Global Cold Storage Market 2024–2033

Reports Description

According to Custom Market Insights (CMI), the Global Cold Storage Market size was estimated at USD 112 Billion in 2021 and is expected to reach USD 136 billion in 2022 and is expected to hit around USD 330 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 11% from 2022 to 2030.

Our research report offers a 360-degree view of the Cold Storage market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Cold Storage market.

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• In a refrigerator or other cold room, food or other objects that need to be preserved are kept in "cold storage." It is the most effective place for bulk handling of perishable or fresh goods for marketing and production, especially vegetables and fruit. By managing different gases and preserving the right humidity and temperature inside the storage solution, it is also employed to keep such commodities fresh. The food processing business, as well as other sectors, including biotechnology, pharmaceuticals, and medicine, can benefit from cold storage.
• Consumption of various goods and products has rapidly expanded in a worldwide economy, driving up demand for the cold storage sector. Additionally, one of the main advantages of cold storage is that it has a tendency to slow down biochemical processes and the growth of microbial enzymes in foods.
• The construction of the cold storage involves adequately sealing the area and maintaining a low temperature by removing heat using refrigeration equipment. Fruits and vegetables can considerably lessen spoiling by being kept at low temperatures, which also lengthens the shelf life of edible oils. Facilities are needed, such as a dock-to-stock procedure, humidity and moisture control systems, assured inventory counts, and catastrophe preparedness plans. Cold storage warehouses can be constructed in a variety of locations.
• Before transferring goods to final customers, a manufacturer could have a private cold storage facility where they are stored. Following delivery from suppliers, end users like hotels may have cold storage facilities to hold temperature-controlled goods. Additionally, a third-party logistic provider (3PL) is contracted to handle cold storage, where products are kept until they are ready to be sent to end consumers.
• The COVID-19 pandemic's emergence is a catastrophe for practically all international companies. The steady balance between market supply and demand for items used by end users is totally dependent on the global cold storage market. During the pandemic, the market share of cold storage decreased inevitably. Lockdowns have occurred since the pandemic reached practically every country in the world. In every nation, there were travel limitations. It was extremely difficult to keep the food market's supply chains unaffected against such a background.
• All supply lines were broken, and during the lockdowns, food consumption and subsidiary sales fell. Additionally, there was a sharp decline in global infrastructure spending. The COVID-19 crisis had a significant negative impact on market movements. However, after the lockdowns, the market is quickly rebounding, just like every other sector.

Report Scope

The study's focus is on Cold Storage market analysis on a global scale, and market sizing includes the income generated by these solutions provided by different market players.

In order to support the market projections and growth rates over the anticipated period of 2022-2030, the study additionally monitors important market factors, underlying growth influencers, and significant vendors active in the sector.

The study also examines how COVID-19 has affected the ecology generally. The scope of the study includes market sizing and forecast for segmentation by type, construction type, temperature, application, and geography.

Report Scope

Key Market Dynamics

• The expansion of global trade brought on by trade liberalization is the main factor propelling the market for cold storage systems. Trade liberalization, improvements in communications and transportation infrastructure, and the rise of multinational corporations in the food retail industry are all factors that have contributed to an increase in globalization. It has increased commerce in perishable goods like dairy and frozen desserts, fruits and vegetables, livestock, fish, and shellfish, as well as bakery and confectionery items. Reduced tariffs and non-tariff trade restrictions have promoted the explosive expansion of cross-border commerce in perishable goods. This is what primarily fuels the global cold storage market.
• Moreover, a movement in customer preferences toward ready-to-cook meals is being brought on by an increase in hygiene awareness. Due to the simplicity of packing methods and support for microwave heating, consumers choose frozen meals. Furthermore, the market has benefited greatly from the strict laws that control the manufacture and distribution of temperature-sensitive goods. Additionally, it is anticipated that increased automation in refrigerated warehouses will further increase demand. Urbanization, disposable incomes, population expansion, and an increase in the standard of life are just a few of the favorable socioeconomic and demographic aspects that have been projected to favorably fuel the growth of the global cold storage market.
• There are several limitations and difficulties that will impede the expansion of the market as a whole. The market's expansion is being hampered by issues including inadequate infrastructure and unreliable power supplies at cold warehouses. Additionally, it is anticipated that the lack of enough power hookups at transportation hubs will slow expansion during the predicted period. Potential barriers to the general expansion of the global cold storage sector include worries about greenhouse gas emissions, a lack of skilled labor in developed markets, a lack of standards and norms, and more.
• Nevertheless, it is anticipated that during the forecast period, opportunities for revenue generation will arise due to growing demand for organized retail, government support for infrastructure development to reduce post-harvest & processed food waste, an increase in foreign direct investments in emerging markets, and the development of cutting-edge, one-of-a-kind solutions or alternative energy sources to deal with unstable power supplies.

The Frozen Segment Led the Cold Storage Market

• The market has been divided into chilled and frozen segments according to temperature type. In 2021, the frozen category dominated the market and generated about 75% of total sales.
• The demand for frozen meals is mainly driven by growing consumption in emerging nations like China and India. This category of warehouses maintains their storage temperature between -10 and -20°F. They are used to keep frozen goods, including fruit, fish, meat, vegetables, and shellfish, in storage.
• Among other things, fresh fruits and vegetables, eggs, milk, dried fruits, and dehydrated meals are kept in warehouses that are classified as chilled. As consumers become more conscious of convenience and hygiene, their tastes in ready-to-cook meals are changing, which will help the frozen category flourish.
• Additionally, consumers favor frozen food due to its simplicity, convenience of packing, and compatibility with microwave cooking. This is probably going to be important for segment growth.
• In emerging nations, the growth of organized retail chains like supermarkets and hypermarkets is also boosting demand for these goods. However, the frozen food market in these nations has significant obstacles due to the lack of refrigeration equipment in retail establishments, the existence of several unorganized industry incumbents and insufficient distribution infrastructure to reach the rural areas.

Competitive Landscape

In order to meet consumer demand, businesses are concentrating on regional expansion. The businesses are aiming to acquire emerging markets in order to increase their consumer base.

Our market analysis includes a section specifically devoted to key players operating in the Cold Storage market. Our analysts give an overview of each player's financial statements, along with product benchmarking and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors globally.

• 2021: Recently, Fort Worth purchased a cold storage facility near Phoenix. MAG Capital Partners, led by partners Dax T.S. Mitchell and Andrew Gi, recently announced the purchase of 2721 W Willetta Street, a fully occupied cold storage warehouse building situated on 1.73 acres of land close to significant freeways.
• 2020: Hall's Warehouse Corporation, based in South Plainfield, New Jersey, has been acquired by Americold Realty Trust, the largest publicly traded REIT in the world and a specialist in the ownership, operation, acquisition, and development of temperature-controlled warehouses, for $480 million, the company announced. In addition, Americold announced two expansion projects, including an Arkansas build-to-suit expansion for a top-tier client and an expansion of the business's current Calgary facility, which it acquired earlier this year with the acquisition of Nova Cold for $84 million and $11 million, respectively. The proceeds from recent equity sales and private debt placements will be used to pay for both the expansion projects and the purchase of Hall's.

Prominent Players:

• Americold Logistics LLC
• Lineage Logistics Holdings
• Nichirei Corporation
• The United States Cold Storage
• Henningsen Cold Storage Co.
• Tippmann Group
• VersaCold Logistics Services
• NewCold
• Congebac Inc.
• Snowman Logistics Pvt Ltd
• Cloverleaf Cold Storage
• Wabash National Corporation

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America