Cold Storage Industry Overview
The global cold storage market size was valued at USD 119.98 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.4% from 2022 to 2030.
The market has benefitted significantly from the stringent regulations governing the production and supply of temperature-sensitive products. The industry is poised for unprecedented growth over the forecast period on account of growing organized retail sectors in the emerging economies. Moreover, rising automation in refrigerated warehouses is projected to boost the demand further.
Gather more insights about the market drivers, restrains and growth of the Global Cold Storage Market
Warehouse automation includes cloud technology, robots, conveyor belts, truck loading automation, and energy management. Refrigerated storage has become an integral part of Supply Chain Management (SCM) when it comes to transporting and storing temperature-sensitive products.
In addition, the growing trade of perishable products is also anticipated to help boost the demand for refrigerated storage solutions over the next few years. Users and suppliers of temperature-controlled packaging systems are striving to reduce the environmental impact of cold chain shipping. At the same time, raising awareness about formal Corporate Social Responsibility (CSR) policies, stringent government regulations, and changing customer expectations also pose major challenges to the development of a suitable packaging system.
The lack of infrastructure required to sustain the cold chain is likely to pose a major challenge for the companies to expand their businesses in emerging markets. In addition, the lack of power hook-ups for reefer trailers at transportation hubs and ports will hinder the market growth in such regions. However, this also opens growth avenues for industry participants to innovate unique solutions or leverage alternative energy sources that can overcome such issues.
The COVID-19 pandemic that originated in China became a severe issue worldwide in a brief time. The coronavirus's epicenter was shifted from China to Europe and then to the U.S., making the country the worst-hit region globally. COVID-19 led to lockdown and travel restrictions in many parts of the world, impacting various businesses' supply chains. The market has been affected to a significant extent due to the effects of COVID-19. The market between 2019 and 2020 witnessed a fall in year-on-year growth compared to that between 2018 and 2019.
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- Frozen Food Market - The global frozen food market size was valued at USD 177.07 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2022 to 2030. The increasing popularity of shelf-stable foods among consumers on a global level is expected to expand the industry size over the next few years.
- Cold Chain Market - The global cold chain market size was valued at USD 241.97 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 17.1% from 2022 to 2030. The growing penetration of connected devices and automation of refrigerated warehouses across the globe is anticipated to spur industry growth in the forecast period.
Cold Storage Market Segmentation
Grand View Research has segmented the global cold storage market based on warehouse type, construction type, temperature type, application, and region:
Cold Storage Warehouse Type Outlook (Revenue, USD Billion, 2017 - 2030)
- Private Semi-private
- Public
Cold Storage Construction Type Outlook (Revenue, USD Billion, 2017 - 2030)
- Bulk Storage
- Production Stores
- Ports
Cold Storage Temperature Type Outlook (Revenue, USD Billion, 2017 - 2030)
- Chilled
- Frozen
Cold Storage Application Outlook (Revenue, USD Billion, 2017 - 2030)
- Fruits Vegetables
- Dairy
- Fish, Meat Seafood
- Processed Food
- Pharmaceuticals
Cold storage Regional Outlook (Revenue, USD Billion, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- South America
Key Companies profiled:
Some prominent players in the global cold storage market include
- Americold Logistics, LLC
- Burris Logistics
- Barloworld Limited
- Cloverleaf Cold Storage
- Henningsen Cold Storage
- Swire Group
- Wabash National Corporation
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