Global Cold Storage Market Report 2024: A $12.2 Billion Market by 2029, Registering a CAGR of 7.7%
Global Cold Storage Market
Dublin, July 12, 2024 (GLOBE NEWSWIRE) -- The "Global Cold Storage Market - Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Global Cold Storage Market was valued at USD 7.83 Billion in 2023, and is expected to reach USD 12.22 Billion by 2029, rising at a CAGR of 7.7%.
The global cold storage market is a highly competitive industry crucial in storing and preserving perishable goods, such as food and pharmaceuticals, at low temperatures. The industry is dominated by several major players who have established a strong presence globally.
Companies such as Americold Logistics, Lineage Logistics, and Preferred Freezer Services are among the leading players in the industry. Further, the global cold storage market could be more cohesive with several local companies present. These market players strive to gain a higher market share by adopting investments, partnerships, acquisitions, and mergers. Companies are also spending on the development of improved products and focusing on maintaining competitive pricing.
MARKET TRENDS & OPPORTUNITIES
Market Opportunities & Trends
Expansion of Cold Chain Networks
Increasing Advances in Technology
Profit Variability in APAC
Market Growth Enablers
Advanced Cold Storage for Pharmaceutical Industry
Increasing Consumption of Dairy Products
Rising Consumption of Processed Food
Market Restraints
High Investment Costs
Limited Life Span of Perishable Goods
SEGMENTATION INSIGHTS
INSIGHTS BY WAREHOUSE TYPE
The global cold storage market by warehouse type is segmented into private and public. The private segment holds the most significant segmental market share in 2023. The private segment dominates the global market as these facilities are committed to meeting an organization's or company's specific needs; this allows for tailor-made storage solutions in preferred sizes designed to meet unique customer needs. Private cold storage warehouses offer greater scalability and expansion opportunities for growing businesses. However, the public sector is growing at a high rate of CAGR due to the growth of e-commerce, and online commerce has increased the demand for cold storage facilities to support the storage and distribution of perishable goods.
INSIGHTS BY FACILITY TYPE
The global cold storage market by facility type is segmented into refrigerated warehouses, cold rooms, refrigerated containers, blast freezers & chillers, and other facilities. The refrigerated warehouse segment dominated the global cold storage market share in 2023 as it is versatile and can store a wide range of perishable products, including fruits, vegetables, dairy, meat, marine food, pharmaceuticals, and others. Further, it maintains environments to effectively inhibit the growth of microorganisms and enzymes responsible for spoilage, ensuring that products remain in optimal condition for extended periods. Furthermore, cold rooms are growing at a high CAGR owing to the rising expansion of supermarkets, convenience stores, and online grocery platforms. Additionally, advances in insulation materials and energy-efficient cooling systems have made cold rooms more cost-effective and sustainable.
INSIGHTS BY TEMPERATURE
The chilled storage segment, which typically refers to storage at 0C and 5C, held the largest share of the global cold storage market in 2023. Chilled storage is specifically designed to preserve perishable goods such as fruits, vegetables, dairy products, meat, and seafood. Chilled storage facilities are in high demand due to the increasing need for temperature-controlled storage solutions. These facilities help maintain the freshness, quality, and safety of perishable items throughout the supply chain, from production to distribution.
INSIGHTS BY STRUCTURE TYPE
The global cold storage market by structure type is segmented into civil, steel, and hybrid structures. In 2023, the civil structure dominated the industry share as this type of cold storage warehousing provides effective insulation, essential for maintaining the desired temperature levels within the cold storage facility. They also utilize insulation materials and construction techniques that minimize heat transfer and prevent temperature fluctuations. Further, the hybrid structure is growing at a high CAGR rate, driven by the versatility of systems assembled around a mobile hybrid cold storage unit. This setup effectively fulfills the cooling requirements for preserving and distributing perishable foods like fish, meat, vegetables, and beverages.
INSIGHTS BY APPLICATION
The global cold storage market by application is segmented into dairy products, fish, meat & seafood, fruits & vegetables, bakery & confectionery, pharmaceuticals, and others. The dairy products segment holds the most substantial global market share in 2023. Cold storage, such as cold rooms, refrigerated warehouses, and others, are used for dairy products depending on various factors such as the volume of products, storage requirements, transportation needs, and facility infrastructure for maintaining low temperatures to prevent spoilage and maintain product quality. The surge in demand for dairy products is influenced by several factors, including the expanding global population, escalating personal disposable income among consumers, heightened health consciousness, augmented milk production in emerging economies, and amplified consumption of protein-enriched foods.
GEOGRAPHICAL ANALYSIS
The APAC region led the global cold storage market share, accounting for a revenue share of over 37% in 2023. The presence of huge cold chain networks drives the growth. For instance, according to GCCA (Global Cold Chain Alliance), the region represents more than 300 cold chain suppliers and logistics providers in more than 15 countries, significantly supporting the market. Moreover, China holds the largest regional market share. India is the fastest-growing market in the region as the government is implementing various cold chain schemes for setting up cold storage for perishable goods and horticultural & non-horticultural products.
North America is also a well-developed and mature market with two major U.S. and Canada contributors to this region's cold storage industry growth. Factors such as the expanding demand for frozen food products, the growth of e-commerce, and the need for effective supply chain management have driven market expansion. Moreover, Europe has a significant presence in the global cold storage market, with countries like Germany, France, and the U.K. boasting well-developed infrastructure for cold storage facilities. The market extension in this region is propelled by numerous factors, including increasing demand for convenience foods, the expansion of organized retail, and strict regulations concerning food safety and quality.
Key Attributes:
Report Attribute | Details |
No. of Pages | 348 |
Forecast Period | 2023 - 2029 |
Estimated Market Value (USD) in 2023 | $7.83 Billion |
Forecasted Market Value (USD) by 2029 | $12.22 Billion |
Compound Annual Growth Rate | 7.7% |
Regions Covered | Global |
Key Company Profiles
Lineage Logistics Holding
Americold Logistics
United States Cold Storage
NewCold
Nichirei Corporation
Other Prominent Vendors
Emergent Cold LatAM
The Tippmann Group
Constellation Cold Logistics
Superfrio Logistica Frigorificada
FreezPak Logistics
Conestoga Cold Storage
Congebec Logistics, Inc.
Metcold Holdings Limited
RLS Logistics
Friozem Armazens Frigorificos
Magnavale Ltd
Trenton Cold Storage
Nor-Am Cold Storage
Burris Logistics
Arihant Cold Storage
ColdStar Solutions Pvt Ltd
ColdStar Logistics
Coldman Logistics Pvt Ltd
Coldrush Logistics
Indicold Private Limited
Frialsa
Confederation Freezers (Premium Brands Holdings)
Vertical Cold Storage
Report Segmentation
Segmentation by Warehouse Type
Private
Public
Segmentation by Facility Type
Refrigerated Warehouse
Cold Rooms
Refrigerated Containers
Blast Freezers & Chillers
Other Facilities
Segmentation by Temperature Type
Chilled
Frozen
Deep Frozen
Segmentation by Structure Type
Civil Structure
Steel Structure
Hybrid Structure
Segmentation by Application
Dairy Products
Fish, Meat & Seafoods
Fruits & Vegetables
Bakery & Confectionery
Pharmaceuticals
Others
For more information about this report visit https://www.researchandmarkets.com/r/inklyw
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