PUBLISHER: SkyQuest | PRODUCT CODE: 1165274
PUBLISHER: SkyQuest | PRODUCT CODE: 1165274
Global Cold Storage Market size was valued at USD 112 billion in 2021, and it is expected to reach a value of USD 272 billion by 2028, at a CAGR of 12.17% over the forecast period (2022-2028).
The management of the supply chain includes the storage and transportation of products that are sensitive to temperature. By using a ventilation and refrigeration system, cold storage enables the precise regulation of humidity, temperature, and maintenance of constant conditions. The products last longer than usual because the chemical reactions proceed more slowly. A cold storage warehouse offers a location for the product's storage, packaging, and delivery. Many manufacturers are outsourcing their cold storage to third-party logistics firms because chilled warehousing is more expensive. The need for value-added services like repacking and consolidation is increasing along with the demand for the transportation of refrigerated goods.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Cold Storage Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
Global cold storage market has been segmented based on warehouse type, application, and region. Based on type, the market is segmented into private & semi-private, and public. Based on the application, the market is segmented into fruits & vegetables, dairy, fish, meat & seafood, processed food, and pharmaceuticals. Based on region, the cold storage market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Driver
A significant factor supporting the expansion of the cold storage market is driving demand for frozen food globally. The main drivers of the market's growth are consumer preference for stockpiling food in case of calamity and the extended shelf life of food. A further factor driving the storage of food products, according to the cold storage market report, is the expansion of refrigerated warehouse space in Asia-Pacific nations like China and India. For instance, "The Federation of Indian Chambers of Commerce & Industry" reported that from 2016 to 2018, the capacity of cold storage increased by 2.67%. According to the "Cold Chain Alliance," India has one of the largest cold chain industries, which has helped the market's overall growth.
Restraint
Lack of infrastructure needed to maintain the cold chain will probably make it difficult for companies to grow their operations in emerging markets. Additionally, the absence of power hookups for reefer trailers at ports and transportation hubs will restrain market expansion in these areas.
Market Trends
Technology advancement is a major trend that is becoming more and more popular in the cold storage market. To maintain their position in the market, major cold storage companies are utilizing new technologies like automation in warehouses, taller warehouses with temperature control, and others. For instance, Vertical Cold Storage, a provider of dry storage facilities and temperature control based in the US, unveiled its new cold storage facility, Vertical Cold Facilities, in May 2021. The Vertical Cold Facilities include cost-effective refrigeration facilities that employ green practices and decision-making technology, as well as the most dependable automation in the sector.