenience in food shopping and consumption drove the growth of the organized retail sector in 2022. Retailers can attain just-in-time replenishment using barcodes on their products, which improves reliability and minimizes holding costs and waste.

Based on type, the cold chain industry is divided into storage, transportation, packaging, and monitoring components. The shift in consumer preferences is increasing the need for cold storage facilities. Based on application, the cold chain industry is divided into food & beverages, pharmaceuticals, and others. The need to preserve fresh fruits & vegetables, meat, and dairy products is driving the growth of the food & beverages segment.

Cold chain industry players are launching new solutions to improve customer experience. For instance, in September 2022, Thermo King (Trane Technologies plc) unveiled cutting-edge bus, trailer, and truck solutions for cold chain electrification and decarbonization at IAA Transportation 2022 convened in Hannover, Germany. The launch included three next-generation models for Advancer, a trailer refrigeration unit, among others. With these launches, the company aims to accelerate the electrification of transport refrigeration.

Some of the key players operating in the global cold chain industry include Americold Logistics, Inc.; LINEAGE LOGISTICS HOLDING, LLC; United States Cold Storage; Burris Logistics; Wabash National Corporation; NewCold; Sonoco ThermoSafe (Sonoco Products Company); United Parcel Service of America, Inc.; A.P. Moller - Maersk; NICHIREI CORPORATION; and Tippmann Group.

These key players are adopting different development strategies, such as partnerships and collaborations, to expand their presence and market share in the cold chain industry. In March 2022, Wabash National Corporation announced a new technology alliance with CLARIENCE TECHNOLOGIES, a manufacturer of electronics and appliances. The alliance focused on trailer applications, including advanced connectivity applications, which would become essential as autonomous and electric vehicles are introduced.

Cold Chain Market Report Highlights

• The increasing need to minimize the wastage of perishable goods is driving the adoption of cold chain solutions
• The monitoring components segment is projected to grow at the fastest CAGR over the forecast period
• The frozen (-18°C to -25°C) segment dominated the market in 2022 with a market share of 61.1% and is expected to expand at a CAGR of 19.7% from 2023 to 2030
• The pharmaceuticals segment is projected to grow at the fastest CAGR of 20.5% over the forecast period

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