Cold storage market to value $383bn by 2032

Having been valued at $112 billion in 2022, the worldwide cold storage market is projected to witness a 12 percent compound annual growth rate (CAGR) between 2023 and 2032, according to a report by Towards Healthcare.

Therefore, by the end of 2032, the market will value an estimated $383.05 billion, the research projected.

Advancing cold storage for pharmaceuticals

Temperature-sensitive pharmaceuticals requiring this type of storage include vaccines and biologics, the report explained.

Chiefly, innovations in biotechnology and precision medicine are generating a need for advanced cold storage infrastructure.

Research published in ACS Synthetic Biology in July 2023, demonstrated a potential solution for storing solid-state biologics, which “could be beneficial for delivering therapeutics to remote locations where cold-chain is not available.”

However, challenges for the cold storage market highlighted in the report were energy consumption, infrastructure costs, and the requirement for continuous innovation in the industry.

The aims of these advancements are to enhance efficiency and reduce environmental impact. In the report, it was acknowledged that the cold-chain market is taking advantage of solutions including AI-driven temperature monitoring systems and development of eco-friendly refrigerants.

One key technology solution is automation, the report observed. Its benefits include facilitating the streamlining of processes and the improvement of operational efficiency. “Automated storage and retrieval systems (AS/RS) and robotic solutions are becoming integral, ensuring timely and accurate retrieval of goods while minimising the risk of errors.”

Developments in the market – regional scope

The report author noted that Europe’s focus on sustainability and robust quality standards, enables the region to be a “significant player” in the global market, and therefore increases the demand for advanced cold storage solutions, including in relation to logistics.

The combination of “technological advancements and adherence to stringent regulatory standards” means that North America is at the forefront of the global cold storage market, according to the report.

Overall, the report concluded that “the convergence of technological innovation, automation, and sustainability is reshaping the landscape of cold storage solutions.”