Global Cold Storage Market Soars to $303.2 Billion in 2027 Anticipates Remarkable Market – Forecast 2023-2027
The Business Research Company’s Cold Storage Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
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LONDON, GREATER LONDON, UK, November 14, 2023 /EINPresswire.com/ — The global cold storage market is on a trajectory of robust growth, anticipated to burgeon from $141.39 billion in 2022 to $161.92 billion in 2023, marking a notable compound annual growth rate (CAGR) of 14.5%. Despite short-term disruptions caused by the Russia-Ukraine war and ongoing challenges from the COVID-19 pandemic, the market is poised for substantial expansion, reaching an estimated $303.22 billion by 2027 at a CAGR of 17.0%.
Market Segmentation:
•By Type: Private and Semi-Private, Public
•By Construction: Bulk Storage, Production Stores, Ports
•By Temperature: Frozen, Chilled
•By Application: Fruits and Vegetables, Dairy, Fish, Meat and Seafood, Processed Food, Pharmaceuticals, Other Applications
North America Dominates Cold Storage Landscape
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Rising Perishable Product Trade Fuels Cold Storage Demand
The growth trajectory of the cold storage market is significantly influenced by the escalating trade of perishable products. Perishable goods, including fruits, vegetables, dairy, pharmaceuticals, and more, necessitate advanced storage facilities to ensure quality and longevity. Notably, global milk production reached 906 million tonnes in 2020, reflecting a 0.2% increase from 2019, according to the Food and Agricultural Organization of the United Nations. Similarly, total meat production in 2020 exceeded 134 megatons, marking a 1.2% rise from 2019. This surge in perishable trade is propelling the demand for cold storage facilities.
Key Players Steering the Cold Storage Market
The cold storage market is shaped by major players at the forefront of innovation and operational excellence. Notable industry leaders include Americold Logistics LLC, Cloverleaf Cold Storage, Burris Logistics, Tippmann Group, VersaCold Logistics Services, Henningsen Cold Storage, Kloosterboer, Lineage Logistics Holdings, United States Cold Storage, and NewCold, among others.
Technological Advancements Transforming Cold Storage Operations
Technological advancements are driving transformative trends in the cold storage market, with companies leveraging automation, taller warehouses with temperature control, and green practices to enhance operational efficiency. For instance, Vertical Cold Storage introduced Vertical Cold Facilities, incorporating reliable automation and cost-effective refrigeration practices that align with sustainable and performance-driven decision-making technology.
Lineage Logistics Expands Asia-Pacific Presence with Cold Storage Nelson Acquisition
In a strategic move, Lineage Logistics LLC acquired Cold Storage Nelson Limited in August 2022, aiming to strengthen its presence in the Asia-Pacific region, leveraging New Zealand’s role as a significant exporter of primary products. This acquisition positions Lineage Logistics to meet the rising supply chain demands in New Zealand and beyond.
Impact of Geopolitical Events on Market Dynamics
The ongoing Russia-Ukraine war and resultant geopolitical events have introduced uncertainties in the global economic landscape, affecting market dynamics. Economic sanctions, commodity price surges, and supply chain disruptions have induced inflation across sectors, posing challenges for the cold storage market to navigate.
In 2022, North America emerged as the largest region in the cold storage market, underscoring its dominance and robust market presence. Furthermore, Asia-Pacific is positioned as the fastest-growing region, signaling substantial opportunities in the forecast period. The comprehensive regions covered in the cold storage market analysis report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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Template Global Market Report 2023from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries:Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
TheCold Storage Global Market Report 2023byThe Business Research Company is the most comprehensive report that provides insights on cold storage market size, cold storage market drivers and trends, cold storage market major players, competitors’ revenues, market positioning, and market growth across geographies.The cold storage market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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