New York, April 18, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cold Storage Global Market Report 2023" - https://www.reportlinker.com/p06319516/?utm_source=GNW
, GEODIS, NFI Industries, Penske Logistics Inc., Confederation Freezers, Seafrigo, Trenton Cold Storage, Merchants Terminal Corporation, and Stockhabo.
The global cold storage market is expected to grow from $141.39 billion in 2022 to $161.92 billion in 2023 at a compound annual growth rate (CAGR) of 14.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cold storage market is expected to grow to $303.22 billion in 2027 at a compound annual growth rate (CAGR) of 17.0%.
The cold storage market consists of sales of compressor, condenser, evaporator and throttle valve, and other auxiliary parts.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Cold storage refers to a place or a building where perishable products are stored or kept at low temperatures for preservation. These are designed with properties that can keep food items in optimum conditions, and these properties can be adjusted according to what has been stored.
North America was the largest region in the cold storage market in 2022.Asia-Pacific is expected to be the fastest growing region in the forecast period.
The regions covered in the cold storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of cold storage are private, semi-private, and public.Private and semi-private products refer to cold storage that is owned or operated by the company that produces or owns the products kept in the warehouse used for storing purposes.
The various construction types include bulk storage, production stores, and ports, and involve several temperature forms, such as frozen and chilled. It is used in storing fruits and vegetables, dairy, fish, meat, and seafood, processed foods, pharmaceuticals, and other applications.
The rising perishable products are expected to propel the growth of the cold storage market going forward.Perishable products are those that easily deteriorate and have a short life span, which includes products such as fruits and vegetables, dairy products, pharmaceuticals, and others.
The growing trade of perishables compels the cold storage market to provide better quality products to serve their customers. For instance, according to a report published by the Food and Agricultural Organization of the United Nations in 2021, global milk production reached 906 million tonnes in 2020, which has risen approximately 0.2% from 2019. Another article by the Food and Agricultural Organization of the United Nations and the Organization for Economic Co-operation and Development, an intergovernmental organization of 38 member countries, said that total meat production in 2020 is approximately 134 megatons, which is 1.2% more than in 2019. Therefore, the rise in the trade of perishables will increase the demand for cold storage.
Advancements in technologies are a key trend gaining popularity in the cold storage market.Major companies operating in the cold storage market are using new technologies such as automation in warehouses, taller warehouses with temperature control, and others to sustain their position in the market.
For instance, in May 2021, Vertical Cold Storage, a US-based temperature-controlled and dry storage facility provider, unveiled its new cold storage facility, Vertical Cold facilities. The Vertical Cold Facilities contain the most reliable automation in the industry along with cost-effective refrigeration facilities that use green practices and improve performance through decision-making technology.
For instance, in August 2022, Lineage Logistics LLC, a US-based warehousing and logistics management company, acquired Cold Storage Nelson Limited for an undisclosed amount.This acquisition would expand Lineage’s presence in the Asia-Pacific region by using New Zealand, a significant exporter of primary products.
Customers in New Zealand will benefit from CSN’s facilities as well as Lineage’s technology and innovation as they negotiate the country’s and the world’s rising supply chain demands. Cold Storage Nelson Limited is a New Zealand-based cold storage business.
The countries covered in the cold storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cold storage market research report is one of a series of new reports that provides cold storage market statistics, including cold storage industry global market size, regional shares, competitors with a cold storage market share, detailed cold storage market segments, market trends and opportunities, and any further data you may need to thrive in the cold storage industry. This cold storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06319516/?utm_source=GNW
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