Cold Storage Market

Table of Contents

Cold Storage Market Growth and Outlook (2023 – 2032)

The global cold storage market is expected to grow from USD 112 billion in 2022 to USD 383.05 billion by 2032, driven by demand in the food and pharmaceutical sectors, with a CAGR of 12%.

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Growth of Outsourcing and Consolidation in the Cold Storage Market

Outsourcing continues to rise across industries, with third-party logistics (3PL) providers now accounting for 34% of all leasing activity, up from 30% last year. This shift is particularly evident in the cold storage sector, where the complexity of technology and high operational costs are driving more companies to depend on 3PL providers.

Since 2019, consolidation in the public refrigerated warehouse (PRW) industry has accelerated. Back then, Lineage Logistics and Americold controlled 61% of North America’s cold storage space. Today, they manage 71%, with United States Cold Storage holding an additional 10%. This consolidation has resulted in a few major players dominating the industry. As technology improves, larger companies are benefiting from economies of scale, making the challenges of managing larger operations more manageable.

Population growth and demographic shifts are also fueling the demand for cold storage. As people move to states like Florida, Arizona, and Texas, the need for cold storage to support the increasing demand for food and beverages is growing.

A key driver of the market is the rise of online grocery shopping, particularly for perishable items like frozen snacks, meat, and poultry. Although perishable goods make up a smaller portion of total online grocery sales, their share is growing. By October 2021, refrigerated and frozen foods represented 9% and 13% of e-commerce grocery sales, respectively, up from just 4% each in early 2020. Online purchases of these items also saw a 58% year-over-year increase by October 2021.

Key Players in the Cold Storage Market

Americold Logistics: A global leader in temperature-controlled warehousing and logistics, Americold operates one of the largest networks of cold storage facilities. They provide services to a variety of industries, with a strong presence in North America.
Lineage Logistics Holdings: As one of the largest temperature-controlled logistics companies in the world, Lineage Logistics offers cold storage and supply chain solutions to the food and pharmaceutical industries. Their vast network of facilities and advanced technologies enable efficient handling and distribution.
Nichirei Corporation: A major Japanese food company, Nichirei has a significant presence in the cold storage sector, specializing in frozen food distribution and temperature-controlled warehousing. Their services extend to logistics and supply chain management for food products.
Burris Logistics: Burris Logistics provides integrated cold storage and distribution solutions to food producers, retailers, and restaurants. They are known for their efficiency in handling perishables and offering tailored services to meet the needs of the food industry.
Agro Merchants Group: Specializing in refrigerated logistics, Agro Merchants Group offers a wide range of cold storage services, with a global presence. Their facilities are strategically located to support the transportation and distribution of perishable goods across various regions.
Kloosterboer: A leading provider of cold storage and refrigerated logistics services, Kloosterboer operates facilities across Europe and North America. Their services cater to the food industry, ensuring the safe storage and handling of frozen and chilled goods.
United States Cold Storage: A major player in North America, United States Cold Storage operates a vast network of cold storage facilities that support the food industry. They focus on providing reliable and efficient storage, handling, and distribution services.
Tippmann Group: Tippmann Group is a well-established provider of cold storage and logistics services, offering custom solutions to meet the needs of the food and beverage industry. They also focus on designing and developing advanced cold storage facilities.
VersaCold Logistics Services: Operating primarily in Canada, VersaCold is a leader in temperature-controlled logistics. The company provides warehousing, distribution, and transportation solutions to the food industry, with a strong emphasis on sustainability and efficiency.
Henningsen Cold Storage Co: A leading provider of cold storage solutions in the U.S., Henningsen Cold Storage Co focuses on delivering high-quality temperature-controlled storage for a variety of perishable goods, including food and pharmaceuticals.
Coldman: Based in Europe, Coldman specializes in providing temperature-controlled storage services for perishable goods. The company’s solutions support various industries, including food and pharmaceuticals, offering integrated logistics services.
Congebec Inc.: A Canadian company offering cold storage and logistics solutions, Congebec Inc. specializes in providing temperature-controlled warehousing and distribution services for the food and beverage industry.
Conestoga Cold Storage: Operating in the United States and Canada, Conestoga Cold Storage offers customized cold storage solutions, including multi-temperature facilities and distribution services for perishable goods.
NewCold: A global provider of cold storage and logistics services, NewCold operates highly automated, energy-efficient facilities. They focus on providing integrated supply chain solutions, including warehousing, transportation, and distribution for perishable goods.
Hanson Logistics: Specializing in cold storage and logistics services for the food industry, Hanson Logistics provides temperature-controlled warehousing, transportation, and distribution solutions. Their services support a wide range of perishable products, including frozen and chilled foods.