North America holds the largest portion in the Global Cold Storage Market

Posted by shanigaram karthik on March 16th, 2020

Market overview:

The global cold storage market is estimated to have a value of US$ 22.0 billion in 2020 and is expected to grow at an average annual rate of 7.6% as of 2018, reaching US$ 29.3 billion by 2025. As India and China become increasingly systematic, this trend is supposed to increase the demand for refrigeration during the forecast period. Government policies to deregulate the entry of foreign companies has increased foreign direct investment (FDI) in the retail sector of the world.

Recent developments:

In January 2018, VersaCold (Canada) opened a new distribution center in Milton, Ontario. The new center handles around 30 entries a day and 60 departures a day.

In December 2017, AGRO Merchants (USA) acquired Grocontinental Limited (United Kingdom), a refrigeration and logistics service provider. The agreement strengthened AGRO's position as a leading refrigeration and logistics provider in the United Kingdom and Ireland.

Market Drivers and Restraints:

The global cold storage market has been benefited significantly from strict regulations on the production and supply of temperature-sensitive products. The industry is preparing for unprecedented growth during the forecast period as the organized retail sector grows in emerging economies. Demand is also expected to increase further due to the automated automation of cold storage warehouses. Warehouse automation includes cloud technology, robotics, conveyor belts, truckload automation and energy management. Cold storage has become an integral part of supply chain management (SCM) by transporting and storing temperature-sensitive products.

In addition, as perishable trade-in products increases, the demand for cold storage solutions is expected to increase in the coming years. Users and suppliers of temperature-controlled packaging systems strive to reduce the environmental impact of cold chain transport. 

At the same time, the growing awareness of formal Corporate Social Responsibility (CSR) policies, strict government regulations and changing customer expectations present significant challenges in the development of cold storage systems. The lack of the necessary infrastructure to maintain a cold chain presents a considerable challenge to expand in emerging markets. Besides, the lack of electrical connections for refrigeration trailers in shipping centers and ports can hinder the market growth.

Report is segmented as:

The global cold storage market has been categorized in cold storage and cold transport by type. The need to reduce the waste of perishable food is increasing the cooling capacity in the countries of Asia Pacific.

Depending on the type of temperature, it is estimated that the refrigeration sector will have a relatively larger market share in 2018. The refrigeration sector is expected to grow due to large-scale cooling of food for conservation, extending its shelf life of days to months.

The global cold storage market has been divided into fruits and vegetables, bakery and confectionery products, dairy and frozen desserts, fish, meat and seafood, by application.

Geographical Segmentation:

North America has the largest market share in 2018 and is expected to expand even more from 2019 to 2025. The proliferation of connected devices, along with a large consumer base, is a key driver of the region's growth. Mexico, in particular, is expected to grow exponentially in North America cold storage market due to the increase in warehouse networks and the increased investment in the development of logistics infrastructure. In addition, economic growth and changes in government regulations in Mexico are expected to accelerate demand in the coming years to streamline customs programs. Countries like China in the APAC are turning to a consumer-centric economy.

Key market players:

The main players that dominated the global cold storage market are Lineage Logistic, Preferred Freezer Service, US American Cold Logistics, Burkes Logistics and Nichirei Logistics.

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Scope of the report:

The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along with this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.

The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis of prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.

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