NEW YORK, Dec. 11, 2023 /PRNewswire/ — According to Technavio, the global cold storage market size is estimated to grow by USD 118.3 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 13.47% during the forecast period. However, the growth momentum will progress. By geography, the global cold storage market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global cold storage market. APAC is estimated to account for 45% of the growth of the global market during the forecast period. The market in APAC is expected to grow due to the extensive presence of both food and healthcare product suppliers and consumers. With the rise in disposable income and the geriatric population in countries such as Japan and China, the expenditure on healthcare in this region is experiencing strong growth. This increases the demand for temperature-controlled healthcare products such as biopharmaceuticals, vaccines, and clinical trial materials. For more Insights on market size Request a sample report
Global cold storage market – Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers–
- Bargaining power of buyers
- The threat of new entrants
- Threat of rivalry
- Bargaining power of suppliers
- Threat of substitutes
- Interpretation of porter’s five models helps to strategize the business, for entire details – buy the report!
Global cold storage market – Customer Landscape
The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global cold storage market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on end-user (Meat and seafood, Fruits and vegetables, Bakery and confectionery, Dairy and frozen products, and Others), and type (Private, semi-private, and Public).
- The meat and seafood segment will grow at a significant rate during the forecast period. Meat and seafood are highly nutritious food when their quality is preserved. However, the shelf life of such foods is limited, and hence, they require refrigeration to retain their quality. The use of cold chains helps retain the quality and nutrition of such foods. Meat and seafood have different temperature requirements for storage in a cold chain process. Such factors will increase segment growth during the forecast period.
Global cold storage market – Market Dynamics
Key factor driving market growth
- The rising awareness about reducing the wastage of food is the key factor driving the global chilled storage market.
- Food waste is a major problem worldwide. Most of the food waste is due to the lack of proper storage facilities.
- Typically, perishable foods move through the supply chain at different temperatures, which sometimes leads to food spoilage and waste. To solve this problem, the Chinese government is focusing on solutions to reduce food waste and extend the shelf life of perishable foods.
- There is a need for better storage worldwide, owing to global population growth and high food wastage; the storage will aid in tackling the problem of food insecurity as it offers a stable environment for food products throughout the supply chain.
- Thus, the growing awareness of reducing food wastage will increase the demand for storage facilities, which in turn will propel the growth of the market in focus during the forecast period.
Leading trends influencing the market
- The use of fuel cell-based forklifts in refrigerated warehousing to increase productivity and save space is the primary trend in the global chilled storage market.
- Fuel cell-based forklifts use hydrogen in an electrochemical reaction to produce non-burning energy, with electricity, heat, and water as by-products.
- This fuel cell-based technology is finding its way into various applications such as strollers. One of the great advantages of using fuel cell-based forklifts is that they work optimally even at low temperatures of storage.
- In addition, the use of fuel cell-based technology can help warehouse operators save high-value space in warehouses, which is generally occupied by battery charging stations and batteries.
- Changing the battery in a forklift requires around 10-20 minutes, whereas hydrogen refueling in a fuel cell-based forklift takes around five minutes. Thus, such trends will positively impact the growth of the global storage market during the forecast period.
Major challenges hindering market growth
- Seasonal demand for refrigerated products leads to capacity-related issues is a major challenge to the global chilled storage market.
- Seasonal demand for cold products such as ice cream, which are typically consumed during summer or hot seasons, increases the need for cold chain solutions such as storage to store products during those times.
- However, if the demand for these products decreases in the winter or cold season, the need for cold solutions also decreases. Therefore, the income of suppliers of cold solutions varies from season to season, which is a challenge for the seller.
- The refrigerated storage of fresh produce is dependent on the harvest season.
- After the harvest season is over, the amount of corn that requires storage falls, thus lowering the occupancy rates and revenues for operators of refrigerated warehouses and market vendors. such issues will hamper the growth of the market during the forecast period.
What are the key data covered in this cold storage market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the cold storage market between 2023 and 2027
- Precise estimation of the size of the cold storage market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the cold storage market industry across APAC, North America, Europe, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of cold storage market vendors
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by End-User
- Market Segmentation by Type
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
