OTAWA, ON, Dec. 13, 2023 /PRNewswire/ -- The global cold storage market size is estimated to be worth around USD 392.16 billion by 2032, increasing from USD 148.93 billion in 2023 with a CAGR of 11.36% from 2023 to 2032.
The North America cold storage market size was valued at USD 53,129.6 million in 2023 and is expected to hit USD 134,203.6 million by 2032, growing at a CAGR of 10.48% during the forecast period from 2023 to 2032.
The U.S cold storage market size accounted for USD 43.67 billion in 2023 and is projected to reach around USD 107.58 billion by 2032, growing at a CAGR of 11.50% from 2023 to 2032.
Cold Storage Market Size Forecasted 2022 to 2032
Forecast Years | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 |
Market Size ($ Billion) | 133.18 | 148,93 | 167,31 | 188,81 | 214,03 | 243,72 | 273,41 | 303,10 | 332,78 | 362,47 | 392,16 |
Cold storage rooms have characteristics in that they require specialized equipment and accurate instruments to maintain a very low temperature. Cold storage is essential to prevent oversupply, reduce transportation bottlenecks during peak production, lengthen the shelf life and marketing period, and preserve produce quality. As the cold storage business grows, it is expected to reduce the number of perishable commodities wasted and give growers competitive rates.
The cold storage technology sector has grown rapidly. In temperature-controlled supply chains, innovations in the cold storage sector and refrigerated warehouses are becoming growing in significance. The increasing use of automation in refrigerated warehouse systems is a major trend in the cold storage market. Technologies such asautomated guided vehicles (AGVs) and automated storage/retrieval systems (AS/RS) are being incorporated to improve efficiency and safety and simplify operations within these facilities.
The Full Study is Readily Available | Download the Sample Pages of this Report@ https://www.precedenceresearch.com/sample/1364
Automation meets corporate demands by allowing a quicker and more efficient flow of goods, particularly when it comes to online retailers' need for swift order processing. Moreover, the trend contributes to cost reduction by minimizing reliance on manual labour and creating a safer working environment by automating repetitive and physically demanding tasks. The impact additionally reaches loading dock equipment, where advanced technologies improve productivity and safety, and this change affects profitable cold storage operations. The demand for improved technology is expected to drive this automation trend, which will keep growing and change the cold storage market's development.
The cold storage market is segmented based on warehouse type, temperature type, construction, application, and geography. Factors such as increasing demand for perishable goods, expanding international food trade, growing popularity of specific food trends such as organic food, plant-based alternatives and ready-to-eat meals, and exotic and seasonal fruits and vegetables are driving the growth of the market. However, the market is limited by high investment and operational costs, energy consumption and environmental impact, skilled labour storage, infrastructure bottlenecks, food safety and waste concerns.
Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/1364
Cold Storage Market Revenue by Regions, (US$ Million)
Regions | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
North America | 25,939.30 | 28,708.20 | 31,825.70 | 35,340.60 | 39,309.10 | 43,194.20 | 47,796.50 | 53,129.60 |
Europe | 18,750.90 | 20,782.50 | 23,073.20 | 25,659.40 | 28,583.50 | 31,456.10 | 34,860.90 | 38,810.50 |
Asia Pacific | 13,750.00 | 15,454.10 | 17,397.40 | 19,616.60 | 22,154.70 | 24,717.10 | 27,768.10 | 31,336.10 |
Latin America | 6,703.10 | 7,526.20 | 8,464.20 | 9,534.70 | 10,758.10 | 11,991.10 | 13,458.80 | 15,174.40 |
Middle East & Africa | 4,618.20 | 5,187.60 | 5,836.60 | 6,577.60 | 7,424.60 | 8,278.90 | 9,296.00 | 10,485.10 |
The Asia Pacific region is expected to grow rapidly during the forecast period. Cold storage real estate is becoming a more profitable investment than traditional industrial possibilities, driven by the increasing demand in Asia Pacific. Effective cold storage facilities have grown increasingly vital as the region's middle class demands higher-quality goods due to its growing economy. India has more than 3,000 companies in a fragmented market, making it one of the top five global markets for cold storage capacity, along with China and Japan. The complexity of owning and operating cold storage facilities has specific advantages with drawbacks like small and inefficient facilities.
The implementation of automation is contributing to increased operating efficiency. Top cold storage warehouses in significant Asia Pacific markets give yields ranging from 4% to 5.5%, a significant margin above dry warehouse. China attracts real estate investors due to its scale, robust infrastructure, and consolidating tenant market, with companies like ESR and GLP actively participating, such as ESR completing a 113,000 sq m facility in Sichuan, China, and GLP planning 100 cold storage facilities in China by 2025. Thus, the region's cold storage sector presents a dynamic investment landscape driven by increasing household income, urbanization, and a growing e-commerce market.
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
Cold Storage Market Revenue by Construction, (US$ Million)
Construction | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Bulk Storage | 22,694.30 | 25,119.90 | 27,851.30 | 30,931.30 | 34,409.20 | 37,644.20 | 41,469.30 | 45,887.40 |
Production Stores | 33,979.60 | 38,071.40 | 42,726.90 | 48,031.30 | 54,084.00 | 60,162.30 | 67,393.20 | 75,836.00 |
Ports | 13,087.70 | 14,467.30 | 16,018.90 | 17,766.30 | 19,736.70 | 21,831.00 | 24,317.90 | 27,212.20 |
Bulk storage dominated the construction segment, holding a major revenue share in 2022. The growth of this segment is due to its ability to efficiently manage huge amounts of commodities, making it well-suited for industries with high-volume storage requirements, such as agriculture, food processing, and pharmaceuticals. Bulk storage facilities' economies of scale lead to their growth, enabling firms to optimize costs in their supply chain. In addition, global trade growth, particularly for perishable items, has raised demand for bulk storage facilities, particularly in ports that serve as key hubs for importing and exporting varied products. Bulk storage's adaptability, which serves a variety of applications such as long-term storage of raw materials and completed goods, adds to its position as a leading and rising segment in the cold storage market.
Personalized your customization here: https://www.precedenceresearch.com/customization/1364
Cold Storage Market Revenue by Application, (US$ Million)
Application | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Fruits & Vegetables | 6,768.60 | 7,583.00 | 8,509.60 | 9,565.40 | 10,769.90 | 11,979.40 | 13,418.20 | 15,098.10 |
Dairy | 5,501.60 | 6,207.50 | 7,014.70 | 7,938.90 | 8,998.70 | 10,075.20 | 11,358.30 | 12,861.30 |
Fish, Meat & Seafood | 22,687.30 | 25,174.50 | 27,981.80 | 31,154.80 | 34,746.20 | 38,283.60 | 42,478.40 | 47,348.20 |
Processed Foods | 20,453.50 | 22,634.50 | 25,090.00 | 27,858.20 | 30,983.40 | 34,042.10 | 37,665.30 | 41,863.50 |
Others (Pharmaceuticals, Chemicals, Etc.) | 14,350.50 | 16,058.90 | 18,000.90 | 20,211.60 | 22,731.80 | 25,257.10 | 28,260.20 | 31,764.50 |
The Fruits & vegetables segment was estimated at USD 15,098.1 million in 2023, with a CAGR of 13.28% from 2023 to 2032. The growth is attributed to the perishable nature of these products and the global need for fresh produce throughout the year. The need to increase shelf life, developments in storage technology, and adherence to demanding food safety requirements are driving the growth of this segment.
Furthermore, the pharmaceutical segment of the cold storage market is also expected to grow. The growth is driven by ongoing breakthroughs in healthcare, worldwide vaccine distribution efforts, and a growing biopharmaceutical landscape. The focus on maintaining the integrity of temperature-sensitive pharmaceuticals establishes cold storage as a vital part of the pharmaceutical supply chain, assuring the global distribution of safe and effective drugs.
Market Dynamics
Driver: The rapidly rising global food trade is driving the growth of the cold storage market. As advances in food microbiology, chemistry, and technology lead to a greater range of perishable commodities, the need for dependable cold storage facilities to assure the safe preservation and transportation of these products grows. The globalization of food supply chains, in addition to diverse customer tastes and growing spending power, drives the demand for diverse foods from many places, placing cold storage at the center of addressing these demands. In economically self-sufficient countries, balancing import-export dynamics demands advanced cold storage facilities to accommodate changes in demand and seasonal variations. The increased participation of emerging countries in the international food business points out the need for modern cold storage facilities to meet global standards and allow error-free trade operations. With the international food trade exceeding US$380,000 million every year, the cold storage market emerges as a crucial participant in supporting the global food industry's increasing logistics and supply chain needs.
Restraints: Several obstacles in the cold storage operations hinder the market's smooth operation. Damaged cooler and freezer doors offer a substantial risk as they compromise temperature control, resulting in damaged products and affecting worker safety and consumer trust. Condensation concerns additionally result in slippery conditions, but also require the use of additional instruments such as HVLS fans, costing additional costs. Microbial growth in freezers, caused by mismanagement or device failure, requires preventive measures, increasing maintenance complexity and costs. Temperature-sensitive objects are at risk by prolonged exposure to warm temperatures during loading and unloading, requiring costly solutions such as drive-through dock designs. Receiving damaged products and addressing transit concerns with RFID monitoring technology adds complexity and causes major financial setbacks. These difficulties collectively limit the cold storage market by compromising safety standards, product quality, and overall operational efficiency, reinforcing the necessity for comprehensive solutions and industry best practices.
Opportunity: The implementation of Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT) in the cold storage industry presents a revolutionary opportunity. These advanced technologies provide significant benefits, allowing refrigeration systems to adapt in real-time, increasing efficiency and significantly reducing energy consumption. Predictive maintenance, supported by AI and ML, enables proactive identification of probable errors or downtime, improving operating efficiency and minimizing maintenance costs. Incorporating IoT devices equipped with sensors and software provides extensive monitoring and control of refrigeration systems, from temperature and humidity to energy use. This continuous inflow of data gives major insights, helping companies to spot inefficiencies and make data-driven decisions. Furthermore, IoT devices' remote monitoring and control capabilities provide a new degree of flexibility, particularly useful for extensive facilities or businesses with several locations. Moreover, the integration of AI, ML, and IoT allows the cold storage industry to build more innovative, more flexible, and linked systems, addressing the demand for innovation and efficiency in the dynamic supply chain and logistics environment.
Browse More Insights:
Cold Chain Equipment Market: The global cold chain equipment market size exceeded USD 14.08 billion in 2022, and it is projected to hit around USD 108.37 billion by 2032, growing at a CAGR of 22.64% from 2023 to 2032.
Clinical Trial Supplies Market: The global clinical trial supplies market size was accounted for USD 2.61 billion in 2022 and it is expected to hit around USD 4.9 billion by 2032, poised to grow at a CAGR of 6.51% from 2023 to 2032.
Pharmaceutical Stability and Storage Services Market: The global pharmaceutical stability and storage services market size was reached at USD 3.06 billion in 2022 and it is expected to hit around USD 5.24 billion by 2032 growing at a CAGR of 5.6% from 2023 to 2032.
Carbon Capture and Storage Market: The global carbon capture and storage market size was evaluated at USD 5.99 billion in 2023 and it is expected to touch around USD 35.70 billion by 2032, poised to grow at a CAGR of 21.94% during the forecast period 2023 to 2032.
Automated Storage and Retrieval System Market: The global automated storage and retrieval system market size is projected to surpass around USD 18.12 billion by 2032 from USD 8.60 billion in 2022 with a registered CAGR of 7.8% from 2023 to 2032.
Natural Gas Storage Market: The global natural gas storage market size was estimated at 517.59 bcm in 2022, and is projected to surpass around 726.56 bcm by 2032 with a registered CAGR of 3.5% during the forecast period 2023 to 2032.
Oil Storage Market: The global oil storage market size was exhibited at USD 12.9 billion in 2022 and is expected to reach around USD 21.54 billion by the end of 2032, poised to reach a compound annual growth rate (CAGR) of 5.8% from 2023 to 2032.
Thermal Energy Storage Market: The global thermal energy storage market size was estimated at USD 21.66 billion in 2022 and is projected to surpass around USD 50.57 billion by the year 2032, growing at a notable CAGR of 8.9% during the forecast period 2023 to 2032.
Recent Developments
- In Dec 2023, IBM launched the IBM Hyper Protect Offline Signing Orchestrator (OSO), a cryptographic signing solution designed to securely handle digital assets in cold storage. This solution reduces the risks associated with manual operations by ensuring assets remain offline, limiting exposure to online threats. The system improves security by including detached network operations, time-based security, and multi-stakeholder permission for electronic transactions.
- In March 2023, Americold Realty Trust, the world's largest publicly traded REIT for temperature-controlled warehouses, made a strategic investment of $3.9 million for a 49% stake in RSA Cold Chain, a Dubai-based cold storage operator.
- In June 2023, Canadian Pacific Kansas City (CPKC) and Americold Realty Trust aim to construct co-located cold storage and warehouse facilities in Kansas City, Missouri, beginning with a facility in Kansas City. This facility will provide cold storage, value-added services, and expedited multimodal transportation options, connecting key markets in the United States' Midwest and Mexico. The combination of CPKC's Mexico Midwest Express (MMX) premium intermodal service and Americold's cold-chain ecosystem aims to improve food and other product transit between Mexico and North America. The collaboration focuses on reducing border crossing procedures to provide shippers with a smoother experience.
Market Key Players:
- Americold Logistics
- Lineage Logistics Holdings
- Nichirei Corporation
- Burris Logistics
- Agro Merchants Group
- Kloosterboer
- United States Cold Storage
- Tippmann Group
- VersaCold Logistics Services
- Henningsen Cold Storage Co
- Coldman
- Congebec Inc.
- Conestoga Cold Storage
- NewCold
- Hanson Logistics
Key Market Segments
By Warehouse Type
- Private
- Public
By Temperature Type
- Frozen
- Chilled
By Construction
- Bulk Storage
- Production Stores
- Ports
By Application
- Dairy
- Processed Food
- Fruits & Vegetables
- Fish, Meat, & Sea Food
- Pharmaceuticals
By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/1364
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
Unlocking Market Insights through Data Excellence
The "Precedence Statistics" flexible dashboard is a powerful tool that offers real-time news updates, economic and market forecasts, and customizable reports. It can be configured to support a wide range of analysis styles and strategic planning needs. This tool empowers users to stay informed and make data-driven decisions in various scenarios, making it a valuable asset for businesses and professionals looking to stay ahead in today's dynamic and data-driven world.
Access our Premium Real Time Data Intelligence Tool, Visit: www.precedencestatistics.com
About Us
Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
Web: https://www.precedenceresearch.com
Our Blogs:
https://www.towardshealthcare.com
https://www.towardspackaging.com
For Latest Update Follow Us:
Linkedin | Facebook | Twitter
Logo: https://mma.prnewswire.com/media/2264617/Precedence_Research_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/cold-storage-market-size-to-be-worth-usd-392-16-billion-by-2032--precedence-research-302013996.html
