Westford, USA, Sept. 13, 2022 (GLOBE NEWSWIRE) -- With a global population expected to reach 9.7 billion by 2050, one could imagine the increase in food needs. Yet, due to climate change and other factors, it is becoming more difficult for farmers to produce crops in certain parts of the world. In order to keep food storage viable and affordable for consumers, businesses are turning to cold storage as an option. This, in turn, is projected to drive the growth of the global cold storage market.
When food is stored in a cold environment, it can last up to three times as long as when it is stored at normal room temperature. This type of storage not only helps ensure that people have enough food when they need it, but also reduces expenses related to food spoilage. Additionally, storing foods in colder temperatures can add cultural significance by preserving traditional foods and recipes.
As per SkyQuest analysis, businesses in the global cold storage market have become of the opinion that now is a great time for them to invest in cold storage facilities since there is high demand for them. By taking advantage of technological advancements and understanding consumer needs, businesses are increasing paying attention to ensuring that they are able to meet the growing demand for cold storage while staying compliant with safety regulations.
Our study on global cold storage market provides a detailed market analysis, top players, market share analysis, competitive landscape, import and export data on equipment, top buyers and suppliers, pricing analysis, regional and segmental analysis, supply chain analysis, distribution network, and consumer behavior, among others.
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53% Businesses in Food and Pharmaceuticals to Increase their Cold Storage Capacity within the Next Five Years
The global food and pharmaceutical industry are projected to grow at a rate of 5.8% per year until 2030, resulting in a surge in the demand for cold storage capacity. To meet this demand, businesses are actively working to increase their storage capacity. There are a number of reasons why the demand for cold storage market is increasing. With global trade becoming more complex, it is important that products remain safe and protected from contaminants. In addition, many people are concerned about their health and want to eat healthy foods without having to worry about contamination.
The increase in the demand for cold storage market may have some consequences for the industry. For example, facilities that provide cold storage may need to expand in order to meet the increased demand. In addition, companies that produce food or pharmaceutical products may need to invest in new cold storage facilities in order to keep up with the growing demand.
By 2030, SkyQuest study on cold storage market found that 53% of businesses are expected to increase their cold storage capacity. Increased demand for food and pharmaceuticals, as well as the increased focus on safety, has led to an increased demand for cold storage space. The cold storage industry is expected to grow by 12.7% annually between now and 2030, which is much faster than the overall economy (3.6%). This is because businesses require a reliable and consistent supply of food and pharmaceuticals, even in times of economic volatility.
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This is likely to increase demand for chilled and frozen products, which in turn, will create opportunities for businesses in the food and beverage industry. The reason for this expansion of the cold storage market is simple – as the world becomes increasingly globalized, more and more products are being produced in different parts of the world and need to be transported quickly and securely to markets across the globe.
As per SkyQuest study on cold storage market the impact of this expansion on businesses will largely depend on two factors – technological advancements and market dynamics. If advances in technology enable new ways to store and transport products, then that will help to support growth in cold storage facilities. However, if market dynamics shift away from demand for chilled and frozen products, then businesses may find it harder to justify investment in these facilities.
Rapid Growth in Import and Export Activities of Food Items and Pharmaceutical to Drive Demand for Cold Storage
Cold storage facilities are witnessing rapid growth in demand owing to the increasing import and export activities. The cold storage market is estimated to grow at a CAGR of 12.7% from 2022 to 2028. This growth is attributed to the increasing needs for cold storage among commercial and industrial establishments, as well as regulatory compliance mandates. In 2021, global trade accounted for $28.5 trillion. Most of the growth was observed in developing countries such as India, China, Brazil, Indonesia, Mexico, among others.
With increasing global trade and the corresponding need for a secure storage infrastructure, the cold storage market is booming. Here are five reasons why:
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Top Players in Global Cold Storage Market
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Expansion of retail chains in developing countries including Saudi Arabia, the UAE, Brazil, and India is expected to boost the global industry. An increase in intake of perishable items and fresh produce is anticipated to increase the need for cold storage, thus driving the usage of cold storage warehouses
Wilmington, Delaware, United States, June 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Cold Storage Warehouse Market was valued at US$ 119.7 Bn in 2022 and is anticipated to reach US$ 331.5 Bn by 2031, expanding at a CAGR of 12% between 2023 and 2031.
Growth of the food and beverage industry is anticipated to drive the global cold storage warehouse market in the next few years. A building or facility designed to preserve particular climatic conditions is known as a cold storage warehouse. These conditions are maintained to protect things that are dependent upon temperature. E-commerce sector growth is expected to drive market development in the near future.
Numerous end-use businesses, including those that produce food and beverages, medicines, and chemicals, regularly utilize cold storage facilities. Market players could uncover profitable prospects as packaged food consumption rises. Additionally, modernization of the cold chain supply is aided by government initiatives, which is spurring demand for cold storage warehouses. Vendors are providing innovative, environmentally friendly, and energy-efficient solutions in order to acquire a larger share of the cold storage warehouse industry.
Ready-to-eat and convenience meals are the major trends in the fast-growing global food and beverage industry. Cold storage facilities are in high demand due to the need to preserve final products, ingredients, and raw materials at consistent temperatures to ensure food safety and increase shelf life.
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Key Findings of Market Report
In terms of type, the refrigerated containers segment is anticipated to account for significant market share between 2023 and 2031. The refrigerated containers segment depends on consistency from regular delivery schedules to keep the temperature at consistent level while the cargo is being transported.
Based on application, the retail food industry segment is expected to dominate the global market during the forecast period. Increase in usage of cold storage warehouses in convenience shops, hypermarkets, supermarkets, and other retail establishments, especially in developed markets such as North America and Europe, can be attributed to the segment's growth. Developing countries such as Saudi Arabia, Brazil, the UAE, India, and Argentina, are expanding their retail chains, which is likely to drive cold storage warehouse industry growth.
Global Cold Storage Warehouse Market: Growth Drivers
Increase in need for fresh produce and perishable goods is anticipated to drive demand for cold storage, which is likely to propel the cold storage warehouses market value. Demand for organic, fresh, and locally sourced products is rising as consumers become more environmentally aware and health conscious. These products frequently need to be refrigerated to preserve their nutritious value and freshness. Consequently, the need for frozen storage is increasing.
The popularity of e-commerce is increasing. Online shoppers want their orders to reach their homes as fast as possible, whether it's the newest piece of technology or a trendy piece of clothing. This also applies to groceries. Hence, there is a rising need for cold storage warehousing at a time when cold chain activities are becoming more complex.
Therefore, e-commerce sector growth is anticipated to augment the global market in the next few years. Major companies are working with online retailers and expanding their e-portals to reach a larger audience. Thus, growth in internet portals is anticipated to support cold storage warehouse business growth during the forecast period
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Global Cold Storage Warehouse Market: Regional Landscape
North America is expected to account for the largest share of the global market between 2023 and 2031. Growth of the food & beverage industry is likely to bolster the market in North America. The food and beverage industry has over 27,000 companies and supports about 1.5 million people, based on the 2022 U.S. Economic Development Commission report.
It is an important aspect of the American economy. Together with retail, manufacturing, agriculture, and services, this industry generates around 5% of the nation's GDP and provides approximately 10% of employment.
Global Cold Storage Warehouse Market: Key Players
VersaCold Logistics Services
Lineage Logistics Holding, LLC
NFI Industries
DHL Group
Tippmann Group
Americold Logistics, Inc.
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Global Cold Storage Warehouse Market: Segmentation
Type
Blast Freezers & Chillers
Refrigerated Containers
Others
Temperature
0 to 10°C
-30 to 0°C
Below -30°C
Application
Food & Beverage
Retail Food Industry
Biopharmaceuticals
Others
End-user
Public Warehousing
Private Warehousing
Regions
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
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