Vancouver, British Columbia, Feb. 08, 2021 (GLOBE NEWSWIRE) -- The global cold storage construction market is projected to reach a market size of USD 18.59 Billion by 2027 at a CAGR of 13.8%, and revenue growth is expected to be supported by a robustly expanding food and beverages industry worldwide, according to recent analysis by Emergen Research. The trend of online shopping or placing food orders, and increasing availability of a vast range of food and beverage, meats, dairy, and other perishable products through online sales channels has been increasing significantly in the very recent past. Post the COVID-19 pandemic and subsequent lockdown, consumers have been more reluctant to shop at physical brick-and-mortar stores and retail outlets, and a steadily increasing number of consumers are leveraging the safety and convenience offered by e-commerce channels, and online orders have skyrocketed to new highs as a result.
Products require to be stocked at warehouses or in refrigerated settings, from where they can be home-delivered, and potential of spoilage is resulting in rapid need and growing demand for additional cold storage warehousing space. Food processing industries are increasingly adopting advanced and more efficient cold storage facilities owing to development and introduction of more advanced technologies such as energy-efficient walls, cascade refrigeration systems, high-speed doors, and automated cranes, which is supporting changing preferences and driving demand for cold storage construction.
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The need for more specialized systems in cold storage warehouses compared to conventional warehouses increases the cost of refrigerated facilities two- to three-times more. High capital investment required for the construction of these cold storage facilities can be a restraint to growth of the market to a certain extent.
Key Highlights of Report
- In February 2019, AmeriCold Logistics LLC, which is the largest operator, and owner of temperature-controlled infrastructure and facilities globally, announced the acquisition of PortFresh Holdings, which is a privately held temperature-controlled operator that works through the port of Savannah, US.
- The perishable food segment accounted for largest market share of 36.0% in 2019. Increasing demand for eCommerce grocery deliveries and increasing growth of online grocery deliveries and volumes has been driving need to deploy larger and more industrial-type cold storage facilities.
- Increasing demand for perishable food products among an increasing consumer base, in developed and developed economies, and rising need for additional or larger cold storage space is resulting in increasing need and deployment of cold storage construction services.
- The ports segment is expected to register significantly high revenue growth over the forecast period. Increasing cold storage construction activities and initiatives near ports in order to accommodate growing imports and exports of perishable products is expected to drive growth of this segment.
- The cold rooms segment expected to also register significant revenue growth over the forecast period. Cold rooms help to prolong the shelf life of fresh food and similar products and reduce spoilage and wastage, which is a major factor driving demand for cold rooms.
- Revenue from the market in Asia Pacific is expected to expand at a rapid rate during the forecast period. Growing middle-class population in countries in the region is supporting increasing demand for high-quality groceries supplied by online grocery channels, which is driving the need for additional cold storage construction.
- Key players in the market include AmeriCold Logistics LLC, Lineage Logistics, Swire Group, AGRO Merchants Group, LLC, Nichirei Logistics Group Inc., Kloosterboer, NewCold Coöperatief U.A., VersaCold Logistics Services, Tippmann Construction / Interstate Warehousing, Inc. (a Tippmann Group Company) and Frialsa Frigorificos S.A. De C.V.
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Emergen Research has segmented the global cold storage construction market on the basis of application, storage type, cold storage warehouse type, and region:
- Application Outlook (Revenue, USD Billion; 2020–2027)
- Biopharmaceutical products
- Perishable food (Fruits & vegetables, meat & seafood, dairy products)
- Processed food
- Chemicals
- Flowers & plants
- Storage Type Outlook (Revenue, USD Billion; 2020–2027)
- Bulk stores
- Production stores
- Ports
- Others
- Cold Storage warehouse type Outlook (Revenue, USD Billion; 2020–2027)
- Refrigerated containers
- Blast freezers and chillers
- Cold rooms
- Pharmaceutical cold storage warehouse
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- Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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About Emergen Research
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