Cold Storage Market Size is expected to reach at USD 323.6 Billion by 2030, registering a CAGR of 12.5%, Owing to Increasing Consumer Demand for Perishable Products
Acumen Research and Consulting recently published report titled “Cold Storage Market Share, Analysis Report and Region Forecast, 2022 – 2030”
TOKYO, Aug. 30, 2022 (GLOBE NEWSWIRE) — TOKYO, August 31, 2022 (GLOBE NEWSWIRE) – The Global Cold Storage Market Size accounted for USD 115.6 Billion in 2021 and is estimated to achieve a market size of USD 323.6 Billion by 2030 growing at a CAGR of 12.5% from 2022 to 2030.
Cold Storage Market Report Key Highlights
- Global Cold Storage Market value was USD 115.6 billion in 2021, with a 12.5% CAGR from 2022 to 2030
- North America Cold Storage Market dominated with more than 37% market share in 2021
- According to PIB India, the country has 8186 cold storages with a capacity of 374.25 lakh MT for keeping perishable horticultural produce such as fruits and vegetables in 2020
- By application, seafood segment attained more than 35% of total market share in 2020
- Asia-Pacific cold storage market is expected to grow with substantial CAGR during the forecast period from 2022 to 2030
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|Market||Cold Storage Market|
|Cold Storage Market Size 2021||USD 115.6 Billion|
|Cold Storage Market Forecast 2030||USD 323.6 Billion|
|Cold Storage Market CAGR During 2022 – 2030||12.5%|
|Cold Storage Market Analysis Period||2018 – 2030|
|Cold Storage Market Base Year||2021|
|Cold Storage Market Forecast Data||2022 – 2030|
|Segments Covered||By Warehouse Type, By Construction Type, By Temperature Type, By Application, And By Geography|
|Cold Storage Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Americold Logistics, Nichirei Corporation, Agro Merchants Group, United States Cold Storage, VersaCold Logistics Services, Coldman, Lineage Logistics Holdings, Burris Logistics, Kloosterboer, Tippmann Group, Henningsen Cold Storage Co, and Congebec Inc.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
According to forecasts, the global cold storage market share will continue to grow over the following years. The demand for processed or packaged food, perishable food items, and medical equipment is rapidly increasing with time on a global scale. The growing demand for organized retail with perishable food, as well as consumer awareness to eliminate food waste in emerging economies is becoming more structured, and this trend is expected to augment demand for cold storage market growth over the projected timeframe. Government initiatives deregulating foreign company entry have increased Foreign Direct Investment (FDI) in retail companies in certain regions, which increase the demand for cold storage for a longer product lifespan.
Moreover, compared to conventional stores, organized department outlets use improved refrigeration and storage technology. As a result, consumers are increasingly buying frozen vegetables from these retailers. The increased demands for frozen and chilled foods, as well as the rapidly growing organized retail sector, are expected to drive demand for cold storage market trend over the forecast period. Furthermore, with the advancement of recent innovations, the use of cold chains in the food and beverage industry aids in the prevention of food quality degradation. As a result, technology advancement has contributed to the international expansion of the cold storage market. Various outlet formats are supported by organized retail, depending on consumer spending and proximity to important residences and usage clusters.
Global Cold Storage Market Dynamics
Cold storage warehouses are used to preserve perishable products and goods such as vegetables, fruits, meat, fish, and milk products at a specific temperature in order to keep the quality of their products for an extended period of time. Cold storage facilities are essential components of the distribution chain that transports food, medications, as well as other temperature-sensitive goods. A significant initial investment is required to establish a cold storage facility. Cold storage technology provides benefits such as sophisticated refrigeration technology and preserving and tracking systems for numerous items such as fruits and vegetables, reducing the likelihood of temperature-sensitive production waste significantly. Furthermore, the advancement of the cold storage industry is being molded by a wide range of consumer wants that are not limited to additional benefit services. They are also related to the type of items being stored. Different products have various shelf lives, temperature varies in which products must be kept, and the duration of time they can travel without rotting between such a cold storage unit and a transporting vehicle.
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Rising Consumer Demand for Perishable, Goods Drives Market Share
In recent years, consumers have become more aware of wellness and health as well as the impact that food nutrients, particularly protein, have had on overall mental and physical development and growth. Perishable food products are in high demand in emerging economies in the Asia-Pacific and Latin America. This is due to rapid urbanization, changing tastes and preferences, and rising disposable income in these countries. Perishable foods like dairy food, fruits, and vegetables, as well as high-protein animal-based products like meat, fish, eggs, and seafood, have changed in how often they are consumed as a result. Moreover, Due to their lower rate of adoption, these countries possess a significant market potential for packaged and frozen food products. These countries’ consumption of ready-to-eat and prepared meals, such as frozen meals, sweets, and snacks, is steadily increasing.
The global cold storage market has been segmented by Acumen Research and Consulting based on warehouse type, construction type, temperature type, and application. By warehouse type, the market is separated into private, and public. By construction type, the market is divided into bulk storage, ports, and production stores. By temperature type, the market is classified into frozen, and chilled. By application, the market is categorized into fruits & vegetables, processed food, dairy, pharmaceuticals, and fish, meat & seafood.
Global Cold Storage Market Regional Outlook
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global cold storage market. According to cold storage industry analysis, the Asia-Pacific region is expected to be the fastest-growing region in the market over the next few years. Over the last decade, there has been a significant shift in industrial growth and capital inflows in Asia Pacific regions, particularly in China and India, contributing to rapid economic development. Furthermore, the region’s growing urban population, rising expendable income, rising consumer consciousness of frozen and prepared food, the rapid expansion of the e-commerce industry, and rising demands for packaged food are driving demand for the cold storage market in Asia-Pacific. Furthermore, advancements in warehouse operations and refrigerated mass storage, combined with federal subsidies to advance the cold storage sector, are enabling network operators to enter such emerging economies by utilizing creative technologies that can overcome distribution complexities.
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Cold Storage Market Players
The market is relatively fragmented, with many international businesses present. These market participants are attempting to increase their customer base through strategies including partnerships, investments, and mergers and acquisitions. Also, to increase their international footprint, various players implemented advanced technologies and connected systems for better outcomes. Different development strategies such as acquisition, collaborations, mergers, and regulatory frameworks promote future growth and provide lucrative opportunities for expansion to the cold storage market participants.
Some of the prominent cold storage market companies are Americold Logistics, Nichirei Corporation, Agro Merchants Group, United States Cold Storage, VersaCold Logistics Services, Coldman, Lineage Logistics Holdings, Burris Logistics, Kloosterboer, Tippmann Group, Henningsen Cold Storage Co, and Congebec Inc.
Questions Answered By This Report
- What was the market size of Cold Storage Market in 2021?
- What will be the CAGR of Cold Storage Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Cold Storage Market?
- Which region held the largest share in Cold Storage Market in 2021?
- What are the key market drivers of Cold Storage Market?
- Who is the largest end user Cold Storage Market?
- What will be the Cold Storage Market value in 2030?
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