Product ID: SQMIG45I2145
Global Cold Storage Market Size, Share, Growth Analysis, By Application(Fruits & Vegetables, Dairy), By Warehouse Type(Private & Semi-Private, Public) - Industry Forecast 2024-2031
Report ID:
SQMIG45I2145 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
65 |
Figures:
75
Global Cold Storage Market Insights
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 term "cold storage" refers to the temperature-controlled holding of food items including dairy, meat, and fish. Cold storage is utilized primarily as a necessary logistical node and as a buffer against supply and demand imbalances. Cold storage technology has benefits including cutting-edge refrigeration technology and maintaining and tracking systems for different products like fruits and vegetables, drastically lowering the likelihood of temperature-sensitive products being wasted.
Even though globalization has reduced the distances between nations, some freight transportation still heavily depends on these physical distances. The likelihood of cargo being destroyed during transportation increases with distance.
Due to the rules around refrigerated freight, cold storage is considerably more involved than dry storage. Many manufacturers opt to outsource their cold storage to third-party logistics firms since chilled warehousing is more expensive. The need for value-added services like repacking and consolidation rises along with the demand for the transportation of refrigerated goods. These greater expectations result in a lower return on investment for cold storage for 3PLs, who must improve their operations and infrastructure to remain competitive.
Due to the increasing amount of customized requests from customers based on the requirements of their end users, many 3PLs find it difficult to maintain one-size-fits-all warehouses. Due to the wide variety of customer needs, 3PLs are developing more specialized cold storage facilities for their customers. While doing so enables 3PLs to operate more effectively in response to the needs of a particular client, it is a risky business because it is challenging to bind price-conscious clients to lengthy agreements.
Consumer needs, which are not just limited to added value services, are influencing how the cold storage industry is evolving. They also relate to the type of items being stored. The period that different things can spend between a cold storage facility and a vehicle without becoming bad, as well as the temperature ranges in which they must be stored, vary.
US Cold Storage Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Cold Storage Market Report Snapshots
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