Cold Chain Equipment Market Size - By Equipment Type (Storage Equipment, Transportation Equipment), By Application (Fruits & Vegetables, Fruit & Pulp Concentrates, Dairy Products, Fish, Meat, & Seafood, Processed Food, Pharmaceuticals, Bakery & Confectionaries), Forecast, 2024 – 2032

Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format

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Cold Chain Equipment Market Size - By Equipment Type (Storage Equipment, Transportation Equipment), By Application (Fruits & Vegetables, Fruit & Pulp Concentrates, Dairy Products, Fish, Meat, & Seafood, Processed Food, Pharmaceuticals, Bakery & Confectionaries), Forecast, 2024 – 2032

Cold Chain Equipment Market Size

The Cold Chain Equipment Market is booming! In 2023, it was worth around $14 billion, and it's projected to keep growing by more than 20% each year until 2032. Why is this happening? Well, several factors are at play. Firstly, trade is becoming more and more globalized, so more food is being transported across great distances. Secondly, retail chains are expanding globally, and they need equipment to keep their food fresh during transportation. Thirdly, there's a growing focus on reducing food spoilage, and cold chain equipment plays a crucial role in preventing waste. And finally, consumers these days love their ready-to-eat food, which also needs to be kept cool or frozen to stay fresh. As our technology improves and the demand for convenient food continues to rise, it's clear that the market for cold chain equipment will keep growing strong in the years to come.

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The cold chain industry is expected to grow as a result of the shift in emerging countries' diets toward higher protein foods in recent years. The market for cold chain equipment will grow as a result of the increased need for refrigerated vehicles to deliver perishable food items. Entire supply chain plans are needed to achieve the long-term growth of the world's food processing sector. Several warehouses outfitted with cold chain systems are being built to offer the best possible conditions for the storage and transportation of items that are sensitive to temperature.

Cold Chain Equipment Market Report Attributes
Report Attribute Details
Base Year 2023
Cold Chain Equipment Market Size in 2023 USD 13.82 Billion
Forecast Period 2024 - 2032
Forecast Period 2024 - 2032 CAGR 20.2%
2032 Value Projection USD 69.27 Billion
Historical Data for 2018 – 2023
No. of Pages 387
Tables, Charts & Figures 250
Segments covered Equipment Type, Application, Region
Growth Drivers
  • Increasing need for temperature to control to prevent food loss and potential health hazards
  • Rapid industrialization
  • Rising government initiatives to support cold chain infrastructure development
Pitfalls & Challenges
  • Environmental concerns regarding greenhouse gas emissions
  • Lack of standardized policies

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Unfortunately, the transportation of pharmaceuticals can be tricky. Medicines can get contaminated, broken, or exposed to incorrect temperatures. In some countries, it's estimated that over 80% of medicines lose their effectiveness because of poor packaging and temperature control. It's not just about packaging either. Unreliable equipment or unexpected delays can cause problems too. Even worse, these issues can jeopardize the integrity of the entire supply chain. Fortunately, people in the industry are working on innovative solutions to overcome these challenges. One promising approach involves using temperature data loggers combined with insulated containers or cold chain shippers. This provides real-time visibility and tracking, making sure that pharmaceuticals are delivered safely and effectively.

Cold Chain Equipment Market Trends

Businesses are managing and monitoring temperature and humidity levels in real time using IoT and cloud computing, which enables them to quickly resolve any issues. Among other industries, the pharmaceutical sector uses data loggers and sensors to monitor the temperature and humidity of items during transportation. Because of the increased demand for perishable foods, efficient cold chain equipment is needed.

Cold Chain Equipment Market Analysis

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Storage equipment is the backbone of the refrigerated storage industry, helping keep food and other products fresh. In 2023, it was worth a whopping $10.16 billion! Why is it so important? Because it helps extend the shelf life of products, preserving their quality. Storage equipment is designed to maintain specific temperatures, so different products can stay at their best. Vaccines need temperatures way below freezing, while fruits and veggies prefer temperatures just above freezing. Keeping products at the right temperature is crucial throughout the "cold chain" process, ensuring they stay safe, effective, and tasty. Without the right storage equipment, food can spoil, medicines can lose their potency, and even become dangerous to handle or consume.

Imagine you're sending delicate goods across vast distances, and they need to stay just the right temperature for the entire trip. That's where transportation equipment comes in. It's like a special cooler that keeps everything at a constant temperature no matter if it's freezing outside or boiling hot. But here's the catchthese coolers aren't your ordinary ones. They're packed with fancy heating or cooling systems that can maintain the perfect temperature, even in extreme conditions. It's like having a mini fridge that follows your cargo everywhere. Why is temperature control so important? Because it prevents your precious products from getting damaged during their journey. The equipment has to be well-insulated and have all the bells and whistles like ventilation and humidity control to keep the goods safe from bumps, vibrations, and any sudden changes in the air.

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Processed foods are becoming increasingly popular, and this trend is expected to continue over the next decade. This is due to several factors, including changing lifestyles and food preferences. People are increasingly opting for convenient, ready-to-eat options due to their busy schedules and changing lifestyles. Processed foods offer a wide variety of quick and easy meals that meet these needs. Another factor driving the demand for processed foods is urbanization. As more and more people move to cities, they are finding themselves with less time to cook. Processed foods provide a quick and convenient solution for busy urban dwellers. The growing global population and rising disposable income in developing economies are also contributing to the demand for processed foods. As people have more money to spend, they are increasingly looking for convenient and affordable food options.

Furthermore, developments in packaging and food processing technologies have aided in the expansion of the processed food industry. The quality and variety of processed food products have increased thanks to these developments, which has drawn more customers to select these practical choices.

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North America dominated the global cold chain equipment market with a major share of 33.05% in 2023. The food, pharmaceutical, and chemical industries are just a few of the many industries that supports the market growth. Further, the growth of e-commerce and the growing need for temperature-controlled storage in the food and pharmaceutical industries, have contributed to the increase in demand for cold storage facilities in the region. Moreover, the integration of cutting-edge technologies, such blockchain and Internet of Things (IoT) sensors, has improved cold chain visibility and traceability.

Cold Chain Equipment Market Share

The world of cold chain equipment is like a bustling marketplace with many different companies vying for attention. There are big names from all over the globe, and smaller players who are just as important. As of 2023, the top dogs in this industry control about one-fifth of the market. These industry leaders are always looking for ways to stay ahead of the curve. They're buying and selling businesses, opening new factories, and teaming up with others to offer more to their customers. They're also putting money into research and development, making sure their products are the best and most up-to-date. By staying on top of technology and giving customers what they want, these companies keep their place at the top of the cold chain game.

Cold Chain Equipment Market Companies

Major players operating in the cold chain equipment industry include

  • NICHIREI CORPORATION
  • Americold
  • Burris Logistics
  • Schmitz Cargobull
  • Thermo King
  • Carrier Transicold
  • Zanotti SpA
  • Viessmann
  • Schmitz Cargobull
  • Fermod
  • Intertecnica
  • ebm-papst Group
  • CAREL
  • Bitzer
  • Kelvion
  • LINEAGE LOGISTICS HOLDING, LLC

Cold Chain Equipment Industry News

  • In February 2024, through a strategic partnership with Canadian Pacific Kansas City (CPKC), Americold Realty, a temperature-controlled warehousing and transportation company, announced plans to establish its first site and co-locate Americold warehouse facilities on the CPKC network. By fusing CPKC's vast rail network with its cold storage capabilities, Americold would be able to offer a unique product and serve a larger number of clients in North America.
  • In March 2023, Trane Technologies, a global leader in climate innovation, approved the use of fossil-free hydrotreated vegetable oil (HVO) fuel as a sustainable substitute for diesel fuel in Thermo King cold chain solutions. While retaining optimal product performance, the use of HVO fuel enables 90% reduction in greenhouse gas emissions and more than 30% in particulate matter. The clearance has come after extensive testing, which included a fruitful pilot project with a national food distributor.
  • In July 2020, LINEAGE LOGISTICS HOLDING, LLC announced the acquisition of Ontario Refrigerated Services, Inc., a refrigeration service provider company. The acquisition was made with the intention of establishing Lineage Logistics, LLC's footprint in Canada.

This cold chain equipment market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments

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By Equipment Type

 

  • Storage Equipment
    • On-grid
      • Walk-in Coolers
      • Walk-in Freezers
      • Ice-lined Refrigerators
      • Deep Freezers
  • Off-grid
    • Solar Chillers
    • Milk Coolers
    • Solar Powered Cold Boxes 
  • Transportation Equipment
    • Refrigerated Van
    • Insulated Van
    • Cold Box
    • Vaccine Carrier
    • Ice-packs
  • Others

By Application

  • Fruits & Vegetables
  • Fruit & Pulp Concentrates
  • Dairy Products
  • Fish, Meat, & Seafood
  • Processed Food
  • Pharmaceuticals
  • Bakery & Confectionaries
  • Others

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada 
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia 
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA

 

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