Global Cold Storage Construction Market to Reach Value of USD 35.48 Billion by 2032 | Emergen Research
Rapid growth of online grocery sales in developing economies is driving global cold storage construction market growth
Vancouver, Nov. 06, 2023 (GLOBE NEWSWIRE) — The global cold storage construction market is projected to reach a market size of USD 35.48 Billion by 2032, and revenue growth is expected to be supported by a robustly expanding food and beverages industry worldwide, according to recent analysis by Emergen Research. The trend of online shopping or placing food orders, and increasing availability of a vast range of food and beverage, meats, dairy, and other perishable products through online sales channels has been increasing significantly in the very recent past. Post the COVID-19 pandemic and subsequent lockdown, consumers have been more reluctant to shop at physical brick-and-mortar stores and retail outlets, and a steadily increasing number of consumers are leveraging the safety and convenience offered by e-commerce channels, and online orders have skyrocketed to new highs as a result.
Products require to be stocked at warehouses or in refrigerated settings, from where they can be home-delivered, and potential of spoilage is resulting in rapid need and growing demand for additional cold storage warehousing space. Food processing industries are increasingly adopting advanced and more efficient cold storage facilities owing to development and introduction of more advanced technologies such as energy-efficient walls, cascade refrigeration systems, high-speed doors, and automated cranes, which is supporting changing preferences and driving demand for cold storage construction.
The need for more specialized systems in cold storage warehouses compared to conventional warehouses increases the cost of refrigerated facilities two- to three-times more. High capital investment required for the construction of these cold storage facilities can be a restraint to growth of the market to a certain extent.
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Segments Covered in Report
|Market size in 2019||USD 6.97 Billion|
|Revenue forecast in 2032||USD 35.48 Billion|
|Base year for estimation||2019|
|Quantitative units||Volume in tons, revenue in USD Thousand, and CAGR is from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Application, storage type, cold storage warehouse type, and region|
|Regional scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa|
|Country scope||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Saudi Arabia, South Africa, Turkey|
|Key companies profiled||AmeriCold Logistics LLC, Lineage Logistics, Swire Group, AGRO Merchants Group, LLC, Nichirei Logistics Group Inc., Kloosterboer, NewCold Coöperatief U.A., VersaCold Logistics Services, Tippmann Construction / Interstate Warehousing, Inc. (a Tippmann Group Company) and Frialsa Frigorificos S.A. De C.V.|
|Customization scope||10 hours of free customization and expert consultation|
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MAJOR COMPANIES and Landscape Analysis
The global cold storage construction market is moderately fragmented, with a large number of small- and medium-sized manufacturers accounting for a major share. Companies are well-equipped with manufacturing facilities and engage in various research and development activities and initiatives to develop and deploy new and more efficient technologies in the cold storage construction market. Some prominent players operating in the cold storage construction market are:
- AmeriCold Logistics LLC
- Lineage Logistics
- Swire Group
- AGRO Merchants Group, LLC
- Nichirei Logistics Group Inc.
- NewCold Coöperatief U.A.
- VersaCold Logistics Services
- Tippmann Construction / Interstate Warehousing, Inc. (a Tippmann Group Company)
- Frialsa Frigorificos S.A. De C.V.
In February 2019, Lineage Logistics, which a trusted and innovative provider of temperature-controlled logistics solutions, announced an agreement for acquiring Preferred Freezer Services, which is a global network of state-of-the-art, temperature-controlled warehouses. The strategy is expected to strengthen the company’s position in the temperature-controlled logistics industry.
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Key Highlights of Report
- The perishable food segment accounted for largest market share of 36.0% in 2019. Increasing demand for eCommerce grocery deliveries and increasing growth of online grocery deliveries and volumes has been driving need to deploy larger and more industrial-type cold storage facilities.
- Increasing demand for perishable food products among an increasing consumer base, in developed and developed economies, and rising need for additional or larger cold storage space is resulting in increasing need and deployment of cold storage construction services.
- The ports segment is expected to register significantly high revenue growth over the forecast period. Increasing cold storage construction activities and initiatives near ports in order to accommodate growing imports and exports of perishable products is expected to drive growth of this segment.
- The cold rooms segment expected to also register significant revenue growth over the forecast period. Cold rooms help to prolong the shelf life of fresh food and similar products and reduce spoilage and wastage, which is a major factor driving demand for cold rooms.
- Revenue from the market in Asia Pacific is expected to expand at a rapid rate during the forecast period. Growing middle-class population in countries in the region is supporting increasing demand for high-quality groceries supplied by online grocery channels, which is driving the need for additional cold storage construction.
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Emergen Research has segmented the global cold storage construction market on the basis of application, storage type, cold storage warehouse type, and region:
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Biopharmaceutical products
- Perishable food (Fruits & vegetables, meat & seafood, dairy products)
- Processed food
- Flowers & plants
- Storage Type Outlook (Revenue, USD Billion; 2019–2032)
- Bulk stores
- Production stores
- Cold Storage warehouse type Outlook (Revenue, USD Billion; 2019–2032)
- Refrigerated containers
- Blast freezers and chillers
- Cold rooms
- Pharmaceutical cold storage warehouse
- Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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