What is the global market size of Cold Storage Market

Global Cold Storage Market size was valued at USD 118.58 billion in 2021 and is poised to grow from USD 138.97 billion in 2022 to USD 579.81 billion by 2030, growing at a CAGR of 17.2% in the forecast period (2023-2030).

Who are the key vendors in the Global Cold Storage Market

The market consists of several national and international competitors, the cold storage warehouse market is competitive. To strengthen their position in the Cold Storage 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. 'Lineage Logistics Holdings (US)', 'Americold Logistics LLC (US)', 'Nichirei Corporation (Japan)', 'AGRO Merchants Group', 'United States Cold Storage, Inc.', 'VersaCold Logistics Services', 'Interstate Warehousing, Inc.', 'Swire Cold Storage Pty Ltd.', 'Cloverleaf Cold Storage Co.', 'John Swire & Sons Pty Ltd.', 'Kloosterboer Group BV', 'Gati Kausar', 'Henningsen Cold Storage Co.', 'Preferred Freezer Services, LLC', 'NewCold Advanced Cold Logistics', 'Burris Logistics', 'Congebec Logistics Inc.', 'Snowman Logistics Ltd.', 'XPO Logistics, Inc.', 'ColdEX Logistics Pvt. Ltd.'.

What is the key driver of Global Cold Storage Market

Demand for cold chain services is projected to increase along with the demand for linked trucks, high-cube refrigerated trailers, and vehicles that enable cross-product transportation. Consumers' rising health consciousness has encouraged better-eating practices and increased demand for high-quality food packaging and storage options. Businesses have been increasingly turning to outsource services as a result of factors like heightened competition, a sharp increase in operating expenses, and strict quality standards. The broad adoption of outsourcing has also been influenced by its numerous advantages, including lower operational costs, increased flexibility, enhanced efficiency, and expertise.

What is the key market trend for Global Cold Storage Market

One of the key factors influencing the expansion of the cold chain industry is the development of retail channels and chains in the form of supermarkets, hypermarkets, and convenience stores. Additionally, retail chains have grown to the point that some producers have their own internal chilled storage facilities. Large food retail chains are growing their storefronts in industrialized nations like the UK, Germany, and the US as well as in emerging markets like China, Brazil, and Argentina. These chains include Walmart, Tesco, Spar, and 7-Eleven. For instance, with more than 11,000 locations spread across 27 countries, Walmart is the largest American international retail firm. It has a sizable fleet for moving perishable commodities, as well as a strong distribution system.

Which region accounted for the largest share in Global Cold Storage Market

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.

Cold Storage Market Size, Share, Growth Analysis, By Storage Type(Facilities/Services (Refrigerated Warehouse (Private & Semi-Private, Public), Cold Room), Equipment (Blast freezer), By Temperature Range(Chilled (0°C to 15°C), Frozen (-18°C to -25°C), Deep-frozen (Below -25°C)), By Application(Food & Beverages (Fruits & Vegetables, Fruit Pulp & Concentrates, Dairy Products (Milk, Butter), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45I2145 | Region: Global | Published Date: September, 2024
Pages: 165 | Tables: 65 | Figures: 75

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Global Cold Storage Market size was valued at around USD 98.6 billion in 2022 and is expected to rise from USD 119.5 billion in 2023 to reach a value of USD 434.2 billion by 2031, at a CAGR of 17.5% over the forecast period (2024–2031).

Numerous primary contenders who are dedicated towards innovation and expansion define the competitive landscape of the global cold storage market. The focus includes players like Americold Logistics, Lineage Logistics, Cold Storage Solutions among others that employ cutting edge technologies in their operations for more efficiency and sustainability. Also, regional players such as SWC and Nichirei Logistics also play a significant role. The competition within the market is growing, as optimization of services is required owing to the demand for cold chain logistics and storage solutions. 'Lineage Logistics Holdings (US) ', 'Americold Logistics LLC (US) ', 'Nichirei Corporation (Japan) ', 'AGRO Merchants Group ', 'United States Cold Storage, Inc. ', 'VersaCold Logistics Services ', 'Interstate Warehousing, Inc. ', 'Swire Cold Storage Pty Ltd. ', 'Cloverleaf Cold Storage Co. ', 'John Swire & Sons Pty Ltd. ', 'Kloosterboer Group BV ', 'Gati Kausar ', 'Henningsen Cold Storage Co. ', 'Preferred Freezer Services, LLC ', 'NewCold Advanced Cold Logistics ', 'Burris Logistics ', 'Congebec Logistics Inc. ', 'Snowman Logistics Ltd. ', 'XPO Logistics, Inc. ', 'ColdEX Logistics Pvt. Ltd. '

The world’s population is on the rise and so is urbanization, which has significantly increased the need for perishable goods, which includes fruits and vegetables, dairy and even frozen goods. With consumers growing quality and convenience conscious, food retailers and manufacturers have no choice but to invest in effective cold storage solutions to keep their food products fresh for longer periods.

Expansion of E-commerce and Online Grocery Delivery: There is a consistent surge in demand for Cold Storage facilities owing to the accelerated expansion of the e-commerce industry, more specifically, online grocery delivery services. Enhanced customer’s demand for prompt delivery of fresh and frozen products is making retailers invest more and more in sophisticated refrigerated logistics systems to keep with the changing customer needs

The global cold storage market is led by North America owing to the existing infrastructure coupled with advanced technology and a strong logistics network. Governments and the populace in the region have invested heavily in cold storage facilities since there are stringent laws concerning food safety and there are consumers willing to buy fresh and frozen food products. E-commerce as an industry has also been on the rise with more and more people ordering food hence the rise in demand for cold chain logistics. The role of prominent players alongside the constant evolution of the refrigeration technology further strengthens the market position of North America, turning it into a crucial region for the provision of cold storage services for the purposes of not only internal but external trade as well.

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What is the global market size of Cold Storage Market?

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Which region accounted for the largest share in Cold Storage Market?

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