According to recent market study published by Nova One Advisor Market reports titled, “Global Cold Storage Market by Warehouse type, temperature type, construction type, application And Region: Size, Share, Trends and Opportunity Analysis, 2021-2027”, The global Cold Storage market gathered revenue around USD 106.40 Billion in 2020 and market is set to grow USD 289.40 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 13.0% during the prediction period 2021 to 2027.
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The retail sector in emerging economies, such as India and China, is getting more organized and this trend is expected to augment the demand for cold storage over the forecast period. Government policies to deregulate the entry of foreign companies have increased the Foreign Direct Investment (FDI) in the retail sectors of such regions.
Organized retail stores use better refrigeration and improved storage technology than traditional stores. Thus, consumers are increasingly purchasing frozen foods from these retail stores. With the increased demand for chilled and frozen foods and the rapidly expanding of the organized retail sector, the demand for cold storage solutions is expected to grow over the projected period. The organized retail supports different outlet formats depending on spending power and proximity from major residential and consumption clusters.
The offline mode of organized retailing is categorized into convenience stores, supermarkets, and hypermarkets based on the product range and surface coverage. On the other hand, the lack of power hook-ups for reefer trailers at transportation hubs and ports coupled with the lack of reliable power supply for cold warehouses further increases the operating costs.
However, this also offers opportunities for companies to develop unique solutions or leverage alternative energy sources that can overcome these issues in emerging markets. Furthermore, new transportation means, such as versatile refrigerated containers, are being developed to overcome the lack of adequate transportation facilities. These solutions can provide access to international markets and offer opportunities for farmers and small-scale businesses in these regions.
The growing trade of perishable products is also anticipated to help boost the demand for refrigerated storage solutions over the next few years. Users and suppliers of temperature-controlled packaging systems are striving to reduce the environmental impact of cold chain shipping. At the same time, rising awareness about formal Corporate Social Responsibility (CSR) policies, stringent government regulations, and changing customer expectations also pose major challenges to the development of a suitable packaging system.
Highlights of the Report:
- Low carbon design, environmental auditing, and construction of energy-efficient cold storage warehouses are the factors anticipated to fuel the demand for cold storage
- Growing supermarket shopping culture and rising consumer preference towards private labels are the key factors for the expansion of food retail chains across the globe
- The frozen segment is anticipated to expand at a CAGR of 12.2%. The growth is attributed to the significant changes in living standards and food consumption behavior of consumers
- The processed food application is anticipated to witness a high CAGR of 16.4% over the projected period
- Having realized that the market for cold storage in Japan is increasingly being saturated, the cold storage operators in the country would be looking for opportunities to increase the international trade
- The key market players include Barloworld Limited (South Africa), VersaCold Logistics Services (Canada), Cloverleaf Cold Storage (U.S.), and Henningsen Cold Storage (U.S.)
COVID-19 Impact on Cold Storage Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Cold Storage market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Cold Storage market 2021 onwards. This trend will however continue through the course of the report’s assessment period
The North America segment led the market and accounted for more than 36.2% share of the global revenue in 2020. The proliferation of connected devices coupled with the presence of a large consumer base is the major factor propelling the region’s growth. Mexico, in particular, is expected to witness exponential growth in North America owing to strengthening the network of warehouses and rising investments in the development of the logistics infrastructure. These would also serve as the key factors stimulating the demand for the cold chain.
Furthermore, economic growth and changes in government regulations in Mexico aimed at streamlining the customs program are expected to accelerate the demand over the coming years. Countries, such as China, are transitioning to a consumer-driven economy. Thus, they are expected to witness considerable growth in the years to come. Advances in warehouse management and refrigerated transportation coupled with government subsidies to develop the cold chain industry are allowing service providers to tap these emerging markets leveraging innovative solutions that can overcome complexities associated with transportation.
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Recent report on the Cold Storage market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Cold Storage market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Cold Storage market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.
The report analyzes the historical and present-day scenario of the global Cold Storage market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Cold Storage market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.
The report delves into the competition landscape of the global Cold Storage market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Cold Storage market that are profiled in this report.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Cold Storage market is analyzed at both regional and country levels.
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Some of the prominent players in the Cold Storage Market include: Americold Logistics, LLC; Burris Logistics; Barloworld Limited; Cloverleaf Cold Storage; Henningsen Cold Storage; Swire Group; Wabash National Corporation.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- By Warehouse Type
- Private & Semi-private
- By Construction Type
- Bulk Storage
- Production Stores
- By Temperature Type
- By Application
- Fruits & Vegetables
- Fish, Meat & Seafood
- Processed Food
A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Cold Storage market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Cold Storage market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Key Questions are
- What are the key factors influencing the Cold Storage market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Why should you invest in this report?
If you are aiming to enter the global Cold Storage market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Cold Storage are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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