Cold Chain Equipment Market Size, Share & Growth Report 2031

Report Description

The global cold chain equipment market size was estimated at USD 10.02 billion in 2020 and is anticipated to expand at a CAGR of 19% during the forecast period, 2021–2028. The growth of the market is attributed to the rising demand of frozen food around the world. Furthermore, the growing preference for processed food and emphasis on reducing the wastage of food is boosting the market.

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The cold chain equipment are greatly used for offering effective refrigeration to pharmaceuticals drugs, beverages, and food during distribution and transportation. As per the United Nations Food and Agriculture Organization, greater than 40% of the food wastage occur during post-harvesting and processing, specifically in developing countries. This boost the need to establish sustainable and energy-efficient cold storage that can increase the supply of food by about 250 million tons or around 15%. The cold storage services requisite to be highly organised for storage equipment to assists the high food supply.

The seafood market has seen a considerable modification with the increasing demand for a different products, such as Canadian lobsters, Alaskan black cod, Scottish crabs, New Zealand oysters, and Japanese lobsters. As well as, the export of several other seafood, such as salmon, flounder, and halibut, is also rising from several countries, including Chile and Norway. Trade and demand are also rising because of the accessibility of such products on online portals. The online selling of seafood, ham, frozen meat, fishes, pork, and other such foods is rising significantly. Furthermore, the temperature-controlled transportation boxes are greatly used to transport bakery products, fresh vegetables, meat, processed food, and confectionery products.

Market Trends, Drivers, Restraints, and Opportunities

• Rising technological innovation along with acceptance of technology integration are driving the market.
• Rising population is encouraging the demand for food products, dynamic lifestyles is inspiring customers to select processed food items and easy-to-eat. This is pushing the market during the forecast period.
• Favorable government initiatives for the improvement of the ports is propelling the market in the forecast period.
• The changing food preferences boosted the spending on food, and growing intake of fresh food have boosted the market growth in the near future.
• The complex supply chain, regulatory process, and increasing logistics expenses are the key restraint for the market in the coming years.

Scope of the Report

The report on the global cold chain equipment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Storage equipment segment is expected to grow at a rapid pace

Based on equipment types, the global cold chain equipment market is bifurcated into storage equipment and transportation equipment. The storage equipment is further segregated into on-grid and off-grid. The on-grid is divided into walk-in freezers, walk-in coolers, ice-lined refrigerators, and deep freezers. The off-grid segment is classified as solar chillers, milk coolers, solar powered cold boxes, and others. The storage segment is expected to grow at a rapid pace. The segment showed revenue share of 70% in year 2019. The on-grid segment recorded greater than 80.0% of revenue share in 2019. The walk-in freezers segment contributed to the 40.0% share of the world on-grid equipment revenue in year 2019. This is accounted to the great demand for cold storage solutions to store cooked, raw, and processed food from the food factories.

The off-grid segment is expected to demonstrate significant growth in the near future. This is attributed to a high focus on the increased focus food losses during the post-harvesting and processing stages in developing countries. Moreover, the government’s rising interest in promoting off-grid storage equipment, such as milk coolers, solar chillers, and solar-powered cold boxes, in emerging countries will boost the demand for off-grid solar energy-based storage equipment. Several government authorities are trying to stimulate innovation as well as attract investments in the off-grid equipment.

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Fish, meat, and seafood segment is projected to expand at a considerable CAGR

On the basis of applications, the global market is segregated into fruits & vegetables, pharmaceuticals, fish, meat, & seafood, fruits & pulp concentrates, dairy products, processed food, bakery & confectionaries, and others. The fish, meat, and seafood segment is projected to expand at a considerable CAGR. The segment registered 20% of revenue share in year 2019. This is accounted to increasing volumes of meat products, including beef and chicken, which are gradually being exported from Brazil and the U.S. As meat products are susceptible to continuous, natural, and irreversible bio-physiochemical changes, they are necessary to be stored at a appropriate frozen temperature range during its storage and transit.

The processed food segment is expected to flourish at the fast CAGR in the coming future as the global consumption has increased for various processed food products, including chocolate bars, canned meat, jams and pickles, canned beans, and other food items. Furthermore, key e-commerce giants in the country are progressively making efforts to create and upgrade effective logistics infrastructure for the rising demand for frozen and chilled food products.

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North America is anticipated to constitute a key market share

In terms of regions, the global cold chain equipment market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.

North America is anticipated to constitute a key market share with the revenue share of more than 45.0% in 2019. This is accounted to considerable fragmentation of cold chain and cold storage equipment companies in North America. Furthermore, factors such as increasing population, regulatory initiatives, and rising disposable income for food safety during transportation and storage are driving the market in the projected time period. Rising demand for seafood, fresh meat, and vegetables is expected to push the market growth to new levels.

Asia Pacific is anticipated to grow at a CAGR of 22.0% during the forecast period. This is because of the growth of temperature-sensitive pharmaceutical drugs and products in and out of the region due to the COVID-19 pandemic. Besides, the expansion of the food industry in the region is driving the growth of the market.

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