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Cold Storage Market is expected to reach US$ 417,686.89 million by 2030

Cold storage market is projected to secure US$ 4,17,686.89 million by 2030. Insights based on warehouse type, application, & temperature type.

By The Insight Partners

Rapid Growth in Import and Export Activities of Food and Pharmaceutical Products Fueling Cold Storage Market Growth

According to our latest market study on "Cold Storage Market Forecast to 2030 – Global Analysis – by Temperature Type (Chilled and Frozen), Warehouse Type (Public, Private, and Semi-Private), Application (Dairy Products, Meat and Seafood, Fruits and Vegetables, Pharmaceuticals, and Processed Food), and Geography" the cold storage market size is expected to grow from US$ 119,621.36 million in 2022 to US$ 417,686.89 million by 2030. It is expected to register a CAGR of 16.9% from 2022 to 2030.

The market size for cold storage is likely to surge by 2030 owing to the growing population, increasing urbanization, and rising demand for quality food products. In addition, the growing demand of pharmaceutical items, which is also acting as major driver for import and export activities, is boosting the cold storage market positively. Geographically, the scope of the cold storage market report covers North America (the US, Canada, and Mexico), Europe (France, Italy, Germany, UK, Russia, and the Rest of Europe), Asia Pacific (Australia, India, China, Japan, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina and Rest of South America & Central America).

Cold Storage Market Share — by Region, 2022

To get sample Copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00003920

Source: The Insight Partners Analysis

Import and export of food and pharmaceutical products are crucial in international trade. Imports and exports of food and pharmaceutical products can have a substantial effect on global food security and the economy. The scenario of food product trade is constantly evolving. Imports of food products have intensified in recent years owing to the rising consumer demand globally. In 2022, China exported agricultural and food products valued at ~US$ 98.3 billion, which is an increase of 16.5% compared to the previous year. In 2022, India's exports of processed food and agricultural products increased by 25% to US$ 13,771 million in Q2 of 2022–2023 compared to the same period the previous year. The export of meat, poultry, and dairy products escalated by 10.29%, and the export of other cereals logged a growth of 12.29% in 2022. In 2023, India demonstrated growth of 18.8% (US$ 3.8 billion) in fresh and processed fruits and vegetables exports. The shipment of cereals and processed food products increased by 20% to US$ 4.3 billion in 2023. In 2023, India exported pharmaceuticals and drugs worth US$ 7.3 billion to the US. The increase in imports and exports of pharmaceuticals, drugs, and food products is a major driver for cold storage facilities. The cold storage facilities play a major role in the supply chain of pharma and food products. The cold storage market trends include the scope of storage facilities in the future food, dairy, and pharmaceutical sectors.

Growing population, rising urbanization, increasing disposable income, and busy lifestyles are driving the demand for processed, canned, and easy-to-make food items globally. The canned or convenience food items require proper storage facilities to be in consumable condition. The importance of cold storage facilities is undeniable, as processed foods have a high chance of getting rotten within a few days or weeks if not preserved well. The maintained optimal temperature and proper storage conditions are essential for extending the shelf life of processed or canned food. Over the years, consumers' lifestyles have evolved drastically, and the growing working population is one of the major driving factors for the cold storage market. In addition, increased marketing of processed food is also attracting the younger generation to consume processed food. The rise in demand for canned and processed food is boosting the requirement for cold storage facilities globally.

The frozen segment accounted for 65.2% of the global cold storage market share in 2022, and it is predicted to continue its dominance over the forecast period. The rising demand for frozen and canned food products is boosting the need for frozen cold storage globally. Frozen storage is a broadly used method for expanding the shelf life of eventually refrigerated food products.

Currently, the US, China, the UK, Germany, and Japan are major markets for cold storage. The growing instances of food waste worldwide fuel the demand for cold storage facilities. Cold storage facilities can reduce the share of food product waste globally as they play a crucial role in supply chain management. In 2022, ~931 million tons of food were wasted globally: 26% was from food service, 61% was from households, and 13% was from retail. Australia and New Zealand accounted for almost 5 to 6% of food waste along the supply chain. In Central and Southern Asia, the food waste ratio increased to 20–21%. In addition, in North America and Europe, food wastage accounted for almost 16% in 2023. The proper usage of cold storage facilities can reduce the ratio of food wastage as it can preserve and increase the shelf life of dairy, meat, fish, seafood, and processed food products. Optimal usage of cold storage helps food business entities improve their business management. It can reduce the risk of wasting perishable food items for longer periods and protect the freshness. The increasing concern about food waste and its impact on the environment, food business, and the overall economy is boosting the application of cold storage facilities, which is acting as the major driving factor for the cold storage market.

Growing population, rising urbanization, increasing disposable income, and busy lifestyle is driving the demand for processed, canned, and easy-to-make food items globally. The canned or convenience food items require proper storage facilities to be in consumable condition. The importance of cold storage facilities is undeniable, as processed foods have a high chance of getting rotten within a few days or weeks if not preserved well. The maintained optimal temperature and proper storage conditions are essential for extending the shelf life of processed or canned food. Over the years, consumers' lifestyles have evolved drastically, and the growing working population is one of the major driving factors for the cold storage market.

In terms of revenue, North America dominated the cold storage market share in 2022. North America cold storage market analysis is categorized into the US, Canada, and Mexico. North America accounted for 79.8% of the total cold storage market share in 2022 and is projected to maintain its dominance during the forecast period. The cold storage market growth in North America is attributed to the developed food and pharmaceutical sectors and growing consumer preference for convenience food (along with the increasing population). Extremely busy lifestyles and consumer inclination toward processed food, which saves time, also favor the market growth in this region. Cold storage facilities are necessary for the storage and transportation of processed meat, seafood, and pharmaceutical products. Moreover, the basic requirement of storing seasonal fruits, meat products, and dairy items for a long time is fulfilled by proper cold storage facilities. In addition, cold storage systems are pivotal for the appropriate supply chain management of agricultural products, frozen meat and fish, medicines, and drugs. Globalization and the increasing number of imports and exports among different nations are also positively boosting the cold storage market in North America. The United States-Mexico-Canada Agreement (USMCA) in 2018 replaced the North American Free Trade Agreement (NAFTA), which came into effect in 1994. The implementation of the USMCA has increased the ratio of trade dealings among the nations. Thus, all the factors mentioned above are expected to create major opportunities for the cold storage market across North America.

In the US, the growing demand for meat, canned and processed food, and dairy products, owing to the rising population and changing lifestyle, is driving the cold storage market. Increasing health consciousness and inclination toward vegan food products also boost the demand for cold storage. The requirement for cold storage facilities has amplified recently as customers increasingly procure online frozen food and groceries. The growing demand for frozen food and ready-to-make food products is boosting the demand for proper cold storage facilities in the US. With the growing consumer preference for online grocery and daily household food product procurement, the major cold storage and logistic companies are also expanding their business in Canada. For instance, in 2023, Lineage Logistics announced the expansion of a cold storage facility in Calgary, Canada, that will increase its total capacity to 200,000 square feet and more than 24,000 pallet positions. In 2022, Lineage acquired VersaCold Logistics Services. VersaCold operates 24 temperature-monitored supply chain warehouses with a capacity of 114 million cubic feet spread over nine provinces. Its facilities are in Calgary, Toronto, Vancouver, Edmonton, Montreal, and Alberta. The growing demand for fresh fruits, vegetables, meat, and seafood is boosting the requirement for cold storage facilities in Mexico. The country requires appropriate cold storage facilities to ascertain that fruits, vegetables, and other dairy and meat products are fresh for consumption, import, or export. The proper temperature-controlled cold chain is crucial for the supply chain management of food and pharmaceutical products. Moreover, Mexico's advantageous geographical location is suitable for major trades, imports, and exports. Thus, all these factors boost the demand for cold storage facilities in Mexico.

Contributions and market initiatives of the key players such as Constellation Cold Logistics Sarl, Nafta Frigorificos Sa De Cv, Superfrio Armazens Gerais SA, Tippmann Group, Nichirei Corp, Frialsa Frigorificos Sa De Cv, Friozem Armazens Frigoreticos Ltda, Emergent Cold Latam Management LLC, Americold Realty Trust Inc, Lineage Logistics Holdings LLC, Burris Logistics Co, Chiltern Cold Storage Group Ltd, United States Cold Storage Inc, and Newcold Cooperatief UA are influencing the cold storage market evolution globally. In addition, several other important cold storage market players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. The cold storage market report emphasizes key factors such as the rapid growth in import and export activities of food and pharmaceutical products.

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