Fort Collins, Colorado, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The Cold Storage Construction Market size was valued at USD 11.8 Billion in 2022 and is anticipated to reach USD 43.4 Billion by 2032 at a CAGR of 14.1%.
Cold storage facilities are designed to preserve perishable items such as fruits, vegetables, meat, and frozen foods. They are also utilized to store various pharmaceutical products, chemicals, temperature-sensitive tech components, and live plants during transportation. These storage spaces are essential for maintaining the quality of these products by keeping them at the required temperature.
The rising demand for perishable food items like fruits, vegetables, and meat significantly contributes to the market. People prefer consuming these food items as they are rich in nutrients and vitamins, thus providing benefits to the consumer. However, the perishable nature of these food items makes them vulnerable to spoilage. Cold storage facilities effectively reduce this risk by increasing their shelf life. Storing food products in extremely cold places slows the growth of microorganisms, reducing the rate of food spoilage. Additionally, it reduces the risk of any chemical reactions, resulting in a lower risk of food poisoning.
The global demand for frozen food is another factor contributing to the market growth. This trend is on the rise, especially post-pandemic, as more people are entering the workforce, making it difficult to prepare fresh food due to hectic work schedules. As a result, many people are consuming frozen food dishes as it adds to the convenience of consuming food by heating it whenever needed. Furthermore, with the change of lifestyle of younger generations, eating readymade food or eating out instead of cooking a fresh home meal is becoming more common, making frozen food a convenient cooking option and resulting in its growing demand.
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Segmentation Overview:
The global cold storage construction market has been segmented into storage, warehouse, end-use, and region. Bulk storage facilities are essential for storing similar products, such as seasonal items and those requiring specific temperatures. Food and beverage companies hold a significant share among the various end-users of these facilities. Since these companies deal with perishable goods, cold storage spaces help preserve the quality of their products and reduce wastage. By extending the shelf-life and preventing early decaying of food items, these storage spaces ensure that the products remain fresh and suitable for consumption for an extended period.
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Cold Storage Construction Market Report Highlights:
- The global cold storage construction market growth is anticipated at a CAGR of 14.1% by 2032.
- Cold storage facilities help preserve perishable items like food, pharmaceuticals, and tech components by keeping them at low temperatures. They reduce the risk of food spoilage and chemical reactions, making them essential in maintaining product quality. The demand for perishable and frozen food is increasing, especially post-pandemic, due to convenience and busy lifestyles.
- The need for cold storage infrastructure is on the rise in the United States, largely due to the increasing demand for frozen food and the expansion of pharmaceutical companies. As employees return to their offices and dietary preferences evolve, the demand for frozen food, particularly meat, is anticipated to experience significant growth during the projected period. This is expected to contribute to the greater need for cold storage construction. The need for cold storage infrastructure is rising in the United States, primarily due to the increasing demand for frozen food and the expansion of pharmaceutical companies. As employees return to their offices and dietary preferences evolve, the demand for frozen food, particularly meat, is anticipated to experience significant growth during the projected period. This is expected to contribute to the greater need for cold storage construction.
- Some prominent players in the cold storage construction market report include Americold Realty Trust, Hansen Cold Storage Construction, VersaCold Logistics Services, Tippmann Group, Burris Logistics, Lineage Logistics Holdings LLC, Preferred Freezer Services LLC, United States Cold Storage Inc., NewCold, Primus Builders, and others
Industry Trends and Insights:
- Tippmann Group and Cold-Link Logistics held a groundbreaking ceremony for a new state-of-the-art food-grade warehouse in Ellisville, MS. The new facility, spanning over 198,000 square feet, will provide nearly 27,000 pallet positions of frozen and refrigerated storage space. The ceremony saw the presence of approximately 100 attendees, whom Mississippi Governor Tate Reeves addressed.
- SeaCube Containers LLC acquires 200 Carrier Pods™ with Sensitech® monitoring to address the increase in demand for refrigerated storage capacity and cargo visibility for COVID-19 vaccine distribution. The systems offer deep-frozen container refrigeration performance with telematics, data analytics, and cargo monitoring capabilities. Carrier and Sensitech are part of Carrier Global Corporation.
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Cold Storage Construction Market Segmentation:
By Storage Type: Production Stores, Bulk Stores, Ports, and Others
By Warehouse Type: Private and Semi-private warehouses, and Public warehouses
By End-user: Food and Beverages, Pharmaceutical Products, Chemicals, and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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