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The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global cold storage market, with a 35% market revenue share in 2023.
The region has quality cold storage facilities that are fitted with modern technologies in refrigeration and temperature tracking systems. The deployment of interconnection technologies including IoT, Automation and AI advance organizational performance and contributing to the continuing regional dominance in the global market. The highly saturated food and beverage market with numerous large producers and sellers stimulates the increase in the demand for cold storage. In addition, the U.S Food and Drug Administration (FDA) has set high standards in food safety measure and to meet these standards market players must adhere to high standards for food storage, thereby contributing to the increasing demand for cold storage. North America is well positioned in trade, transporting perishable products easily through its numerous passage ways, which also requires extensive cold storage infrastructure.
North America Region Cold Storage Market Share in 2023 - 35%
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The storage type segment is divided into facilities and services, ad equipment. The facilities and services segment dominated the market, with a market share of around 55% in 2023. One main reason why facilities and services dominate the cold storage market more than equipment are due to the systems’ broader and united approach in handling the perishable products. Cold storages offer large purpose-built structures that are intended for storing different types of products in a required temperature range. These centres are capable of processing a large number of perishable goods and the centres can have different temperature ranges to meet the distinct requirements of products. Such flexibility is important for all businesses requiring storage of a number of products. Cold storage also has other added services, including receival and storage, sort and transfer, packaging, identification and grading and checking on merchandise quality. They also improve the general supply chain effectiveness to increase business operational efficiency through the reduction of supply chain incidences of errors in handling. Therefore, it is apparent that the concept of facilities and services has its competitive advantage reflecting their capacity to deliver a comprehensive cold chain management to ensure operational effectiveness, product quality, as well as regulatory compliance and thereby the dominance in the market.
The temperature range segment is divided into chilled (0°C to 15°C), frozen (-18°C to -25°C), and deep-frozen (Below -25°C). The frozen (-18°C to -25°C) segment dominated the market, with a market share of around 38% in 2023. The major temperature type in the cold storage market is the frozen storage which is adapted a temperature range of -18°C – -25°C due its importance in maintaining the quality and safety of perishable commodities. Such temperature range is critical in controlling microbial growth and reducing enzymatic activities, the two factors that cause spoilage of products especially food products and those that are used to treat ailments in pharmaceutical industry. In the food sector, this process is necessary for storing meats, sea foods and fish, fruits and vegetables, preserved and processed foods and even convenience foods like frozen dinners. Continuing expansion of the frozen food market led by the shift to convenience food were stored for a longer duration has strengthened frozen storage as the leading segment for cold storage business. Besides the food products, pharmaceutical & biotechnological products are also preserved in frozen storage for sensitive products like drugs, vaccines & biological samples. Moreover, as the globalization of trade has grown industries seek to sell items over long distances and still maintain the quality of the product through freezing. There is always a huge demand for such products and frozen storage solutions are vital in providing this form of storage as it also helps transport seasonal or location specific products across the globe.
The application segment is divided into food and beverages, fruits and vegetables, dairy products, bakery and confectionary, pharmaceuticals, and others. The food and beverages segment dominated the market, with a market share of around 35% in 2023. The prime reason contributing to the industry’s dominance in the market is the relationship between optimal temperature control and the shelf life, integrity and safety of the perishable goods found in the food and beverages market. With the heightened demand for fresh quality and healthy products the issue of cold storage has become extremely important as consumers demand quality food. The food and beverages sector deals with fruits & vegetables, dairy products, meat, fish & sea foods and processed foods which are sensitive to temperature and moisture fluctuations and can lead to spoilage, contamination, and loss of nutritional value in the absence of cold storage facilities. For instance, proper storage conditions of fresh produce greatly improving its shelf life and consequently reduces losses, a feat that would strongly cut costs as well as the negative impacts on the environment. Further expansion and standardization of cold storage have been initiated by increase in e-commerce and online grocery store. This has promoted development of improved cold storage systems with necessary technology for tracking and monitoring temperatures apart from meeting legal requirements on food storage. Additionally, convenience foods like ready to eat products also require more cold storage.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global cold storage market based on below mentioned segments:
Global Cold Storage Market by Storage Type:
Global Cold Storage Market by Temperature Range:
Global Cold Storage Market by Application:
Global Cold Storage Market by Region:
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