USD 112 billion
Report ID: SQSG45I2017 | Region: Global | Published Date: October, 2022 | Pages: 165
Global Cold Storage Market size was valued at USD 112 billion in 2021, and it is expected to reach a value of USD 272 billion by 2028, at a CAGR of 12.17% over the forecast period (2022-2028).
The term "cold storage" refers to the temperature-controlled holding of food items including dairy, meat, and fish. Cold storage is utilized primarily as a necessary logistical node and as a buffer against supply and demand imbalances. Cold storage technology has benefits including cutting-edge refrigeration technology and maintaining and tracking systems for different products like fruits and vegetables, drastically lowering the likelihood of temperature-sensitive products being wasted.
Even though globalization has reduced the distances between nations, some freight transportation still heavily depends on these physical distances. The likelihood of cargo being destroyed during transportation increases with distance.
Due to the rules around refrigerated freight, cold storage is considerably more involved than dry storage. Many manufacturers opt to outsource their cold storage to third-party logistics firms since chilled warehousing is more expensive. The need for value-added services like repacking and consolidation rises along with the demand for the transportation of refrigerated goods. These greater expectations result in a lower return on investment for cold storage for 3PLs, who must improve their operations and infrastructure to remain competitive.
Due to the increasing amount of customized requests from customers based on the requirements of their end users, many 3PLs find it difficult to maintain one-size-fits-all warehouses. Due to the wide variety of customer needs, 3PLs are developing more specialized cold storage facilities for their customers. While doing so enables 3PLs to operate more effectively in response to the needs of a particular client, it is a risky business because it is challenging to bind price-conscious clients to lengthy agreements.
Consumer needs, which are not just limited to added value services, are influencing how the cold storage industry is evolving. They also relate to the type of items being stored. The period that different things can spend between a cold storage facility and a vehicle without becoming bad, as well as the temperature ranges in which they must be stored, vary.
Global Market Size
USD 112 billion
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The global cold storage market has been segmented based on warehouse type, application, and region. Based on type, the market is segmented into private & semi-private, and public. Based on the application, the market is segmented into fruits & vegetables, dairy, fish, meat & seafood, processed food, and pharmaceuticals. Based on region, the cold storage market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Warehouse Type
According to warehouse type, the public sector held more than 65% of the market in 2021. The public warehouse provides several services at a low cost, including the handling, shipping, and storage of commodities. According to the Global Cold Chain Alliance, the US's capacity for refrigerated storage is around 75% greater than that of the public warehouses. Public warehouses support the distribution network and enable dealers and producers to keep perishable goods at a reasonable cost.
The private warehouse category, on the other hand, is anticipated to experience the quickest growth during the projection period. This can be attributed to the increased investments made by the major retailers in building their warehouses so they can provide quick delivery at a low cost. The booming online food and grocery market are also anticipated to fuel category expansion. Building their warehouses was necessary to provide rapid and convenient delivery to their customers as a result of the retail behemoths' growing involvement in the online and home delivery industries. This element is accelerating the market segment's growth.
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According to the region, North America had a 37 % revenue share in 2021 and is anticipated to keep leading during the forecast period. With a CAGR of 11.91 % from 2022 to 2028, the North American area had a value of USD 39,309.1 million in 2021 and was projected to reach USD 84,841.4 million by 2028. The region's cold storage market has grown dramatically as a result of the increased use of cold storage in the organized retail sector. The main drivers of the growth of the cold storage market in North America are the rise in consumer awareness of frozen food, the busy and hectic schedules of consumers, and the rise in disposable money.
On the other hand, Asia Pacific is thought to be the market with the largest opportunity. In 2021, the Asia Pacific area had a GDP of USD 22,154.7 million, and by 2028, it was projected to have a GDP of USD 53,132.5 million. The region's need for cold storage systems is being fueled by the region's growing urban population, increasing disposable income, increasing consumer awareness of frozen food, increasing penetration of organized retail, and growing demand for convenience foods.
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The market consists of several national and international competitors, the cold storage warehouse market is competitive. To strengthen their position in the market, major firms are implementing a variety of techniques, such as regional expansion. Businesses are concentrating on raising public knowledge of environmentally friendly and waste-free products. To meet consumer demand, businesses are growing throughout several regions. To increase its consumer base, the business concentrates on new areas.
Top Players Cold Storage Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, by warehouse type, the public segment dominated the global cold storage market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, North America dominated the global cold storage market owing to the region's increased use of cold storage in the organized retail sector.
|Market size value in 2021||USD 112 billion|
|Market size value in 2028||USD 272 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Cold Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cold Storage Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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