Cold Storage Market Growth Trajectory Through 2024-2033

The Cold Storage by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Cold Storage, The cold storage market size has grown strongly in recent years. It will grow from $37.66 billion in 2023 to $41.02 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to growing demand for dairy products to drive the demand for cold storage, increase in demand from processed food and healthcare industry, increase in technology development, focus on quality and product sensitivity and increase in food export.

The cold storage market size is expected to see strong growth in the next few years. It will grow to $57.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to increasing and aging population, increasing use of automation, robust government support, increasing investments, rapid growth in ecommerce and increasing consumption of packaged food. Major trends in the forecast period include focus on quality and product sensitivity, companies taking sustainability initiatives, smart warehousing, use of iot to facilitate cold storage, and strategic mergers and acquisitions.

The rising perishable products are expected to propel the growth of the cold storage market going forward. Perishable products are those that easily deteriorate and have a short life span, which includes products such as fruits and vegetables, dairy products, pharmaceuticals, and others. The growing trade of perishables compels the cold storage market to provide better quality products to serve their customers. For instance, in June 2021, according to the Australian Bureau of Statistics, an Australia-based government organization, the annual revenue generated by perishable goods rose around 3% in the year 2021. The perishable goods revenue in January 2020 was 7.4 % whereas total revenue in the year 2021 accounted for 9%. Therefore, the rise in the trade of perishables will increase the demand for cold storage.

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The cold storage market covered in this report is segmented –

1) By Type: Private And Semi-Private, Public
2) By Construction: Bulk Storage, Production Stores, Ports
3) By Temperature: Frozen, Chilled
4) By Application: Fruits And Vegetables, Dairy, Fish, Meat And Seafood, Processed Food, Pharmaceuticals, Other Applications

Advancements in technologies are a key trend gaining popularity in the cold storage market. Major companies operating in the cold storage market are using new technologies such as automation in warehouses, taller warehouses with temperature control, and others to sustain their position in the market. For instance, in May 2021, Vertical Cold Storage, a US-based temperature-controlled and dry storage facility provider, unveiled its new cold storage facility, Vertical Cold Facilities. The Vertical Cold Facilities contain the most reliable automation in the industry along with cost-effective refrigeration facilities that use green practices and improve performance through decision-making technology.

The cold storage market report table of contents includes:

1. Executive Summary
2.Cold Storage Market Characteristics
3. Cold Storage Market Trends And Strategies
4. Cold Storage Market analysis

5. Cold Storage Market Size And Growth
6. Cold Storage Segmentation
7. Cold Storage Regional And Country Analysis
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27. Cold Storage Competitive Landscape And Company Profiles
28. Cold Storage Key Mergers And Acquisitions
29. Cold Storage Future Outlook and Potential Analysis

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