New York, June 21, 2021 (GLOBE NEWSWIRE) -- Cold Storage Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Cold Storage Market Research Report, Type, Temperature Type, Application and Region - Forecast till 2027” The Cold Storage Market is expected to reach a value of USD 287.4 billion by 2027, at a CAGR of 12.8% during the forecast period from 2021 to 2027.
Cold Storage Market Analysis/Cold Storage Market Outlook
Cold storage is the preservation of food or anything in a refrigerator or other cold place. Food when kept in a refrigerator is generally preserved for long. Besides, it is a vital part of the supply chain management process during transporting or storing temperature-sensitive products. The cold storage technology offers several advantages like lowers the deterioration rate of perishable foods, cuts down the risk of food poisoning, stores food for a longer period, and more. It is of two types- refrigerated transport and refrigerated warehouse.
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Key Players
The leading players profiled in the global cold storage market report include –
- Snowman Logistics Pvt Ltd (India)
- NewCold (Netherlands)
- Congebec Inc. (Canada)
- VersaCold Logistics Services (Canada)
- Henningsen Cold Storage Co. (US)
- United States Cold Storage (US)
- Tippmann Group (US)
- Kloosterboer (Netherlands)
- Nichirei Corporation (Japan)
- Americold Logistics (US)
- Lineage Logistics Holdings (US)
The global cold storage market is fragmented along with being competitive owing to the presence of an array of international as well as domestic key players. These players have encompassed multiple strategies to remain at the forefront and also suffice to the burgeoning needs of the consumers, including partnerships, collaborations, geographic expansions, contracts, joint ventures, and new product launches, and more. Additionally, these players are also incurring heavy investments in R&D activities for strengthening their portfolios and also creating a foothold in the market.
Industry Updates
May 2021- Fort Worth has recently made a cold storage acquisition in Phoenix.
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Attractive Features that Boost Market Growth
As per the new MRFR report, there are numerous factors that are propelling the global cold storage market share. Some of these entail the increasing need for perishable foods, the booming healthcare industry, changing preferences and tastes of consumers, rapid urbanization, consumers increasing disposable income in Brazil, India, and China, increasing research and development initiatives, rising popularity of ready-to-cook meals, growing organized retail sectors in the emerging economies, and the rising automation in refrigerated warehouses. Besides, technological improvements in cold storage like the addition of solar technology to the refrigeration units are the latest cold storage market trends.
On the contrary, the lack of infrastructure needed to sustain the cold chain, lack of power hook-ups for reefer trailers at ports and transportation hubs, lack of reliable power sources at cold warehouses, absence of protocols and standards, and the environmental concerns about greenhouse gas emissions and of skilled resources in developed markets may hinder the global cold storage market value over the forecast period.
COVID-19 Analysis
Several industries have faced the massive brunt of the COVID-19 pandemic barring a few such as the cold storage market. The outbreak had a positive effect on this industry leading to the increasing need for cold chain warehousing. The rising rate of adoption of packaged food and beverage products has led to the growth of the cold storage industry. The crisis affected the supply chain of almost every industry owing to restricted trade during the outbreak, resulting in the manufacturers of food to emphasize both on food products and also on their storage to boost their shelf-life that is likely to boost market growth. Besides, the pandemic has created a shift towards a retail market that is organized to prevent virus outbreaks further. Consumers have stocked processed foods that have longer shelf life over perishable foods and also limited trade movements between countries led in surpassing cold chain storage capacities in certain countries. Such developments underscore the requirement for the food value chain to move to cold-chain model from open-air markets which preserves perishable goods for long. All these factors are likely to have a positive impact on the cold storage market growth.
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Market Segmentation
The MRFR report highlights an inclusive analysis of the global cold storage market based on application, temperature type, and type.
By type, the global cold storage market is segmented into refrigerated transport and refrigerated warehouse. Of these, the refrigerated warehouse type segment will lead the market over the forecast period.
By temperature type, the global cold storage market is segmented chilled and frozen. Of these, the chilled temperature type segment will dominate the market over the forecast period.
By application, the global cold storage market is segmented into fruits and vegetables, bakery and confectionery products, meat and seafood products, fish, dairy and frozen desserts, and others. Of these, the dairy and frozen desserts application segment will spearhead the market over the forecast period.
Regional Analysis
APAC to Remain Forerunner in Cold Storage Market
Geographically, the global cold storage market is bifurcated into Europe, North America, South America, the Asia Pacific, & the Middle East and Africa (MEA). Among these, the APAC region will remain forerunner in the market over the forecast period. Constant development of new cold storage technologies, supportive government regulations, the economic developments of Australia, Japan, India, and China, the shift of industrialization, increasing investments being made in India and China, rapid economic growth, and strong demand for dairy and meat products in South Korea, China, Japan, and India that has resulted in the strong need to preserve the nutritive element and quality in the products are adding to the global cold storage market revenue in the region.
North America to Have Promising Growth in Cold Storage Market
In North America, the global cold storage market is predicted to have promising growth over the forecast period. Proliferation of connected devices, the presence of a large consumer base, rising investments in the development of logistics infrastructure, strengthening of network of warehouses, growing adoption of cold storage, growing need for processed or frozen food, and high working population are adding to the global storage market growth in the region.
In Europe, the global cold storage market is predicted to have healthy growth over the forecast period.
In the MEA and South America, the global cold storage market is predicted to have sound growth over the forecast period.
Segmentation of Market covered in the research:
Information By Type (Refrigerated Warehouse, and Refrigerated Transport), By Temperature Type (Frozen, and Chilled) By Application (Dairy & Frozen Desserts, Fish, Meat, And Seafood Products, Bakery & Confectionery Products, Fruits & Vegetables, and Others), And Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)
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