The global cold-storage market accounted for $115.6 billion in 2021 and is estimated to achieve a market size of $323.6 billion by 2030, growing at a CAGR of 12.5 percent from 2022 to 2030, according to a report.

The report also found that the North American cold-storage market accounted for more than 37 percent market share in 2021. The rapidly increasing demand for processed or packaged food, perishable food items and medical equipment is one of several reasons for the expected growth.