Global cold storage market is making rapid headways, witnessing huge demand from food & beverages, vaccines & medicines, and consumer goods industries. Cold storage solutions are used to store perishable items to prevent wastages, maintaining them in proper condition. Cold storage solutions play a causal role in enhancing safety and maintaining the quality of food and pharmaceutical items by preventing the growth of microorganisms.
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Increasing usages of cold storage solutions and substantial investments made to develop cold storage solutions create huge market opportunities. Recognizing the exponential traction the market is witnessing currently, Market Research Future (MRFR) asserts that the global cold storage market is anticipated to create a valuation of USD 287.4 billion by 2027, registering a 12.8% CAGR during the forecast period (2021-2027).
Demand for Convenient Storage Extending Product Shelf Life Boost Market Size
Versatile, economical, and lightweight cold storage solutions are evaluated for their quality to withstand for an extended period.
Additional factors substantiating the market growth include developments in the eCommerce & retail industry, rising population, rapid urbanization, and improving economic conditions that increase consumer’s purchasing power. Resultantly, the cold storage market enjoys great traction worldwide.
Global Cold storage Market – Segments
The analysis is segmented into types, temperature types, applications, and regions. The type segment is sub-segmented into refrigerated warehouses, refrigerated transports, and others. The temperature type segment is sub-segmented into frozen, chilled, and others. The application segment is sub-segmented into dairy & frozen desserts, fish, meat, seafood products, bakery & confectionery products, fruit & vegetables, and others.
Global Cold storage Market – Geographical Analysis
North America dominates the global cold storage market. Advances in connectivity solutions used between the cold chain and developed trucking infrastructure boost the market size. The US, Canada, and Mexico are major markets for cold storage solutions in the region.
Of these, Mexico is estimated to gain tremendous growth in the upcoming period due to the solid network of warehouses and development in the logistics industry. Government regulations for the storage of perishable and food items and the high demand from the consumer goods (FMCG) sector foster the regional market growth.
Moreover, government restrictions imposed on the export-import of vaccinations and pharmaceutical products, such as medicines, have opened lucrative opportunities for market players. Rapid environmental changes and global warming concerns, along with the emergence of recycled material and eco-friendly manufacturing techniques, substantiate the market size.
Global Cold storage Market – Competitive Analysis
Highly competitive, the cold storage market appears to be fragmented due to the presence of several big & small market players. These players form a competitive landscape by adopting strategic trends of business expansion in emerging markets. Manufacturers rely on innovation to survive and create new markets.
They strive to keep themselves abreast of the new technological developments and latest consumer trends by developing human capital. They continually invest in the new age developers for the latest technologies, increasing productivity and adding value.
Major Players:
The key players leading the cold storage market include Lineage Logistics Holdings (US), Americold Logistics LLC (US), Nichirei Corporation (Japan), Kloosterboer (Netherlands), Tippmann Group (US), VersaCold Logistics Services (Canada), NewCold (Netherlands), and Snowman Logistics Pvt Ltd (India), among others.
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Industry/ Innovation /Related News:
Jul 15, 2021 – Lineage Logistics and venture capital firm announced their partnership to provide cold storage warehousing solutions with deeper access to technology from startup companies into which 8VC has invested. The deal formalizes an existing relationship between the two entities and gives 8VC a close corporate partner and a dominant player in the refrigerated supply chain world.
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