Westford, USA, Sept. 13, 2022 (GLOBE NEWSWIRE) -- With a global population expected to reach 9.7 billion by 2050, one could imagine the increase in food needs. Yet, due to climate change and other factors, it is becoming more difficult for farmers to produce crops in certain parts of the world. In order to keep food storage viable and affordable for consumers, businesses are turning to cold storage as an option. This, in turn, is projected to drive the growth of the global cold storage market.
When food is stored in a cold environment, it can last up to three times as long as when it is 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 expenses related to food spoilage. Additionally, storing foods in colder temperatures can add cultural significance by preserving traditional foods and recipes.
As per SkyQuest analysis, businesses in the global cold storage market have become of the opinion that now is a great time for them to invest in cold storage facilities since there is high demand for them. By taking advantage of technological advancements and understanding consumer needs, businesses are increasing paying attention to ensuring that they are able to meet the growing demand for cold storage while staying compliant with safety regulations.
Our study on global cold storage market provides a detailed market analysis, top players, market share analysis, competitive landscape, import and export data on equipment, top buyers and suppliers, pricing analysis, regional and segmental analysis, supply chain analysis, distribution network, and consumer behavior, among others.
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53% Businesses in Food and Pharmaceuticals to Increase their Cold Storage Capacity within the Next Five Years
The global food and pharmaceutical industry are projected to grow at a rate of 5.8% per year until 2030, resulting in a surge in the demand for cold storage capacity. To meet this demand, businesses are actively working to increase their storage capacity. There are a number of reasons why the demand for cold storage market is increasing. With global trade becoming more complex, it is important that products remain safe and protected from contaminants. In addition, many people are concerned about their health and want to eat healthy foods without having to worry about contamination.
The increase in the demand for cold storage market may have some consequences for the industry. For example, facilities that provide cold storage may need to expand in order to meet the increased demand. In addition, companies that produce food or pharmaceutical products may need to invest in new cold storage facilities in order to keep up with the growing demand.
By 2030, SkyQuest study on cold storage market found that 53% of businesses are expected to increase their cold storage capacity. Increased demand for food and pharmaceuticals, as well as the increased focus on safety, has led to an increased demand for cold storage space. The cold storage industry is expected to grow by 12.7% annually between now and 2030, which is much faster than the overall economy (3.6%). This is because businesses require a reliable and consistent supply of food and pharmaceuticals, even in times of economic volatility.
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This is likely to increase demand for chilled and frozen products, which in turn, 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 increasingly globalized, more and more products are being produced in different parts of the world and need to be transported quickly and securely to markets across the globe.
As per SkyQuest study on 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 enable new ways to store and transport products, then that will help to support growth in cold storage facilities. However, if market dynamics shift away from demand for chilled and frozen products, then businesses may find it harder to justify investment in these facilities.
Rapid Growth in Import and Export Activities of Food Items and Pharmaceutical to Drive Demand for Cold Storage
Cold storage facilities are witnessing rapid growth in demand owing to the increasing import and export activities. The cold storage market is estimated to grow at a CAGR of 12.7% from 2022 to 2028. This growth is attributed to the increasing needs for cold storage among commercial and industrial establishments, as well as regulatory compliance mandates. In 2021, global trade accounted for $28.5 trillion. Most of the growth was observed in developing countries such as India, China, Brazil, Indonesia, Mexico, among others.
With increasing global trade and the corresponding need for a secure storage infrastructure, the cold storage market is booming. Here are five reasons why:
- Rapid growth in import and export activities: The World Trade Organization (WTO) reports that global trade has increased by more than 50% since 1995-leading to an increase in the demand for cold storage facilities.
- Emergence of new countries as key players in global trade: As more countries emerge from economic recession and become more industrialized, their exports tend to increase, which in turn drives demand for cold storage facilities.
- Enhanced security requirements for imported goods: In order to avoid potential safety risks, environmental hazards, and other issues associated with importing goods, businesses in the cold storage market have increased their reliance on cold storage as a secure storage option.
- Reduction of waste generated during production: By reducing waste during the production process, businesses can save money on cold storage costs.
- Rise in Green Businesses: As businesses adopt greener practices, they are also looking for ways to reduce their storing and transportation costs. Cold storage offers a cost-effective way to do this.
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Top Players in Global Cold Storage Market
- Lineage Logistics Holdings (US)
- Americold Logistics LLC (US)
- Nichirei Corporation (Japan)
- Kloosterboer (Netherlands)
- Tippmann Group (US)
- The United States Cold Storage (US)
- Henningsen Cold Storage Co. (US)
- VersaCold Logistics Services (Canada)
- Congebac Inc. (Canada)
- NewCold (Netherlands)
- Snowman Logistics Pvt Ltd (India)
- Wabash National Corporation (US)
- Cloverleaf Cold Storage (US)
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