The global cold chain market is projected to increase at an annual growth rate of 9%, according to a report by MarketsandMarkets.
Now estimated at $278.2 billion worldwide, the cold chain market will reach $428.4 billion by 2028, according to the report.
By temperature type, the frozen segment is projected to account for the highest annual growth rate, the report said.
“Compared to other methods of preservation, freezing food has a number of benefits including improved organoleptic quality and a better overall ability to retain nutrients in the final product,” a summary of the report said. “Furthermore, most food spoilage organisms cannot grow at frozen food storage temperatures, and their numbers may actually decrease.”
In the global context, the report said the Asia-Pacific region is the fastest-growing region for refrigerated warehousing, as food production and consumption are increasing rapidly.
The Foreign Agricultural Organization reports that the Asia-Pacific region is the largest producer of agricultural commodities in the decade of 2020s. The total value of Asia-Pacific production is expected to expand by 20% by 2030, relative to the 2018-20 base level, according to the report, available at marketsandmarkets.com.
U.S. cold storage capacity
The USDA said in 2022 that gross refrigerated storage capacity in the U.S. totaled 3.73 billion cubic feet on Oct. 1, 2021, up 2% from 2019. The five states with the largest gross warehouse capacity were California (396 million cubic feet), Washington (294 million cubic feet), Wisconsin (285 million cubic feet), Texas (262 million cubic feet) and Florida (242 million cubic feet).
