Global Cold Chain Equipment Market Size, Share, Opportunities, COVID-19 Impact, And By Type (Storage Equipment, Transportation Equipment), By End-User (Pharmaceutical, Food & Beverage, Chemicals, Others), And By Geography - Forecasts From 2022 To 2027

The Global Cold Chain Equipment Market is projected to grow at a CAGR of 9.40% during the forecast period, reaching a total market size of US$230.277 billion by 2027 from US$122.781 billion in 2020.

Market Overview:

With rising globalization and an increase in trade activities like exports and imports, the need for cold chain equipment has grown tremendously over a period of time. This increase in demand is attributed to various factors including growing demand for frozen food and processed food. The market's expansion will be fueled by the rise of the processed food sector, as well as a focus on decreasing food waste, throughout the projection period. Food waste that occurs during processing and post-harvesting, particularly in underdeveloped nations, has business potential. The requirement for a reliable cold storage system will assist to prevent food waste and guarantee that food is available to a rising population.

Further, the increasing pharmaceutical and chemical industry is another key driver of the cold chain equipment market. The WHO has issued stringent guidelines for the safe storage and transportation of vaccines and drugs to ensure the reliability of medical services, which are being adopted by the national governments. These safety guidelines are one of the prime drivers of the market. Moreover, with the approval of several vaccines for Coronavirus disease and other vaccines, the demand for cold chain equipment increased during the pandemic.

Growth Factor:

• Growing demand for processed food:

Cold chain equipment play an important role in the food and beverage industry. Food safety, food hygiene, health, and the environment all benefit from cold chain equipment. The demand for this equipment has changed higher as a result of a rising reliance on the processed food sector as a result of changing lifestyles, urbanization, increased buying power, and a population boom. According to the World Bank, currently, about 56% of the world's population lives in urban development. Which is about 4.28 billion people.

Furthermore, the cross-border traffic in fish and meat has increased the demand for temperature-controlled storage rooms. The number of hypermarkets and supermarkets offering fresh and frozen items, as well as the new trend of buying meat and seafood online, has expanded significantly, presumably fueling the expansion of the cold chain equipment industry. Further, the demand for frozen and processed food increased during the pandemic. According to the Food Industry Association in Arlington, Virginia, and the American Frozen Food Institute in McLean, Virginia, frozen food sales in the United States climbed by 21% in 2020 as the COVID-19 outbreak drove more people to the frozen food section.

Key development:

• Thermo King, in October 2020, launched cold storage solutions for pharma companies.
• In March 2022, Tower Cold Chain announced the launch of KTEvolution container for temperature-adjustable transportation of pharmaceuticals and biotech products.
• In January 2022, Ember Technologies, Inc. and Cardinal Health announced the collaboration to offer the Ember Cube, the world's first self-refrigerated, cloud-based shipment box. Ember and Cardinal Health will work together to develop a cold chain technology that maintains product reliability and security throughout the supply network while decreasing shipping waste for temperature-sensitive pharmaceuticals.
• In March 2021, Morgan Truck Body presented an electrified refrigerated prototype truck body. The body is built on a Lion Electric Lion6 frame and features an all-electric fridge from Thermo King. The body of the 24-foot truck is made of lightweight materials that also enhance its thermal performance. The fridge is part of Lion Electric's vehicle systems and is driven by the vehicle's onboard batteries, which are managed by Lion's proprietary battery temperature management solutions.

COVID-19 Impact on Global Cold Chain Equipment Market

The COVID-19 pandemic had a positive impact on the global cold chain equipment market in 2020. The pandemic has accelerated new product development and innovation, as well as a rise in demand for existing cold storage items. Governments all over the world and international organizations have provided financial assistance to firms in order to expand their manufacturing capacity. UNICEF is providing COVID-19 vaccinations and ancillary supplies to every corner of the globe. Cold chain equipment, such as vaccine refrigerators and freezers, keep vaccines at the proper temperature ensuring vaccine efficacy that allows for effective storage and distribution of the coronavirus vaccine, particularly in more remote places. Hence, with the commencement of the pandemic, the need for cold chain packing surged dramatically, as the necessity for vaccines, syringes, and other cold chain equipment became obvious in order to protect populations and reduce the risk of severe illness. Thus, the market is revised upwards.

Global Cold Chain Equipment Market Scope:

Segmentation:

• By Type
  • Storage Equipment
  • Transportation Equipment
• By End-User
  • Pharmaceutical
  • Food And Beverage
  • Chemicals
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East And Africa
    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • Indonesia
    • Taiwan
    • Thailand
    • Others