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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