In the midst of an uncertain phase for the global economy, food logistics continues to grow. In 2024, global spending on food and beverage logistics services reached 2.30 trillion euros and, according to the study released on 22 May 2025 by Ti Insight and Lincoln International, it is on track to hit 2.997 trillion by 2029, growing at an average annual rate of 5.5 per cent.
The Asia-Pacific region remains the centre of gravity for demand, accounting for nearly a third of the global market with 988.9 billion euros, while sub-Saharan Africa is showing the most dynamic growth at over 13 per cent per year, driven by urbanisation and the formalisation of distribution channels. The “non-discretionary” nature of food makes the sector countercyclical, yet growth is far from uniform: mature markets are slowing down, emerging ones are surging ahead and the temperature-controlled segment is accelerating more than any other.
The forces behind these figures stem from a convergence of factors. First and foremost, the rise of online shopping. In the United States, this channel now represents around one fifth of food retail, and models such as Ocado in the United Kingdom demonstrate that refrigerated urban micro-warehousing and sub-two-hour deliveries have become the new operational norm. In Southeast Asia, the coexistence of traditional wet markets and modern supermarkets demands ultra-flexible first-mile networks and cross-docking systems, a fertile ground for local operators backed by private equity.
On the purchasing power front, the rise of private label brands is strengthening retailers, who are demanding real-time visibility over inventories and freshness KPIs. This is fuelling the race for digital control towers. Adding to the complexity are the proliferation of premium or non-commoditised products – from sashimi-grade fish to superfoods – which require precision cold chains, and geopolitical turbulence, with refrigerated container shipping rates inflated by Red Sea diversions and a push by India and Indonesia to develop refrigerated road infrastructure. The billion-dollar deal by which Lineage acquired Tyson Foods’ hubs is emblematic: cold chains are becoming a strategic pillar in the United States as well.
The temperature-controlled segment in particular is experiencing a golden age. Health-conscious diets, plant-based products and high-end ready meals are driving demand. The segment is capital-intensive, subject to strict regulatory compliance (HACCP from field to fork), and energy-intensive. These entry barriers help preserve specialist margins, allowing them to pass on rising diesel and energy costs, and increasingly to integrate Internet of Things sensors for thermal telemetry, now a non-negotiable requirement in major freight tenders.
In Europe, the sector is undergoing rapid consolidation: over forty transactions since 2021 have redrawn the map of key players. Dachser has built a central-northern European platform by acquiring Müller, Frigoscandia and Brummer; Stef has expanded across the Benelux, United Kingdom and Iberian Peninsula by acquiring Bakker, Tdl, Long Lane and Montfrisa; Eqt Infrastructure has turned Constellation Cold Logistics into one of the continent’s top five players. The rationale is clear: unresolved generational successions, synergies in load optimisation and the near-countercyclical resilience of food flows continue to attract infrastructure and private equity funds.
Strategic opportunities are emerging around new fully automated cold logistics campuses with ultra-low temperature shuttles, joint ventures between retailers and third-party logistics providers for zero-emission urban last mile delivery, and consolidation platforms combining cost savings with CO2 reduction. Rapid expansion is also underway in India, Indonesia and Africa, where cold chain penetration remains below ten per cent. The most ambitious players are also targeting acquisitions to integrate pharmaceutical-grade capabilities or ultra-fresh specialisation, converging towards an integrated model of ‘assets plus technology’ where data management is as valuable as physical infrastructure.
