Cold Chain Logistics Market Size & Share, by Product (Refrigerated Transport, Refrigerated Warehouse); Temperature (Frozen, Chilled); Application (Dairy & Frozen Desserts, Meat & Seafood Products, Bakery & Confectionary, Fruits & Vegetables) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4557
  • Published Date: Feb 16, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Cold Chain Logistics Market size is anticipated to reach USD 1,220 Billion by the end of 2033, growing at a CAGR of 15% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of cold chain logistics was USD 282 Billion. The growth of the market can be attributed to the rising capacity of refrigerated warehouses, followed by the increasing rate of automation of refrigerated warehouses across the globe. For instance, in 2020, the overall capacity of refrigerated warehouses globally was around 722 million cubic meters, which was nearly 17% higher than in 2018.

In addition to these, factors that are believed to fuel the market growth of cold chain logistics include the growing export of these products requires a cold chain infrastructure that can maintain the quality and sensitivity of the products during transportation. Most pharmaceutical products require a specific temperature to be stored and shipped. Therefore, an escalating export ratio of pharmaceutical products is also anticipated to fuel the market growth throughout the forecast period. For instance, India exported pharmaceutical products worth USD 24.62 billion, during 2021-22. Furthermore, the increasing implementation of radio frequency identification technology in cold chains is also estimated to accelerate market growth over the forecast period.


Cold Chain Logistics Market
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Cold Chain Logistics Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

15%

Base Year Market Size (2022)

USD 282 Billion

Forecast Year Market Size (2033)

 USD 1,220 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Cold Chain Logistics Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Rising Consumption of Seafood Across the Globe - Seafood protects against several health issues, since it is high in nutrients such as protein vitamins, minerals, and anti-inflammatory omega-3 fatty acids, therefore, a huge ratio of people around the world consumes seafood. For instance, the average seafood consumption per person worldwide climbed from 20 kilos to 24 kilograms between 2015 and 2019. Cold chain logistics slows the down growth of bacteria and microorganisms in seafood to prevent spoilage.
  • Growing Frozen Industry– For instance, according to research, the value of the global frozen food industry amounted to around USD 100 billion in 2020, and by 2025, it is projected to grow to around USD 225 billion. Frozen food needs a suitable temperature to hold its quality and texture which increases the requirement of cold chain logistics.
  • Escalating Ratio of Urbanization–Urbanization has increased the demand for ready-to-eat meals, pre-cut fruits, and other convenience products that often increase the need for cold chain logistics. It's expected that over a third of the projected urban growth between 2020 to 2050 will occur in just three countries: India, China, and Nigeria. By 2050, India could add 416 million urban dwellers, China 255 million, and Nigeria 189 million worldwide.

Challenges

  • Concerns Regarding Greenhouse Gas Emissions - The cold chain industry has a significant negative impact on the environment since it uses a lot of energy and is a significant emitter of greenhouse gases. The surging demand for refrigerated road transportation as cold chain logistics is fueling carbon emissions in a noteworthy way. Hence, this factor is estimated to hinder the growth of the market over the projected time frame.
  • Insufficiency of Infrastructure in Emerging Countries
  • Extreme Operational Charge of Cold Chain Logistics


Cold Chain Logistics Segmentation

Product (Refrigerated Transport, Refrigerated Warehouse)

The refrigerated warehouse segment in the cold chain logistics market is anticipated to garner the largest revenue of 60 % by the end of 2033. The growth of the segment can be attributed to the worldwide rising demand for packaged groceries and food products, as a result of changing lifestyles as well as changes in people's dietary patterns. According to the United States Department of Agriculture, India's online grocery markets grew by nearly 80%, estimating USD 2.66 billion in 2020. Further, the significant rise in purchasing power of people, followed by the surge in online retail, are some other significant factors that are estimated to further drive the growth of the market over the forecast period.

Application (Dairy & Frozen Desserts, Meat & Seafood Products, Bakery & Confectionary, Fruits & Vegetables)

Cold chain logistics market from the dairy & frozen desserts segment is expected to garner a significant share. The growth of this segment is attributable to the escalating consumption of frozen desserts and dairy products such as cheese, yogurt, and so on. As per the statics of the Food and Agriculture Organization of the United States, milk and milk products are consumed by more than 6 billion individuals around the world, most of whom inhabit developing nations.

Our in-depth analysis of the global cold chain logistics market includes the following segments:

         Product

  • Refrigerated Transport
  • Refrigerated Warehouse

         Temperature

  • Frozen
  • Chilled

         Application

  • Dairy & Frozen Desserts
  • Meat & Seafood Products
  • Bakery & Confectionary
  • Fruits & Vegetables

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Cold Chain Logistics Industry - Regional Synopsis

APAC Market Forecast

The cold chain logistics market in Asia Pacific is projected to be the largest with a share of about 32% by the end of 2033. The growth of the market can be attributed majorly to the increasing demand and production for meat, dairy, and processed food products in several countries, such as Japan, China, and India, which has anticipated the market growth of cold chain logistics in the Asia Pacific region. For instance, India is one of the largest producers of milk, and value-added milk products in the world. In 2021, India produced around 180 million tons of milk. Apart from this, constant research and development activities, as well as an upsurge in the pharmaceutical industry, are further factors that are estimated to accelerate the growth of the market over the forecast period in the region.

North American Market Statistics

The North America cold chain logistics market is estimated to be the second largest, registering a share of about 28% by the end of 2033. The growth of the market can be attributed majorly to the surging penetration of the organized retail sector in the region. For instance, in 2018, the organized retail sector in the United States had a penetration ratio of nearly 87%. Furthermore, there is a higher need for healthcare supply chain management that is expected to drive the market's growth in the region.

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Cold Chain Logistics Market Size
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Companies Dominating the Cold Chain Logistics Landscape

top-features-companies
    • United States Cold Storage Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Americold Realty Trust, Inc.
    • Lineage Logistics Holdings, LLC
    • VersaCold Logistics Services
    • Nichirie Corporation
    • Cold Chain Technologies, LLC
    • Burris Logistics
    • CONESTOGA COLD STORAGE
    • Kloosterboer
    • Cold Box Express, Inc.

In-the-news

In The News

  • Lineage Logistics Holdings, LLC has completed the acquisition of Grupo Fuentes, one of Spain’s principal transport and cold-storage logistics providers, which helps in strengthening its supply chain across.
  • Americold Realty Trust Inc. has opened a new Freezer-Storage Facility in the town of Dunkirk, New York, with 181,000 square feet of cold storage and operational space.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 4557
  • Published Date: Feb 16, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rising consumption of seafood, the rising frozen sector, and the pharmaceutical sector are the major factors driving the market growth.

The market size of cold chain logistics is anticipated to attain a CAGR of 15% over the forecast period, i.e., 2023-2033.

The major players in the market are Americold Realty Trust, Inc., Lineage Logistics Holdings, LLC, VersaCold Logistics Services, Nichirie Corporation, Cold Chain Technologies, LLC, Burris Logistics, CONESTOGA COLD STORAGE, Kloosterboer, and Cold Box Express, Inc.

The refrigerated warehouse segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Cold Chain Logistics Market Report Scope
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