Yahoo Finance Cold Storage Market worth USD 302.18 billion by 2028, registering a CAGR of 14.10% - Report by Market Research Future (MRFR)
New York, Sept. 22, 2021 (GLOBE NEWSWIRE) -- Cold Storage Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Cold Storage Market Research Report, Type, Temperature Type, Application and Region - Forecast till 2028” the market is projected to be worth USD 302.18 billion by 2028, registering a CAGR of 14.10% during the forecast period (2021 - 2028)., The market was valued at USD 110.81 billion in 2021.
Key Players
List of the Key Companies Profiled in the Cold Storage Market Research Report are:
Lineage Logistics Holdings (US)
Americold Logistics LLC (US)
Nichirei Corporation (Japan)
Kloosterboer (Netherlands)
Tippmann Group (US)
The United States Cold Storage (US)
Henningsen Cold Storage Co. (US)
VersaCold Logistics Services (Canada)
Congebac Inc. (Canada)
NewCold (Netherlands)
Snowman Logistics Pvt Ltd (India)
Wabash National Corporation (US)
Cloverleaf Cold Storage (US)
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Recent Developments
Americold Logistics LLC just acquired Hall's Warehouse Corp in order to take over the New Jersey market. In the current context, major corporations are merging and acquiring local players in order to grow into potential markets. This acquisition has allowed Americold Logistics to prosper with an additional 58 million cubic feet of storage capacity and 2.00.000 pallet positions.
Americold Logistics became the world's fourth-largest cold storage company after acquiring Agro Merchants Group. With operations in Europe, the United States, South America, and Australia, the company has established a firm foothold in the worldwide market.
Development in the Retail Industry and Rapid Urbanization
Cold storage is intended to protect perishable products from temperature fluctuations in the environment. The expansion of organized retail chains in developing countries is a primary driver of worldwide market growth. The huge population of such countries ensures that such products are in high demand in the market. Retail development and rising urbanization are driving the worldwide market more than in previous decades.
Increasing technical innovation is another driver of the cold storage market. Global government regulations promoting the use of cold storage for the safety precautions of maintaining temperature-sensitive food and medical products are boosting the use of cold storage. The expansion of the third-party logistics (3PL) industry is also driving the market growth.
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The Global Market to Grow Post COVID-19 Pandemic
The emergence of the COVID-19 pandemic is a disaster for nearly every worldwide industry. The global market is fully dependent on a constant market demand-supply ratio of end-user items. During the pandemic, the cold storage market share was unavoidably reduced. Since the outbreak, practically every country in the world has been put on lockdown. Every country imposed travel restrictions. It was extremely difficult to keep the food market's supply systems undisturbed against such a backdrop.
During the lockdowns, all supply channels were affected, and market consumption of food and subsidiaries decreased. In addition, global infrastructure spending has decreased significantly. In the COVID-19 case, the impact on industry trends was significant. Despite this, the market is quickly rebounding, just like every other business.
Lack of Proper Infrastructure to Deter Market Growth
The lack of proper infrastructure to manage the cold chain is one of the most critical difficulties confronting the cold storage sector. Several countries lack the necessary requirements to meet the market's industrial standards. Due to a large number of users, the market share is strongly reliant on the success of developing countries. The cost of energy usage for cold storage is substantially higher in most underdeveloped countries than in developed countries. Several countries have strict government measures in place to combat global warming. However, the use of renewable energy resources (such as solar) is still relatively new to the market.
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Market Segmentation
The global cold storage market has been segmented into type, temperature type, and application.
By type, the global cold storage market has been segmented into the refrigerated warehouse and refrigerated transport.
By temperature type, the global cold storage market has been segmented into frozen and chilled.
By application, the global cold storage market has been segmented into dairy & frozen desserts, fish, meat and seafood products, bakery & confectionery products, fruits & vegetables, and others.
Regional Analysis
North America to Rule the Global Market
North America has a monopoly on the global market for cold storage. North America's market consists of the United States, Canada, and Mexico. Mexico, Canada, and the United States account for over 36% of the global market. The increased connectivity between the cold chain and developed trucking infrastructure benefits market growth. Mexico is expected to have enormous expansion in the cold storage market as a result of its strong warehouse network and development in the logistics industry.
Segmentation of Market covered in the research:
Cold Storage Market Research Report: By Type (Refrigerated Warehouse, and Refrigerated Transport), By Temperature Type (Frozen, and Chilled) By Application (Dairy & Frozen Desserts, Fish, Meat, And Seafood Products, Bakery & Confectionery Products, Fruits & Vegetables, and Others), And Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2028
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