The global cold storage market size is expected to reach USD 485.32 billion by 2030, registering a CAGR of 17.2%, according to a new study conducted by Grand View Research, Inc. The retail sector in emerging economies, such as India and China, is getting more organized and this trend is expected to augment the demand for cold storage over the forecast period. Government policies to deregulate the entry of foreign companies have increased the Foreign Direct Investment (FDI) in the retail sectors of such regions.
Cold Storage Market Report Highlights
- Low carbon design, environmental auditing, and construction of energy-efficient cold storage warehouses are anticipated to fuel the demand for cold storage
- Growing supermarket shopping culture and rising consumer preference toward private labels are the key factors for the expansion of food retail chains across the globe
- The frozen segment is anticipated to register a CAGR of 16.2%. The growth is attributed to the significant changes in living standards and food consumption behavior of consumers
- The processed food application is anticipated to witness a high CAGR of 20.6% over the projected period
- The market in Japan is becoming increasingly saturated, resulting in cold storage operators in the country seeking avenues to enhance international trade.
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Cold Storage provides regulated temperature, and humidity and maintains constant conditions by use of a refrigeration and ventilation system and is used to store products that have specific temperature requirements to avoid decay or contamination. They are used in pharmacy, chemicals, food industry and breweries for goods requiring low-temperature range. It includes Bulk Cold Stores type used for the storage of a single commodity and Multi-purpose Cold Stores type, which are designed for the storage of a variety of commodities that operate, practically, around the year, Small Cold Stores type is designed with pre-cooling facilities for produce that is to be exported, such as fresh fruits like grapes, etc, Frozen Food Stores type are designed with processing and freezing facilities, optional for food items such as fish, meat, poultry, dairy products and processed food and vegetables. Mini Units/Walk-in Cold Stores type can be utilized for multiple applications in the pharmaceutical, cosmetic, food and beverages, dairy and other industries for all sorts of products intended for storage at low temperatures, Controlled Atmosphere (CA) Cold Stores type is a system in which fresh, perishable products such as fruit and vegetables are stored under environmental conditions that add to their shelf life after the produce is harvested from the crop.
Organized retail stores use better refrigeration and improved storage technology than traditional stores. Thus, consumers are increasingly purchasing frozen foods from these retail stores. With the increased demand for chilled and frozen foods and the rapidly expanding organized retail sector, the demand for cold storage solutions is expected to grow over the projected period. Organized retail supports different outlet formats depending on spending power and proximity to major residential and consumption clusters.
The offline mode of organized retailing is categorized into convenience stores, supermarkets, and hypermarkets based on the product range and surface coverage. On the other hand, the lack of power hook-ups for reefer trailers at transportation hubs and ports coupled with the lack of reliable power supply for cold warehouses further increases the operating costs.
However, this also offers opportunities for companies to develop unique solutions or leverage alternative energy sources that can overcome these issues in emerging markets. Furthermore, new transportation means, such as versatile refrigerated containers, are being developed to overcome the lack of adequate transportation facilities. These solutions can provide access to international markets and offer opportunities for farmers and small-scale businesses in these regions.
Cold Storage Market Insights By Region
The North America regional segment led the market. The proliferation of connected devices coupled with the presence of a large consumer base is a major factor propelling the region’s growth. Mexico, in particular, is expected to witness exponential growth in North America owing to the strengthening of the network of warehouses and rising investments in the development of the logistics infrastructure. These would also serve as the key factors stimulating the demand for the cold chain. Countries, such as China, are transitioning to a consumer-driven economy. Thus, they are expected to witness considerable growth in the years to come. Advances in warehouse management and refrigerated transportation, coupled with government subsidies to develop the cold chain industry, are allowing service providers to tap these emerging markets, leveraging innovative solutions that can overcome complexities associated with transportation.
Competitive Analysis By Major Companies
Companies are focusing on expanding their business across different regions to cater to consumer demand. The companies are targeting emerging markets to expand their customer base through acquisitions. Some of the major companies in the global cold storage market include:
- Cloverleaf Cold Storage (U.S.)
- Agro Merchants Group (U.S.)
- Burris Logistics (U.S.)
- Americold Logistics LLC (U.S.)
- Wabash National Corporation (U.S.).
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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)
- Cold Storage Construction Type Outlook (Revenue, USD Billion, 2017 – 2030)
- Cold Storage Temperature Type Outlook (Revenue, USD Billion, 2017 – 2030)
- Cold Storage Application Outlook (Revenue, USD Billion, 2017 – 2030)
- Cold storage Regional Outlook (Revenue, USD Billion, 2017 – 2030)
- List of Key Players in the Cold Storage Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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