The global cold storage market size is forecasted to reach from US$ 112 billion in 2021 to US$ 330.2 billion by 2030, growing at a CAGR of 11.6% from 2021 to 2030, as per reports by market research and consulting organization Precedence Research.
The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030. The cold storage market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit). The report offers exclusive insights to help companies make informed decisions to sustain growth through the assessment period.
The globalization has resulted in the increased trade of goods across the globe owing to the liberalization. This resulted in the international trade of various food items such as fish, meat, eggs, and dairy products. The rising demand for the food products particularly animal based protein such as milk, cheese, meat, and eggs is driving the demand for the cold storage across the globe. The cold storage facilitates in the distribution and storage of perishable products by extending its life and preventing the food from bacteria spoilage.
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Furthermore, the growing penetration of the organized retail sectors is expected to boost the demand for the cold storages significantly during the forecast period. The giant retailers like Walmart, D Mart, Tesco, and 7 Eleven deals in huge volume of food products. The cold storages are an essential part of these food retailers. Moreover, these huge retailers are expanding their operations and are demanding cold storages to deliver their food products to the end consumers. Therefore, the global cold storage market is estimated to grow rapidly during the forecast period. The rising initiatives by the government to develop a good infrastructure for the smooth functioning of the transport system that spurs the growth of the supply chain management industry is another growth driver for the cold storage market.
The report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation and so on.
Some of the prominent players in the global cold storage market are listed as below:
- Americold Logistics
- Lineage Logistics Holdings
- Nichirei Corporation
- Burris Logistics
- Agro Merchants Group
- United States Cold Storage
- Tippmann Group
- VersaCold Logistics Services
- Henningsen Cold Storage Co
- Congebec Inc.
- Conestoga Cold Storage
- Hanson Logistics
North America was the market leader in 2020. North America is characterized by huge demand for the frozen food. The increased disposable income, busy and hectic schedules, increased demand for the convenient foods, rising demand for the animal based proteins, and increased penetration of the organized retail sector are the various factors that fostered the cold storage market in North America.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. The Asia Pacific region is characterized by the huge and rising population, rising employment, growing demand for ready-to-cook and ready-to-eat food products, and huge demand for the dairy products like milk. All these factors are expected to drive the demand for the cold storages in the region. The rising investments by the giant retailers like supermarkets and hypermarkets in the region to expand in this region is further expected to fuel the demand for the cold storages.
However, the increased costs of the cold storages and lack of adequate infrastructure in the underdeveloped regions may hamper the growth of the cold storage market during the forecast period. Further the under-penetration of organized retail sector in the underdeveloped market is a major reason behind the insignificant growth of the market.
The rapidly growing foodservice industry and the constant launches of new food products is significantly spurring the growth of the market. The various foodservice units like restaurants and cafes require cold storages to keep the supply of food products like fruits, meats, and vegetables undisturbed.
Based on the warehouse type, the private segment is expected to be the fastest-growing segment during the forecast period. This can be attributed to the rising investments by the retail giants like Walmart to build a warehouse facility in order to expand its stores at various locations. The growing number of stores of various retailers is ramping up the investments in building new private warehouses, which in turn is significantly boosting the demand for the cold storage systems.
Based on the temperature type, the frozen segment dominated the cold storage market in 2020. The huge demand for the frozen food is the primary reason behind it. The busy and hectic schedule of the consumers resulted in the increased demand for the frozen food. The growing demand for ready-to-cook and other convenience foods is driving the growth of this segment. The Asia Pacific is the most lucrative market for the frozen foods and the demand for the cold storages is expected to grow rapidly in this developing region.
Based on the application, the dairy segment dominated the global cold storage market in 2020. The huge demand for the various dairy products such as milk, cheese, and butter had augmented the growth of this segment across the globe. The rising consumption with the growing population is estimated to drive the segment growth during the forecast period. Moreover, the increasing health consciousness among the population is fueling the demand for the dairy products for its nutritional benefits is expected to drive the segment growth.
In January 2020, Americold Logistics completed the acquisition of Nova Cold Logistics to expand and strengthen its position in Canada.The various developmental strategies like acquisition, partnerships, mergers, and government policies fosters market growth and offers lucrative growth opportunities to the market players.
Segments Covered in the Report
By Warehouse Type
By Temperature Type
- Bulk Storage
- Production Stores
- Processed Food
- Fruits & Vegetables
- Fish, Meat, & Sea Food
– North America (U.S. and Canada)
– Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
– Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
– Latin America (Brazil and Rest of Latin America)
– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
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 2021-2030 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.
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