Cold Storage Market Size, Share, Growth, Trends and Industry Research Report
by Susan Hill Business ConsultantThe
global cold storage market size is anticipated to reach
USD 212.54 billion by 2025 expanding at a CAGR of 12.2%, according to a new
report by Grand View Research, Inc. The retail sector in emerging economies,
such as India and China, is getting more organized and this trend is expected
to augment the demand for cold storage over the forecast period. Government
policies to deregulate the entry of foreign companies have increased the
Foreign Direct Investment (FDI) in the retail sectors of such regions.
Organized
retail stores use better refrigeration and improved storage technology than the
traditional stores. Thus, consumers are increasingly purchasing frozen foods
from these retail stores. With the increased demand for chilled and frozen
foods and rapidly expanding of the organized retail sector, the demand for the
cold storage solutions is expected to grow over the projected period. The
organized retail supports different outlet formats depending on spending power
and proximity from major residential and consumption clusters.
The offline
mode of the organized retailing is categorized into convenience stores,
supermarkets, and hypermarkets based on the product range and surface coverage.
On the other hand, lack of power hook-ups for reefer trailers at transportation
hubs and ports coupled with the lack of reliable power supply for cold
warehouses further increases the operation costs.
However,
this also offers opportunities for companies to develop unique solutions or
leverage alternative energy sources that can overcome these issues in emerging
markets. Furthermore, new transportation means, such as versatile refrigerated
containers, are being developed to overcome the lack of adequate transportation
facility. These solutions can provide access to international markets and offer
opportunities for farmers and small-scale businesses in these regions.
Further key
findings from the study suggest:
- Factors, such
as environmental auditing and construction of low-carbon buildings and
energy-efficient cold storage warehouses, are anticipated to drive the
market in the years to come
- Rising consumer
preference for private labels will contribute to the growth of food retail
chains across the globe, thereby augmenting the demand for cold storage
solutions
- The frozen
temperature type segment is anticipated to register a CAGR of 11.2% from
2019 to 2025 due to significant changes in living standards and food consumption
behavior of consumers
- The processed
food application segment is anticipated to witness the highest growth rate
over the projected period
- The cold
storage market in Japan is increasingly becoming saturated, thus, the
operators in the country would be looking for opportunities to increase
the international trade
- Key companies
in the market include Barloworld Limited (South Africa); VersaCold
Logistics Services (Canada), Cloverleaf Cold Storage (U.S.), and
Henningsen Cold Storage (U.S.)
Access
full research report on global cold storage market:
www.grandviewresearch.com/industry-analysis/cold-storage-market
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Created on Dec 13th 2019 05:00. Viewed 379 times.