By the end of 2033, the cold chain logistics market will exceed US$1.22 trillion, with a compound annual growth rate of 15% during the forecast period (ie, 2023 to 2033). In 2022, the cold chain logistics industry will exceed US$282 billion. The growth of the market can be attributed to the increase in refrigerated warehouse capacity and increasing automation of refrigerated warehouses across the globe. For example, in 2020, the overall capacity of global cold storage was approximately 722 million cubic meters, an increase of nearly 17% compared with 2018.
Apart from this, the factors believed to drive the growth of the cold chain logistics market include the growing export of these products which require cold chain infrastructure to maintain the quality and sensitivity of the products during transportation. Most pharmaceuticals require specific temperatures for storage and transportation. Therefore, the rising proportion of pharmaceutical exports is also expected to drive market growth throughout the forecast period. For example, India exported pharmaceutical products worth $24.62 billion in 2021-22. Additionally, the increasing adoption of radio frequency identification technology in the cold chain is also expected to accelerate market growth during the forecast period.
growth momentum
challenge
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base year |
2022 |
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forecast year |
2023-2033 |
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CAGR |
〜15% |
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Base year market size (2022) |
~$282 billion |
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Forecast annual market size (2033) |
~$1.22 trillion |
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geographic range |
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Products (refrigerated delivery, refrigerated warehouse)
It is expected that by the end of 2033, the refrigerated warehouse segment of the cold chain logistics market will gain the largest revenue, reaching 60%. The growth of this segment can be attributed to the rising demand for packaged groceries and food products across the globe due to changing lifestyles and changing dietary patterns of people. According to the United States Department of Agriculture, India's online grocery market has grown by nearly 80% and is expected to reach $2.66 billion in 2020. Furthermore, the significant rise in people's purchasing power and the consequent surge in online retailing are some of the other important factors that are expected to further drive the market growth during the forecast period.
Applications (dairy and frozen desserts, meat and seafood products, bakery and confectionery, fruits and vegetables)
The cold chain logistics market in the dairy and frozen dessert segments is expected to hold a significant share. The growth of this segment is attributed to the increasing consumption of frozen desserts and dairy products such as cheese, yogurt, etc. According to the Food and Agriculture Organization of the United States, more than 6 billion people around the world consume milk and dairy products, most of whom live in developing countries.
Our in-depth analysis of global markets includes the following sections:
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product |
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temperature |
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application |
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Asia Pacific Market Forecast
It is expected that by the end of 2033, the cold chain logistics market in the Asia-Pacific region will become the largest cold chain logistics market, with a share of approximately 32%. The growth of the market is mainly attributed to the growing demand and production of meat, dairy products, and processed foods. The products are sold to various countries such as Japan, China, India, etc. The growth of the cold chain logistics market in the Asia-Pacific region is expected. For example, India is one of the largest producers of milk and value-added dairy products in the world. In 2021, India's milk production will be approximately 180 million tons. Apart from this, ongoing R&D activities and booming pharmaceutical industry are estimated to be further factors accelerating market growth in this region during the forecast period.
North American market statistics
The North American cold chain logistics market is expected to become the second largest cold chain logistics market, with a share of approximately 28% by the end of 2033. The growth of the market is mainly attributed to the surging penetration of organized retail in the region. For example, the penetration rate of organized retail in the United States was close to 87% in 2018. Additionally, higher demand for healthcare supply chain management is expected to drive market growth in this region.
作者学分: Abhishek Verma