Some of the major factors contributing to the Global Cold Storage market growth are the escalating global working population, rising disposable income, changing dietary patterns, and an increasing consumption of processed and packaged food across the globe. Moreover, the abrupt changes in the global temperature and the growing degree of wastage of fruits and vegetables due to improper infrastructure is contributing to the demand for cold stores.
Moreover, the gradually expanding e-commerce industry across the globe coupled with growing digitalization and the widespread presence of retailers on the key online platforms are contributing to the Global Cold Storage market growth. According to the MarkNtel Advisors’ research report titled “Global Cold Storage Market Analysis, 2020”, the Global Cold Storage market is expected to surge at a CAGR of around 11.50% during 2020-25. North America acquired the major market of the Global Cold Storage market due to a wide customer base and continuous rise in the organized retail format in the region. Further, the extensive investments from the government are contributing to the growth of the market.
However, Asia-Pacific is expected to grow at robust pace. The countries such as India and China have been rapidly investing in creation of cold storage infrastructure owing to massive losses in production due to poor infrastructure. According to the Ministry of Agriculture, India, the country’s 40% produce of fruits and vegetables end up as wastage due to the absence of reefer transportation and storage.
The frozen food segment dominated the market in 2019, due to the rising demand for perishable products with a longer shelf life due to the busy lifestyle of consumers. Additionally, the burgeoning demand for frozen food in the countries such as India and China along with significant changing people’s living standards and food consumption behaviour is generating the demand for frozen and packaged food, therefore, contributing to cold storage market to grow further.
In 2019, public transport dominated the private and semiprivate warehouse on an account of the benefits such as increased capacity, suitable for every kind of material such as flour, processed and packaged food, etc. According to the Global Cold Chain Alliance, out of the total warehouse capacity, around 75% constitutes of public warehouses of the total gross refrigerated as these warehouses offer services such as material handling, storage, and transportation.
Rising E-Commerce Sector to Lead to Growth Opportunities for the Cold Storage Market
The e-commerce sector across the globe is driving the gradual need for cold storage. Moreover, the cross-border trade activities of perishable products such as frozen food, fruits & vegetables, dairy products, etc. are creating the demand for the coal storage space. The leading players in the Cold Storage market are Barloworld Limited, Cloverleaf Cold Storage, Agro Merchants Group, Burris Logistics, Americold Logistics LLC.
Key Questions Answered in the Market Research Report
1. What are the key market statistics (Market Overview, Market Size, Forecast, CAGR, Market Segmentation, Market Shares) of Global Cold Storage Market?
2. What are the key market or technology trends in Global Cold Storage Market?
3. What are the significant innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the Global Cold Storage Market?
4. Who are the key competitors or market players and how they perform in global competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of Global Cold Storage Market study?