Tokyo, November 18, 2021 (GLOBE NEWSWIRE) – The world cold storage market size was reached at USD 110.2 billion in 2020. Globalization has resulted in increased trade in goods across the world due to liberalization. This has resulted in the international trade of various food products such as fish, meat, eggs and dairy products. The growing demand for food products, especially proteins of animal origin such as milk, cheese, meat and eggs, is driving the demand for cold storage across the world. The cold room facilitates the distribution and storage of perishable products by extending their shelf life and preventing food from spoiling by bacteria.
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In addition, the increasing penetration of organized retail sectors is expected to significantly increase the demand for cold storage during the forecast period. Giant retailers like Walmart, D Mart, Tesco and 7 Eleven handle huge volumes of food products. Cold rooms are an essential part of these food retailers. In addition, these large retailers are expanding their operations and requiring cold rooms to deliver their food products to end consumers. Hence, the global cold room market is expected to grow rapidly during the forecast period. The increasing initiatives of the government to develop good infrastructure for the smooth functioning of the transportation system which stimulates the growth of the supply chain management industry is another growth driver for the cold storage market.
Market scope Cold storage
|Cover of the report||Details|
|Market size in 2020||$ 110.2 billion|
|Growth rate from 2021 to 2030||11.6% CAGR|
|Fastest Growing Market||Asia Pacific|
|The biggest market||North America|
|Covered companies||Burris Logistics, Nichirei Corporation, Americold Logistics, Lineage Logistics Holdings, Tippmann Group, Agro Merchants Group, VersaCold Logistics Services, Kloosterboer, USA Cold Storage|
North America was the market leader in 2020. North America is characterized by huge demand for frozen foods. Rising disposable income, busy and busy schedules, increased demand for convenient foods, increasing demand for animal protein, and increased penetration of the organized retail sector are the various factors that have favored the cold storage market in North America.
Asia-Pacific is estimated to be the most opportunistic market during the forecast period. The Asia-Pacific region is characterized by a huge and growing population, increasing employment, increasing demand for ready-to-cook and ready-to-eat food products, and huge demand for dairy products like milk. All of these factors are expected to drive demand for cold storage in the region. The growing investments by giant retailers like supermarkets and hypermarkets in the region to expand in this region are further expected to fuel demand for cold storage.
However, increasing costs of cold storage and lack of adequate infrastructure in underdeveloped regions may hamper the growth of cold storage market during the forecast period. In addition, the under-penetration of the organized retail sector in the underdeveloped market is a major reason for the insignificant growth of the market.
The rapidly growing restaurant industry and the constant launches of new food products are significantly driving the growth of the market. Different catering units like restaurants and cafes require cold rooms to keep the supply of food items like fruits, meats and vegetables intact.
According to the type of warehouse, the private segment is expected to be the fastest growing segment during the forecast period. This can be attributed to the growing investments by retail giants like Walmart to build a warehouse to expand its stores to various locations. The growing number of stores from various retailers is accelerating investment in building new private warehouses, which in turn greatly increases the demand for cold storage systems.
According to the type of temperature, the frozen segment dominated the cold storage market in 2020. The huge demand for frozen food is the main reason for this. The busy and busy schedules of consumers have resulted in increased demand for frozen foods. The growing demand for ready-to-cook meals and other ready meals is driving the growth of this segment. The Asia-Pacific is the most lucrative market for frozen foods and the demand for cold rooms is expected to grow rapidly in this developing region.
App based, the dairy segment dominated the global cold storage market in 2020. The huge demand for the various dairy products such as milk, cheese and butter had increased the growth of this segment across the world. It is estimated that the increasing consumption along with the growing population will drive the growth of the segment during the forecast period. In addition, the growing health awareness among the population is fueling the demand for dairy products for their nutritional benefits, which is expected to drive the growth of the segment.
In January 2020, Americold Logistics completed the acquisition of Nova Cold Logistics to expand and strengthen its position in Canada. The various development strategies such as acquisition, partnerships, mergers, and government policies promote market growth and provide lucrative growth opportunities for market players.
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Segments covered in the report
By type of warehouse
By temperature type
- Mass Storage
- Production stores
- Processed foods
- Fruits and vegetables
- Fish, meat and seafood
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