According to analysts from Transport Intelligence, the cold storage logistics market is expected to experience a 1.6% growth in 2023 compared to the previous year. This growth rate is slightly higher than the previous year.
Estimates from the consulting company reveal that in 2022, the cold logistics market reached a value of EUR 764.2 billion, representing a 1.5% increase compared to 2021 when it stood at PLN 752.8 billion.
Despite economic slowdowns, the forecast for the current year indicates a quicker pace of development. The market is anticipated to grow by 1.6% and reach a total value of EUR 776.8 billion.
One of the primary factors driving the expansion of cold logistics is the continuous increase in global food production and consumption, a trend that has persisted for over two decades.
Emerging markets, where hundreds of millions of people have risen out of poverty in recent decades, play a substantial role in shaping this market. China, the world’s largest food importer, has a significant influence.
For instance, China is the largest global producer of pork, yet it imports substantial quantities of the meat. In 2022, China’s pork imports from the United States exceeded USD 1 billion.
In 2021, China imported over 4 million tons of pork from abroad, a stark increase from the 1 million tons in 2014. According to Transport Intelligence, China and other emerging markets will be pivotal in driving the growth of cold storage logistics in the upcoming years.
Furthermore, globalization and the expansion of global trade have spurred the import of food and agricultural products from distant regions, necessitating the transportation of products in controlled conditions. This underscores the improved living standards of millions of people who can now afford pricier frozen or imported goods, preserved at refrigerated temperatures.
