Cold Chain Equipment Market Size to Reach USD 106.8 Billion by 2032 | CAGR: 22.4% | DataHorizzon Research
Fort Collins, Colorado, Sept. 07, 2023 (GLOBE NEWSWIRE) — DataHorizzon Research Published a report titled, “Cold Chain Equipment Market Size, Share, Growth, Trends, Statistics Analysis Report, By Type (Refrigerated Warehouse, Refrigerated Transportation), By Application (Fruits & Vegetables, Fish, Meat, Seafood, Dairy & Frozen Desserts), By Region, And Segment Forecasts, 2023-2032.”
According to DataHorizzon Research, the cold chain equipment market size was valued at USD 14.2 Billion in 2022 and is expected to reach USD 106.8 Billion by 2032 with a CAGR of 22.4%. The consumer demand for ready-to-eat foods has impelled the need for cold storage equipment in the past few years. Cold storage procedures protect the shelf life of food products. The cold chain equipment market growth is positively affected by the rise in seafood transportation, consumer needs, and stringent regulations for food safety.
Additionally, the industry witnessed remarkable development in the past few years. Key players in the industry have adopted strategies such as strategic collaborations, acquisitions, and novel product launches in the past.
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Cold Chain Equipment Market Report Highlights:
- The global cold chain equipment market share is anticipated to reach a CAGR of 22.4% by 2032.
- High demand for ready-to-eat foods, followed by a high consumer demand, significantly contributes to the industry development.
- Based on type, the cold chain equipment market is dominated by the refrigerated warehouse segment owing to the rise in demand for chilled storage containers.
- Based on application, the meat, fish, and seafood products dominate the cold chain equipment owing to the popularity of fish foods in the meat-loving population.
- By region, North America is the leading market for cold chain equipment due to better infrastructure for cold storage in the pharmaceutical and chemical industries. Asia Pacific is the second leading market owing to the high population with medical and dietary needs.
- Some of the prominent players in the coldchain equipment market include Thermo King, Carrier Transicold, Zanotti SpA, Fermod, Intertecnica, ebm-papst Group, CAREL, Bitzer, Kelvion, Incold S.p.A., Rivacold srl, Kason Industries, Inc., CHG Europe BV, Viessmann, Schmitz Cargobull and others.
|Report Title||Cold Chain Equipment Market|
|Market Size in 2022||USD 14.2 Billion|
|Market Size by 2032||USD 106.8 Billion|
|CAGR from 2023 to 2032||22.4%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Report Scope & Coverage||Market Size, Market Estimations and Forecast, Competitor Analysis, Trends, and Growth Factors|
|By Type||Refrigerated Warehouse, Refrigerated Transportation|
|By Application||Fruits & Vegetables, Fish, Meat, Seafood, Dairy & Frozen Desserts, Pharmaceuticals, Processed Food & Others|
|Region||North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa.|
|Countries Covered||U.S.A, Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others|
|Major Market Players||Thermo King, Carrier Transicold, Zanotti SpA, Fermod, Intertecnica, ebm-papst Group, CAREL, Bitzer, Kelvion, Incold S.p.A., Rivacold srl, Kason Industries, Inc., CHG Europe BV, Viessmann, Schmitz Cargobull and others.|
The global cold chain equipment industry has been segmented by type and application. The refrigerated warehouse segment accounted for a significant market share based on type. By application, meat, fish, and seafood constitute a significant market size in the forthcoming years and are projected to retain a dominant position.
North America registered a double-digit CAGR in the past few years due to the cold storage infrastructure, booming healthcare and pharmaceutical industries, and the emergence of food tech startups. The industry here is also dominated by the popularity of meat products in the population. Asia Pacific is the second leading market due to the tremendous demand for cold storage equipment.
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Key Developments in the Industry:
- In 2023, Great White Fleet invested significantly in Carrier Transicold PrimeLINE container refrigeration units. White Fleet plans to add around 800 ocean carrier units to carry tons of bananas from Central America to North America. The company’s key sources have stated that PrimeLINE also contributes to energy conservation and is a part of the green transportation initiative undertaken by the company.
- As a growing market, the Indian healthcare industry focuses on setting up robust infrastructure cold storage facilities and offering rapid vaccine access to counter endemics and seasonal outbreaks in India.
- In 2022, The United States Government (USG) and The Pan American Health Organization (PAHO) in Suriname collaborated for the National Immunization Program at the Bureau of Public Health (BOG). Under this collaboration, cold chain equipment was procured to support the National Immunization Program.
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Cold Chain Equipment Market Segmentation
Cold Chain Equipment Market, By Type (2023-2032)
- Refrigerated Warehouse
- Refrigerated Transportation
Cold Chain Equipment Market, By Application (2023-2032)
- Fruits & Vegetables
- Fish meat & seafood
- Dairy & Frozen Desserts
- Processed Food & Others
Cold Chain Equipment Market, By Region (2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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