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The cold storage market size is forecast to increase by USD 145.71 billion at a CAGR of 13.83% between 2023 and 2028. The market is witnessing significant growth driven by various factors. Transportation corporations and technology organizations are investing in advanced refrigeration solutions such as cryogenic freezers to meet the increasing demand for these facilities. Additionally, regulatory environments like the EU F-Gas Regulation are shaping industry standards and driving the adoption of eco-friendly refrigeration technologies. Alternatives such as hybrid cooling systems and thermal energy storage are gaining traction, offering sustainable and efficient solutions. With the rising need for temperature-controlled storage across various sectors, the market for refrigerated warehouses and cold rooms is poised for continued expansion. Although cold storage facilities require significant initial investment, the benefits of improved product quality, extended shelf life, and enhanced supply chain efficiency outweigh the upfront costs. Overall, the application of advanced technologies and sustainable practices in cold chain continues to drive innovation and growth, meeting the evolving needs of industries worldwide. This market report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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The market is propelled by the surge in organized retail sectors, especially in developing economies. With the integration of cloud technology, conveyor belts, and robots, energy management, and truck-loading automation have become pivotal in optimizing supply chains. Addressing concerns over perishable product trade, low-carbon designs, and environmental auditing drive innovative construction methods. Despite the initial investment, these facilities are evolving with advanced infrastructure, refrigeration systems, and insulation. Leading players collaborate with logistics suppliers and transportation corporations to meet stringent regulatory environments like the EU F-Gas Regulation. Hybrid cooling systems, thermal energy storage, and insulated containers offer sustainable solutions for storing perishable goods in refrigerated warehouses and cold rooms. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising awareness about reducing the wastage of food is the key factor driving market growth. Food waste is a major problem worldwide. Most food wastage is attributed to the lack of proper freezing storage facilities. Also, perishable food products generally travel through varying temperatures across the supply chain, which sometimes leads to food spoilage and wastage in perishable goods transportation. The global population is expected to rise steadily, which is anticipated to increase the demand for food and increase the focus on reducing food wastage.
Moreover, there is a need for better storage across the globe due to global population growth and high food wastage; cold warehouses will aid in tackling the problem of food insecurity as they offer a stable environment for food products throughout the supply chain. Therefore, the rising awareness of reducing food wastage will increase the demand for cold warehouse facilities, which, in turn, will fuel the growth of the market during the forecast period.
The use of fuel cell-based forklifts in refrigerated warehousing is the primary trend shaping market growth. Fuel cell-based forklifts harness hydrogen in an electrochemical process to produce combustion-free energy, yielding electricity, heat, and water. This technology is gaining traction, especially in applications like forklifts and other handling and lifting equipment. Aligning with market trends and analysis, an advantageous feature is their ability to operate efficiently in low-temperature settings, such as refrigerated warehouses. Furthermore, employing fuel cell-based technology aids warehouse operators in saving valuable space that would typically be occupied by battery charging stations and batteries.
Additionally, the quick refueling time of around five minutes for hydrogen in fuel cell-based forklifts contrasts with the 10-20 minutes needed for battery replacement. This results in substantial productivity savings of over 120 hours per forklift, assuming a standard three-shift operation of 8-10-hour shifts. Thus, such factors will drive the growth of the market during the forecast period.
Seasonal demand for refrigerated products is a challenge that affects market growth. Seasonal demand for cold products such as ice cream, which are typically consumed during summer or hot seasons, increases the need for cold chain solutions such as storage to store products during those times. However, if the demand for these products decreases in the winter or cold season, the need for cold solutions also decreases. Thus, the income of suppliers of cold solutions varies from season to season, which is a challenge for the seller.
Additionally, the refrigerated storage of fresh produce is dependent on the harvest season. During the harvest season, which usually is around October-November every year, the harvest of fresh agricultural products such as corn is high. After the harvest season is over, the amount of corn that requires storage falls, thus lowering the occupancy rates and revenues for operators of refrigerated warehouses and market players. Thus, such issues will hamper the growth of the market during the forecast period.
The Cold Storage market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the Cold Storage market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
In the application segment of the market, various industries utilize advanced technologies and innovative methods to optimize storage and distribution processes. Organized retail sectors leverage these facilities to preserve perishable products and meet consumer demands for fresh goods. Developing economies are increasingly adopting these solutions to support the expansion of their food distribution networks and reduce post-harvest losses. Cloud technology plays a pivotal role in managing cold storage operations efficiently, enabling real-time monitoring and inventory management. Conveyor belts and robots streamline material handling processes within cold storage facilities, enhancing operational efficiency and reducing labor costs.
Energy management systems are implemented to minimize energy consumption and maintain optimal storage conditions while ensuring sustainability. Truck-loading automation further improves supply chain logistics, expediting loading and unloading processes while reducing turnaround times. These facilities play a crucial role in facilitating the global trade of perishable products, ensuring product integrity and compliance with quality standards. Low-carbon designs and environmental auditing initiatives promote eco-friendly practices in cold storage construction and operation, minimizing carbon footprint and environmental impact. Innovative construction methods enhance facility durability and insulation, prolonging the shelf life of stored goods while reducing operational costs.
The meat and seafood segment is estimated to witness significant growth during the forecast period. Meat and seafood are highly nutritious food when their quality is preserved. Nevertheless, the shelf life of such foods is limited, and thus, they require refrigeration to retain their quality. The use of cold chains enables to retention of the quality and nutrition of such foods. Meat and seafood have different temperature requirements for storage in a cold chain process. The rising meat consumption will also lead to a rise in demand for cold chains. Furthermore, consumers prefer frozen meat, as it is considered convenient, healthy, and fresh for consumption.
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The meat and seafood segment was the largest segment and was valued at USD 19.11 billion in 2018. The growing focus on health and nutrition in the food and beverage industry has contributed to the rise in demand for frozen meat in the past few years. Further, popular frozen meats include beef, pork, and mutton. Major processors and marketers of meats, such as JBS SA and Tyson Foods Inc., offer frozen meats, mainly for export purposes. This will also encourage various enterprises to launch new ranges of frozen foods. Thus, the growth in demand for frozen meat and seafood is expected to increase the adoption of cold storehouse, which is anticipated to drive the growth of the global cold storehouse market through the meat and seafood segment during the forecast period.
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APAC is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market growth and trends that shape the market during the forecast period. APAC is the largest geographical segment of the market and will continue to remain the largest segment during the forecast period. The market in APAC is expected to grow due to the extensive presence of both food and healthcare product suppliers and consumers. With the rise in disposable income and the geriatric population in countries such as Japan and China, the expenditure on healthcare in this region is experiencing strong growth. This increases the demand for temperature-controlled healthcare products such as biopharmaceuticals, vaccines, and clinical trial materials. Hence, such factors are expected to drive market growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Cold Storage market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The cold storage market plays a critical role in preserving various perishable items, from pharmaceutical items to dairy products and fresh fruits and vegetables. With refrigerant usage and specific storage types like cryogenic slurry, companies like RSA Logistics and Nova Cold Logistics offer preferred freeze solutions for both the private and public segments. This market addresses challenges such as excessive food waste and medication storage while accommodating the population expansion demands and meat production needs. Leveraging connected devices and AI models, warehouse managers ensure optimal conditions for perishables in refrigerated warehouses and during refrigerated transport, catering to the requirements of family offices, corporate treasuries, and the dairy segment alike.
The market operates under strict regulations to ensure the safety and quality of stored goods. Cold storage facilities adhere to specific regulatory environments and offer various storage types, including chilled and deep-frozen options, to accommodate a wide range of products such as eggs, dry fruits, dehydrated foods, and dairy products like fresh liquid milk, cheese, and butter. Serving both the private and public segments, these facilities are essential for storing perishable items, including medications and fruit and vegetables, meeting the demands of end-user concentration. Leveraging data assets and artificial intelligence, companies like Bitpanda ensure efficient operations, while initiatives like greenfield facilities support the evolving needs of the market in line with the Chinese government's directives. The Chinese government is implementing policies to enhance the sustainability of the organized retail sector, including convenience stores, which are crucial for the efficient distribution of goods such as fish, meat, necessitating initiatives like forklift battery replacement to support their operations.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.83% |
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Market Growth 2024-2028 |
USD 145.71 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
15.11 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 52% |
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Key countries |
US, China, India, Japan, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Americold Realty Trust Inc., Beijing Howcool Refrigeration Technology Co. Ltd., Burris Logistics Co., Changzhou Yuyan Refrigeration Equipment Co. Ltd., Coldman Logistics Pvt. Ltd., Commercial Group Ltd., Congebec Logistics Inc., Falcon Refrigeration Industry, Holt Logistics Corp., Indicold Pvt Ltd., Interstate Inc., John Swire and Sons Ltd., Lineage Logistics Holdings LLC, NewCold Cooperatief UA, Nor AM Cold-Storage, RSA Global DWC LLC, Snowman Logistics Ltd., Stellar, VersaCold Logistics Services, and Nichirei Corp. |
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Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this Cold Storage market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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