What is the global market size of Cold Storage Market

Global Cold Storage Market size was valued at USD 118.58 billion in 2021 and is poised to grow from USD 138.97 billion in 2022 to USD 579.81 billion by 2030, growing at a CAGR of 17.2% in the forecast period (2023-2030).

Cold Storage Market Size, Share, Growth Analysis, By Application(Fruits & Vegetables, Dairy, Fish, Meat & Seafood), By Warehouse Type(Private & Semi-Private, Public), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45I2145 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 65 | Figures: 75

Cold Storage Market Regional Insights

According to the region, North America had a 37 % revenue share in 2021 and is anticipated to keep leading during the forecast period. With a CAGR of 11.91 % from 2022 to 2028, the North American area had a value of USD 39,309.1 million in 2021 and was projected to reach USD 84,841.4 million by 2028. The region's cold storage market has grown dramatically as a result of the increased use of cold storage in the organized retail sector. The main drivers of the growth of the cold storage market in North America are the rise in consumer awareness of frozen food, the busy and hectic schedules of consumers, and the rise in disposable money.

On the other hand, Asia Pacific is thought to be the market with the largest opportunity. In 2021, the Asia Pacific area had a GDP of USD 22,154.7 million, and by 2028, it was projected to have a GDP of USD 53,132.5 million. The region's need for cold storage systems is being fueled by the region's growing urban population, increasing disposable income, increasing consumer awareness of frozen food, increasing penetration of organized retail, and growing demand for convenience foods.

Cold Storage Market Report Snapshots

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Cold Storage Market size was valued at USD 118.58 billion in 2019 and is poised to grow from USD 138.97 billion in 2023 to USD 579.81 billion by 2031, growing at a CAGR of 17.2% in the forecast period (2024-2031).

The market consists of several national and international competitors, the cold storage warehouse market is competitive. To strengthen their position in the Cold Storage Market, major firms are implementing a variety of techniques, such as regional expansion. Businesses are concentrating on raising public knowledge of environmentally friendly and waste-free products. To meet consumer demand, businesses are growing throughout several regions. To increase its consumer base, the business concentrates on new areas. 'Lineage Logistics Holdings (US)', 'Americold Logistics LLC (US)', 'Nichirei Corporation (Japan)', 'AGRO Merchants Group', 'United States Cold Storage, Inc.', 'VersaCold Logistics Services', 'Interstate Warehousing, Inc.', 'Swire Cold Storage Pty Ltd.', 'Cloverleaf Cold Storage Co.', 'John Swire & Sons Pty Ltd.', 'Kloosterboer Group BV', 'Gati Kausar', 'Henningsen Cold Storage Co.', 'Preferred Freezer Services, LLC', 'NewCold Advanced Cold Logistics', 'Burris Logistics', 'Congebec Logistics Inc.', 'Snowman Logistics Ltd.', 'XPO Logistics, Inc.', 'ColdEX Logistics Pvt. Ltd.'

Demand for cold chain services is projected to increase along with the demand for linked trucks, high-cube refrigerated trailers, and vehicles that enable cross-product transportation. Consumers' rising health consciousness has encouraged better-eating practices and increased demand for high-quality food packaging and storage options. Businesses have been increasingly turning to outsource services as a result of factors like heightened competition, a sharp increase in operating expenses, and strict quality standards. The broad adoption of outsourcing has also been influenced by its numerous advantages, including lower operational costs, increased flexibility, enhanced efficiency, and expertise.

One of the key factors influencing the expansion of the cold chain industry is the development of retail channels and chains in the form of supermarkets, hypermarkets, and convenience stores. Additionally, retail chains have grown to the point that some producers have their own internal chilled storage facilities. Large food retail chains are growing their storefronts in industrialized nations like the UK, Germany, and the US as well as in emerging markets like China, Brazil, and Argentina. These chains include Walmart, Tesco, Spar, and 7-Eleven. For instance, with more than 11,000 locations spread across 27 countries, Walmart is the largest American international retail firm. It has a sizable fleet for moving perishable commodities, as well as a strong distribution system.

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Cold Storage Market Size, Share, Growth Analysis, By Application(Fruits & Vegetables, Dairy, Fish, Meat & Seafood), By Warehouse Type(Private & Semi-Private, Public), By Region - Industry Forecast 2024-2031

Cold Storage Market Regional Insights

Cold Storage Market Report Snapshots

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