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 - 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

Cold Chain Equipment Market was valued at around USD 14 billion in 2023 and is anticipated to register a CAGR of over 20.2% between 2024 and 2032. The market growth can be attributed to the trade liberalization, expansion of retail chains, and focus on decreasing food chain. The emergence of the cold chain is also believed to be largely due to consumer desire for ready-to-eat food items that need to be maintained in a temperature-controlled environment. Producers of temperature-sensitive items are heavily utilizing the cold chain supply system due to the rapid advancement of technology, which is expected to drive the market for cold chain equipment to grow.

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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.

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Pharmaceutical packaging and temperature monitoring in cold chain storage still present certain difficulties, such as contamination, breakage, and poor temperature control. This is supported by the observation that, in certain nations, over 80% of medications are thought to lose their efficacy as a result of poor packaging and inadequate temperature control during cold chain transportation.  Moreover, a number of unforeseen difficulties, like equipment failure and prolonged exposure to heat, could cause the cold chain to break. As a result, industry participants have been actively working on developing hybrid solutions to get around these problems. These solutions, which offer a possible substitute for traditional packing methods, use temperature data loggers integrated into insulated containers or cold chain shippers to track pharmaceutical shipments more effectively and with greater visibility.

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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Based on type, the storage equipment segment was worth over USD 10.16 billion in 2023. Storage equipment is important to the refrigerated storage sector because it prolongs the product's shelf life and preserves its quality. The storage device is made to maintain a particular temperature range that is suitable for the product that is being kept. Certain products, like vaccines, have a temperature range of below freezing to slightly above freezing, while other products, like fruits and vegetables, have a temperature range of above freezing. Throughout the cold chain process, it is necessary to maintain the products' quality, safety, and efficacy, which calls for the use of appropriate storage equipment and temperature control. Without the right storage equipment, the goods may spoil, lose their potency, or even become dangerous to handle or eat.

The transportation equipment segment is anticipated to grow at a 21.8% CAGR through 2032. The transportation equipment must maintain a specific temperature range to ensure that the product retains the proper temperature during the whole voyage, from loading to discharging. The use of specialist heating or cooling systems that can maintain a steady temperature regardless of the outside environment is how this is achieved. Further, both temperature control and transportation equipment are necessary to avoid product damage during transit. The equipment needs to be constructed with enough insulation, ventilation, and humidity management to guard against damage from things like vibrations, shocks, and changes in humidity.

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Based on application, the processed food segment is likely to observe gains at nearly 23.1% up to 2032. Convenient and ready-to-eat food options are in higher demand due to shifting customer preferences and lifestyles. These needs are met by processed food, which provides a variety of quick and simple meals. Second, an increasing reliance on processed food products is the result of urbanization and hectic schedules, as these products offer customers with little time for cooking a quick and convenient fix. The demand for processed food has also increased due to the growing global population and rising disposable income, particularly in developing economies.

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 cold chain equipment industry is highly fragmented due to the presence of numerous local & global players across the globe. In 2023, the above list of dominant market players collectively held a substantial 20% - 25% market share. These prominent players are proactively involved in strategic endeavors such as mergers & acquisitions, facility expansion, and collaborations to expand their product portfolios, extend their reach to a broader customer base, and strengthen their market position. These enterprises consistently allocate resources to research & development, aiming to enhance their designs and integrate cutting-edge technologies, thereby ensuring that they maintain a competitive edge.

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