February 17, 2021
According to a recent study titled “Global cold storage market analysis, 2020”, available with Market Study Report LLC, global cold storage market is expected to grow lucratively at 11.5% CAGR through 2025.
The report cites that factors like rise in working population globally, higher standards of living, and increased affinity for processed and packaged foods with longer shelf life are driving the growth of worldwide cold storage industry. Unanticipated changes in temperatures, in consort with excessive wastage of fruits and vegetables due to obsolete and inadequate infrastructure will further raise the demand for cold storage.
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Another parameter adding considerable traction to market growth is thriving e-commerce vertical, coupled with growing digitization that provides online retailers a well-rounded platform for their business. Parallelly, the industry is making remarkable headway with extensive government investments.
Moreover, evolved food consumption behavior, combined with increased international trade of frozen foods, dairy products, fruits and vegetables etc. are propelling global cold storage market revenue.
Based on temperature, the industry is classified into frozen, and chilled. In 2019, frozen segment was more popular and grabbed a majority market share owing to magnified demand for perishable foods with longer shelf life, and enhance living standards of individuals.
Apart from this, research literature fragments warehouses into public, and private & semi-private. Public warehouses captured a significant chunk of the market in 2019. This was primarily because of their greater capacity, versatility to store multiple types of frozen foods, and provision of services like material handling, storage, and transportation. The Global Cold Chain Alliance reports that 75% of total cold storage capacity is constituted by public warehouses.
By application ambit, global cold storage market is categorized into fish, meat & seafoods, pharmaceutical, fruits & vegetables, dairy, and processed food. Elaborating on construction type, the market can be arrayed into ports, bulk storage, and production stores.
Considering the regional outlook, North America generated significant revenues for worldwide cold storage market in the recent past, due to massive customer base, and a steep rise in organized retail format in the region.
However, Asia-Pacific market is anticipated to grow at a robust rate over the forecasted period. Countries like India and China are heavily investing in cold storage, mainly to curb massive losses caused by wastage of perishable items due to poor infrastructural facilities. According to the Ministry of Agriculture in India, 40% of fruit and vegetable produce ends up as wastage due to absence of reefer storage and transportation.
Key contenders in global cold storage market are Barloworld Limited, Lineage Logistics, Versacold International Corporation, Knight-Swift Transportation Holdings Inc., Cloverleaf Cold Storage Company, John Swire & Sons Ltd., AGRO Merchants Group LLC, Wabash National, Burris Logistics, and AmeriCold Logistics LLC.