The Global Cold Storage Market Size accounted for USD 115.6 Billion in 2021 and is estimated to achieve a market size of USD 323.6 Billion by 2030 growing at a CAGR of 12.5% from 2022 to 2030. The rising demand for perishable products is driving the worldwide cold storage market. In addition, the growing health consciousness about the benefits of organic food consumption, including fresh milk products, vegetables and fruits, meat, eggs, and seafood due to their protein content, is driving the cold storage market growth.
Cold Storage Market Report Key Highlights
Cold storage refers to the preservation of food or other preservative items in a refrigerator or other cold space. It is the most efficient space for bulk handling of perishable or fresh goods products for marketing and production, particularly vegetables and fruit. It is also used to keep such commodities fresh by controlling different gases and maintaining proper humidity and temperature within the storage solution. Cold storage has applications in the food processing industry as well as other industries such as biotechnology, pharmaceuticals, and medicine. In a globalized economy, consumption of various goods and products has increased dramatically, boosting demand for the cold storage market. Furthermore, one of the primary benefits of cold storage is that it tends to slow the rate of biochemical reactions and the expansion of microorganism enzymes in foods.
Global Cold Storage Market Dynamics
Cold Storage Market Report Coverage
|Market||Cold Storage Market|
|Cold Storage Market Size 2021||USD 115.6 Billion|
|Cold Storage Market Forecast 2030||USD 323.6 Billion|
|Cold Storage Market CAGR During 2022 - 2030||12.5%|
|Cold Storage Market Analysis Period||2018 - 2030|
|Cold Storage Market Base Year||2021|
|Cold Storage Market Forecast Data||2022 - 2030|
|Segments Covered||By Warehouse Type, By Construction Type, By Temperature Type, By Application, And By Geography
|Cold Storage Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Americold Logistics, Nichirei Corporation, Agro Merchants Group, United States Cold Storage, VersaCold Logistics Services, Coldman, Lineage Logistics Holdings, Burris Logistics, Kloosterboer, Tippmann Group, Henningsen Cold Storage Co, and Congebec Inc.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
The expansion of international trade as a result of trade liberalization is the primary factor propelling the global cold storage market size. Trade liberalization, improvements in transportation and communication systems, and the expansion of multinational corporations in the food retail industry have all contributed to an increase in globalization. It has increased global trade in perishable products such as dairy and frozen desserts, vegetables as well as fruits, fish, and seafood, meat, as well as a bakery and confectionery consumer items. The reduction of tariffs and non-tariff obstacles to global trade has accelerated the advancement of perishable products across borders. This is the primary driver of the global cold storage market value.
Furthermore, rising hygiene awareness is shifting consumption patterns toward ready-to-cook meals. Frozen food is popular among consumers because of its convenience of use in aspects of packing methods and assistance for microwave cooking. Moreover, the market has benefited greatly from the strict regulations governing the manufacture and distribution of temperature-sensitive goods. Furthermore, rapidly increasing automation in cold storage warehouses is expected to boost demand even more. Favorable demographic and socioeconomic factors such as urbanization, rising population, discretionary income, and rising living standards are expected to drive the growth of the global cold storage market share.
Cold Storage Market Segmentation
The worldwide cold storage market is split based on warehouse type, construction type, temperature type, application, and geography.
Cold Storage Market By Warehouse Type
In terms of warehouse type, the private segment is projected to grow rapidly in the market over the next few years. Such is due to higher investments by general merchandise behemoths in building warehouses to provide a speedy delivery at a low cost. The accelerated expansion of e-commerce groceries and food is expected to propel the segment growth even further. The growing participation of retail behemoths in digital and delivery services companies or organizations has necessitated the construction of their own storage facilities in order to provide convenient and quick shipment to their consumers. This factor is accelerating the growth of this market segment.
Cold Storage Market By Construction Type
According to cold storage industry analysis, the production store segment is predicted to expand at the fastest pace in the market over the next few years. This type of storage facility is ideal for mass storage of vegetables and fruits as well as for extending the accessibility of other bulk materials including flour, cooking ingredients, as well as canned goods by preserving them from deterioration and keeping them out of direct sunlight.
Cold Storage Market By Temperature Type
Based on temperature type, the frozen segment dominates the market, accounting for more than three of the fourth market shares in 2021. Excessive consumption of frozen and packaged food products in emerging markets, as well as growing preference for frozen products in a growing industry, are major drivers of frozen segment growth. Fruits, vegetables, fish, dry fruits, eggs, meat, dairy products, as well as other items are commonly stored at freezing temperatures. Due to growing demands for perishable food items and growing awareness about the unaltered nutrients in prepared foods, this segment is predicted to be dominant throughout the forecast timeframe.
Cold Storage Market By Application
According to the cold storage market forecast, the fish, meat, and seafood segment is predicted to be the fastest-growing section during the projected timeline. The demand for sophisticated cold storage systems is rising due to the rising demand for different types of meat among consumers globally, including fish, beef, lamb, poultry, and pork.
Cold Storage Market Regional Outlook
The Middle East & Africa (MEA)
Geographically, North America is expected to be the prominent region in the global market in 2021. The implementation of sophisticated technologies, changing demographics, and the proliferation of the internet of things are the major factors driving the region's market growth. The United States is expected to experience accelerating growth in North America as a result of the expansion of the warehouse network and significant investments in the warehousing and logistics infrastructure. Furthermore, the growing use of cold storage in the organized retail sector has positively impacted the region's cold storage market growth. Consumers' increased awareness of frozen meals, their hectic and busy schedules, and their increased discretionary income are the key factors driving the expansion of the cold storage market in North America.
Cold Storage Market Players
Some of the top cold storage companies offered in the professional report include Americold Logistics, Nichirei Corporation, Agro Merchants Group, United States Cold Storage, VersaCold Logistics Services, Coldman, Lineage Logistics Holdings, Burris Logistics, Kloosterboer, Tippmann Group, Henningsen Cold Storage Co, and Congebec Inc.
The estimated value of global cold storage market in 2021 was accounted to be USD 115.6 Billion.
The projected CAGR cold storage market during the analysis period of 2022 to 2030 is 12.5%.
The prominent players of the global cold storage market are Americold Logistics, Nichirei Corporation, Agro Merchants Group, United States Cold Storage, VersaCold Logistics Services, Coldman, Lineage Logistics Holdings, Burris Logistics, Kloosterboer, Tippmann Group, Henningsen Cold Storage Co, and Congebec Inc.
North America held the dominating cold storage during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for cold storage during the analysis period of 2022 to 2030.
Increasing consumer demand for perishable products, as well as expansion in international food trade due to trade economic liberalization drives the growth of global cold storage market.
Based on construction type, production stores segment is expected to hold the maximum share cold storage market.