The invention of cold storage has solved our daily issues. These also include preserving food and healthcare equipment. There is high demand for the Cold Storage Market worldwide because many sectors depend on it.
It has come to light that the cold storage market will achieve USD 397.34 billion by 2030. It is also estimated that the cold storage market will register a CAGR of 14% between 2022 to 2030. In the year 2021, the market value of the coal storage market was around USD 122.19 billion.
This business depends on the market demand and supply of the end-user products. During the pandemic, the market has fallen, but it has again gained its position because of our dependency on processed items or products. Since the invention of this technology, it has been used by multiple sectors like retailers, manufacturers and distributors of the cold storage industry.
In the past years, the competition among cold storage industries has increased. In this competition, Lineage Logistics Holdings of US, Americold Logistics LLC of US, Nichirei Corporation in Japan, Kloosterboer of Netherlands and Tippmann Group of Us are leading in the market. Other key players in the cold storage market are India, Japan, Canada, Mexico, etc.
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The smooth supply of end-user products has increased the value of the cold storage market. This market of cold storage is divided among multiple groups. If we check these groups, we will get more insights into the global market segments of this technology – temperature type, application, region and type are the four basic segments of this market.
The type segment has been divided among refrigerated warehouses and refrigerated transport. When we discuss the temperature segments, frozen and chilled products are used widely.
The cold storage market is gaining popularity because it provides services to dairy and frozen desserts, seafood products, fish, meat, bakery, vegetables, fruits and other products which need preservations. All of them are categorized under the application segment.
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North America, Europe, Asia-Pacific, the Middle East, Africa, and South America have the leading cold storage market. Among these regions, North America has tremendous demand for cold storage industries. The USA holds a 36% share of the global market.
It is further estimated that in a few years, Mexico will be able to gain massive growth in the market of cold storage; because of rapid development in the logistic industry and network of warehouses. In the upcoming years, the Asia Pacific countries may also grow because of their increasing consumer demand.
On May 2021, a cold storage acquisition world was developed by Fort Worth in Phoenix. Americold Logistics LLC took over the market of New Jersey. It has acquired Hall’s Warehouse Corp for the same reason. It is noticed that all the major corporates are merging these days to enlarge the potential market. Americold Logistics is the 4th largest operator. From stepping in with farm food to being the 4th largest operator is very driving.
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Key Market Players:
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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