Cold storage continues to play a key role in the food industry, especially the fresh fruit and vegetable category.
According to a research report from Skyquest, which has a U.S. office in Westford, Mass., the global cold storage market was valued at just over $140.4 billion in 2024 and is expected to reach nearly $510.2 billion by 2032.
“The global cold storage market is experiencing robust growth, driven by rising demand for temperature-controlled logistics across food, pharmaceutical and chemical industries,” according to a report summary.
The market is expected to grow at an annual rate of 17.5% from 2025 to 2032.
With the increasing need for preserving perishable goods, the market is witnessing rapid technological advancements in automation, energy efficiency and internet-connected integration, according to the report summary.
Major industry players are investing in sustainable and modular cold storage facilities that meet regulatory and environmental standards.
With a strong annual growth rate and added investments, the cold storage market presents substantial opportunities for stakeholders and positions itself as a vital pillar of the modern global supply chain, according to the summary.
Rising incomes, urbanization and evolving dietary habits are causing increased consumer demand for perishable products such as fresh fruits, vegetables and other food items, the research says. As a result, the cold storage market is expected to continue to grow.
Manfredi Cold Storage in Kennett Square, Pa., and Thermal Technologies in Blythewood, S.C., are among the U.S. companies that are making strides in this field.
Growing with the times
Manfredi has some projects underway, said Jaclyn Manfredi Basciani, director of sales and marketing, and Thermal Technologies has made advances in ripening rooms, said David Byrne, vice president.
Manfredi Cold Storage just opened its 20,000-square-foot dry warehouse building that will store packaging for all its customers in the Kennett Square facility, Manfredi Basciani said.
Construction also is underway on a 5,000-square-foot drivers' lounge and cafeteria for drivers as well as the company's employees.
“The drivers lounge will feature kiosks for automated check-in on the first floor, and the second-floor cafeteria will offer daily menus, prepared foods, snacks and coffee,” Manfredi Basciani said.
Construction is also underway that will add infrastructure for an additional 2,000 pallet positions at the Kennett Square facility, bringing the total to 8,000 slots.
Site work has been completed for an additional 10,000 pallet positions at the firm's Pedricktown, N.J., location, she said. All electric and refrigeration infrastructure is in place.
Manfredi Cold Storage in Kennett Square handles product from throughout the world, Manfredi Basciani said, and specializes in chilled fruit, food and frozen food stuff requiring temperatures from zero to 55°F.
The company has computerized controls to maintain correct temperature in its cold storage facilities and uses bar-coding and radio frequency technology for inventory accuracy to ensure product is stored and shipped on-time, Manfredi Basciani said.
“On the produce side, we handle everything from berries, kiwi, citrus, grapes, stone fruit, avocado and melons, just to name a few,” she said.
Direct importers, produce shippers and growers are the company's main produce customers. Imported fruit from around the world accounts for about 90% of the firm's business.
In all, family-owned Manfredi Cos. offers food-grade cold storage solutions, consolidation, repacking, precooling, cold treatment, ripening, inspection and reconditioning services, Manfredi Basciani said.
A focus on ripening for retail
Ripening rooms play an essential role in the retail cold chain of today's modern distribution center, said Byrne of Thermal Technologies. The biggest reason for that is bananas, he said.
Byrne said his fascination with banana ripening started in the early 1990s, when he worked for Chiquita.
“Bananas were already the No. 1 produce commodity for retailers, but [it was also] one that was difficult to control in terms of quality, appearance and shrink,” he said.
That changed in the mid-1990s, when Thermal Technologies introduced its TarpLess pressurized ripening room system, which he said gave retailers unprecedented control over banana quality, color, uniformity and consistency.
Byrne said he joined Thermal Technologies because he felt the system could be a game changer for bananas.
“Thermal Tech has played an integral part in the massive expansion of retail [distribution centers] over the last 30 years, giving them unique insight into how the push for ever-greater retail efficiency and profit has made commercial ripening rooms virtually indispensable,” he said.
Bananas have maintained their No. 1 spot at retail when it comes to overall sales and profit, he said. To keep them in the top spot, however, it's important for retailers to meet consumer expectations of having high-quality bananas on display or delivered by their favorite store.
Thermal Technologies helps accomplish that by working with clients to construct rooms for bananas, avocados, pears and even multi-fruit rooms that provide ripening capabilities for multiple commodities, Byrne said.
Thermal Technologies' clients include Walmart, Kroger, HEB, Albertsons, Sobeys and Wegmans.
“We continue to work with our clients, their DC contractors, investors and stakeholders to deliver customized, state-of-the art ripening solutions that meet their needs in the quickest and most cost-efficient way possible and with the fastest return on investment,” Byrne said.