Cold Storage Market to Generate $272 Billion in Revenue by
Westford, USA, Sept. 13, 2022 (GLOBE NEWSWIRE) — With the world’s population expected to reach 9.7 billion by 2050, one can imagine the increasing food needs. Yet due to climate change and other factors, it is becoming more difficult for farmers to produce crops in some parts of the world. In order to keep food storage viable and affordable for consumers, companies are turning to cold storage as an option. This, in turn, should stimulate the growth of the overall cold market.
When food is stored in a cold environment, it can last up to three times longer than if stored at normal room temperature. This type of storage not only helps ensure that people have enough food when they need it, but also reduces the expense of food spoilage. Additionally, storing food at colder temperatures can add cultural significance by preserving traditional foods and recipes.
According to SkyQuest analysis, companies in the global cold storage market have become of the view that the time is right for them to invest in cold storage facilities as their demand is high. By taking advantage of technological advances and understanding consumer needs, companies are increasingly focused on ensuring they are able to meet the growing demand for cold storage while remaining compliant with safety regulations.
Our Global Cold Storage Market study provides detailed market analysis, major players, market share analysis, competitive landscape, equipment import and export data, major buyers and suppliers, price analysis, regional and segmental analysis, supply chain analysis, distribution network, and consumer behavior, among others.
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53% of food and pharmaceutical companies will increase their cold storage capacity in the next five years
The global food and pharmaceutical industry is expected to grow at a rate of 5.8% per year until 2030, which will lead to an increase in demand for cold storage capacity. To meet this demand, companies are actively working to increase their storage capacity. There are a number of reasons why the demand for the cold storage market is increasing. As global trade becomes increasingly complex, it is important that products remain safe and protected from contaminants. Additionally, many people are health conscious and want to eat healthy foods without having to worry about contamination.
The increase in cold storage market demand may have implications for the industry. For example, facilities that provide cold storage may need to be expanded to meet increased demand. Additionally, companies that produce food or pharmaceuticals may need to invest in new cold storage facilities to meet growing demand.
By 2030, SkyQuest’s study of the cold storage market found that 53% of companies are expected to increase their cold storage capacity. The increased demand for food and pharmaceuticals, along with an increased focus on security, has led to an increased demand for cold storage space. The cold storage industry is expected to grow 12.7% per year by 2030, which is much faster than the overall economy (3.6%). Indeed, companies need a reliable and constant supply of food and pharmaceutical products, even in times of economic volatility.
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This is expected to increase the demand for chilled and frozen products, which will create opportunities for businesses in the food and beverage industry. The reason for this expansion of the cold storage market is simple: as the world becomes more and more global, more and more products are produced in different parts of the world and need to be transported quickly and safely to markets around the world.
According to SkyQuest’s study of the cold storage market, the impact of this expansion on businesses will largely depend on two factors: technological advancements and market dynamics. If advances in technology allow for new ways to store and transport products, this will help support the growth of cold storage. However, if market dynamics shift away from demand for chilled and frozen products, companies may have a harder time justifying investments in these facilities.
Rapidly growing food and pharmaceutical import and export business to drive demand for cold storage
Cold storage warehouses are experiencing a rapid growth in demand due to the increase in import and export activities. The cold storage market is expected to grow at a CAGR of 12.7% from 2022 to 2028. This growth is attributed to the growing cold storage needs of commercial and industrial establishments, as well as regulatory compliance mandates. In 2021, global trade was worth $28.5 trillion. Most of the growth has been seen in developing countries such as India, China, Brazil, Indonesia, Mexico, among others.
With the increase in global trade and the corresponding need for secure storage infrastructure, the cold storage market is booming. Here are five reasons:
- Rapid growth in import and export activity: The World Trade Organization (WTO) reports that global trade has increased by more than 50% since 1995, leading to an increase in demand for storage facilities refrigerated.
- Emergence of new countries as key players in world trade: as more and more countries emerge from economic recession and industrialize, their exports tend to increase, which in turn stimulates the demand for cold storage facilities.
- Enhanced security requirements for imported goods: In order to avoid potential security risks, environmental hazards and other issues associated with importing goods, companies in the cold storage market have increased their use of cold storage as a secure storage option.
- Reduced waste generated during production: By reducing waste during the production process, companies can save money on cold storage costs.
- Rise of green businesses: As businesses adopt greener practices, they are also looking for ways to reduce their storage and transportation costs. Cold storage offers a cost effective way to do this.
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Key players in the global cold storage market
- Lineage Logistics Holdings (USA)
- American Logistics LLC (USA)
- Nichirei Corporation (Japan)
- Kloosterboer (Netherlands)
- Tippmann Group (USA)
- The Cold Warehouse in the United States (USA)
- Henningsen Cold Storage Co. (USA)
- VersaCold Logistics Services (Canada)
- Congebac inc. (Canada)
- NewCold (Netherlands)
- Snowman Logistics Pvt Ltd (India)
- Wabash National Corporation (USA)
- Cloverleaf Cold Storage (USA)
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