Global Market for Cold Storage Construction
Dublin, July 29, 2022 (GLOBE NEWSWIRE) -- The "Cold Storage Construction - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
With Market Size Valued at $19.3 Billion by 2026, it`s an Encouraging Outlook for the Global Cold Storage Construction Market
Amid the COVID-19 crisis, the global market for Cold Storage Construction estimated at US$11.7 Billion in the year 2022, is projected to reach a revised size of US$19.3 Billion by 2026, growing at a CAGR of 14.2% over the analysis period.
Production Stores, one of the segments analyzed in the report, is projected to grow at a 15% CAGR, while growth in the Bulk Stores segment is readjusted to a revised 13.8%. The cold storage space has been witnessing notable developments over the last several years due to the strong upsurge in demand for online grocery shopping as a result of changing consumer preferences.
Online shopping for grocery items is a major driver ticking the demand for cold storage upwards even prior to the COVID-19 pandemic. Fueled by increasing popularity and consumer adoption coupled with pandemic-led favorable trends, online orders are estimated to account for about 10%-15% of the overall grocery shopping in 2022.
The development is driving various companies to construct new cold storage facilities for preserving perishable food items and reducing spoilage. These facilities are playing an important role in accommodating massive surge in online grocery shopping. The construction activity is buoyed by surge in food sales in the recent years. The shift towards online grocery shopping was further fast-tracked by the COVID-19 crisis that altered consumer preferences and market conditions.
The scenario enabled the online platform in the grocery industry to report exponential growth, leading to increased demand for cold storage facilities. The COVID-19 infection risk prompted a large number of consumers to shun in-store grocery shipping and instead, consider the online channel to get these products directly delivered to their doorsteps. The growth is anticipated to result in construction of 75-100 million square feet of the cold storage space to meet prospective demand.
The cold storage space is also benefitting from rising demand for frozen foods, mainly among health-conscious people. Frozen foods have received a major push from various studies that pointed towards the ability of frozen foods to effectively retain nutrients.
Cold storage demand in the pre-pandemic scenario can be primarily contributed to significant popularity of the online channel for grocery shopping along with rising consumption of frozen foods for their nutritional and health-related benefits.
The trend is slated to create huge requirement for warehouses capable of storing foods bought online. Continuous changes in shopping behavior of consumers are anticipated to result in gradual shift from traditional trips to grocery stores towards online platform. These trends have led to cold storage construction projects covering 4.5 million square feet of space, which are either completed or are underway.
A M King
AmeriCold Logistics LLC
Hansen Cold Storage Construction
Lineage Logistics Holding, LLC
Nichirei Logistics Group Inc.
Primus Builders, Inc.
United States Cold Storage, Inc.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Materials Shortages Emerge as Burning Issue for Cold Storage Construction
Manufacturers Ramp Up Cold Storage Construction at Sites in Proximity of Manufacturing Locations
Efforts on Rise to Build Sophisticated Facilities in Cost-Efficient Manner
Globalization of Businesses Drives the Need for Efficient Supply Chain Designs
Significant Growth in E-Commerce and online Grocery Shopping Induced by the Pandemic: A Key Driver
Same Day Delivery Heightens Demand
Healthy Tide in Processed Food Retail Augments Investments in Cold Storage Infrastructure
Rising Demand for Organic Foods
Strong Demand for Frozen Foods Bodes Well for Market Growth
Rise in Online Food Orders Accelerate Demand for Cold Storage Units
Demanding Supply Chain Requirements of Temperature Sensitive Pharmaceuticals Spurs Market Expansion
Cold Chain Facility Construction for Pharmaceuticals to Witness Super Years Ahead
Rapid Growth of Generic Drugs to Drive Demand
Prevailing Trends in Healthcare Sector Widen Opportunities
Technology Adoption on the Rise in the Cold Chain Sector
Automation on Rise in Cold Storage Facilities
Novel Technologies and Approaches Poised to Revitalize Cold Storage Construction: A Review of Latest Trends in Cold Storage Landscape
Sandwich Panels Most used for Thermal Insulation of Cold Storage Chambers
Data-Driven Approach for Increasing Energy Efficiency of Cold Storage Units
HCFC Phase Out Programs Build Momentum for Alternative Refrigerants in Cold Chains
Ammonia Refrigeration Gains Robust Traction in Cold Storage Facilities
Offering Eco-Friendly Alternative, CO2 Refrigeration Set to Make Big Gains
Led by Growing Population & Nutrition Needs, Global Food Industry to Offer Broad Based Opportunities for Cold Storage Facilities
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/f7aknp
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