Dublin, March 13, 2024 (GLOBE NEWSWIRE) -- The "Cold Storage - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029" report has been added to ResearchAndMarkets.com's offering.
The global cold storage market size was valued at USD 190.24 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 17% during the forecast period. The market has benefitted significantly from the stringent regulations governing the production and supply of temperature-sensitive products.
Key Highlights
- Its expansion can be linked to rising demand for cold storage in commercial and industrial organizations, as well as regulatory compliance regulatory compliance demands. The majority of the expansion was seen in emerging nations such as India, China, Brazil, Indonesia, and Mexico, among others.
- According to the cold storage industry, 53% of enterprises want to enhance their cold storage capacity. Increasing demand for food and pharmaceuticals, as well as a greater emphasis on safety, has resulted in a rise in demand for cold storage space.
- In 2022, the frozen category led the market, accounting for around 77.3% of worldwide sales. Increasing frozen food consumption in emerging nations such as India and China is pushing the frozen food industry in particular. Warehouses in this category keep their storage temperatures between -10F and -20F. They hold frozen vegetables, fruit, fish, meat, seafood, and other items.
- The absence of infrastructure necessary to support the cold chain is expected to provide a significant hurdle for enterprises looking to grow into emerging economies. Furthermore, the unavailability of power hook-ups for reefer trailers at transportation hubs and ports may stymie industry expansion in these areas. COVID-19 caused lockdowns and travel restrictions in numerous regions of the world, affecting the supply chains of many industries. The consequences of COVID-19 have had a considerable impact on the market.
Cold Storage Market Trends: Rapid Growth in Import and Export Activities of Food Items and Pharmaceutical
Cold storage facilities are witnessing rapid growth in demand owing to the increasing import and export activities. The cold storage market is booming with increasing global trade and the corresponding need for secure storage infrastructure.
India accounts for 5.92% of the worldwide pharmaceutical and medicine market. Formulations and biologics accounted for most of India's exports (73.31%), followed by drug intermediates and bulk medicines. In 2021-22, the country exported pharmaceutical items worth USD 24.62 billion, a 2% increase over the previous year. Exports increased by 18% yearly to USD 24.4 billion in 2020-21.
Renewable Refrigeration Technologies to Open New Market Opportunities
Cooling is the fastest-growing energy use, but it is also one of the most crucial energy debate blind spots today. Rising cooling demand is putting a strain on electrical infrastructure and pushing up emissions in several countries. The European Commission's Heating and Cooling Strategy mentions measures such as "raising the percentage of renewables" and "reuse of energy waste from industry" as two essential areas for decarbonizing cooling to meet the EU's climate objectives by 2050. As a result, new technology development and adoption are critical to meet end users' needs promptly by flexibly 'absorbing' renewable energy and/or waste heat and then 'converting into' and storing cooling energy.
Solar-powered cold storage systems reduce post-harvest loss by roughly 80% and increase the shelf life of perishable foods from two to 21 days.
There are also cooling systems that use natural refrigerants like ammonia (NH3) or carbon dioxide (CO2) to collect heat from the field and start the cold chain process. Load monitoring in real time also enables the collection of data on location, temperature, humidity, and other variables such as CO2 levels or door opening to improve control.
Increasing the capacity to monitor and control the cold chain allows for timely corrective actions to be taken when a critical variable departs from the ranges established for quality control, providing the opportunity to avoid or reduce losses, while registration itself, the log of conditions throughout the chain, allows the parties involved to validate that the products were kept in the required conditions.
Intelligent systems based on the 5G (ubiquitous) Internet of Things are an emerging technology in the design of cold chain logistics. With its technological benefits, the Internet of Things is infiltrating the logistics area and replacing the original industrial shape. This provides a solid foundation for wholesalers and retailers to make logistical decisions, and it has significant application value for increasing the logistics efficiency of the whole cold chain.
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