Cold Storage Construction Market Size & Share to Surpass $19.7 Billion by 2030 | Vantage Market Research
WASHINGTON, Sept. 04, 2023 (GLOBE NEWSWIRE) — As per Vantage Market Research, the Global Cold Storage Construction Market has been steadily growing over the years due to increased demand from various industries, including food and beverage, pharmaceuticals, and retail, for cold storage facilities. Cold storage facilities are crucial for preserving and transporting perishable goods that ensure their quality and safety.
According to Vantage Market Research, the global Cold Storage Construction Market is estimated to be valued at USD 19.7 Billion by 2030 and is expected to exhibit a CAGR of 11% from 2023 to 2030. The global Cold Storage Construction Market grew to USD 9.5 Billion in 2022.
The Cold Storage Construction market focuses on the design, construction, and installation of buildings specifically created for the storage and preservation of perishable goods and products that require controlled temperature environments. These buildings, also known as cold storage warehouses or refrigerated storage units, are constructed with specialized insulation, cooling systems, and other infrastructure to maintain low temperatures and stop the deterioration or spoilage of the stored goods.
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- The production stores segment led the market and accounted for more than 50.20% share of the global revenue in 2022.
- The public warehouse segment led the market and accounted for a 40.5% share of the global revenue in 2022.
- The food and beverages segment led the market and accounted for about 38.92% share of the global revenue in 2022
- The North American regional segment led the market and accounted for more than 42.6% share of the global revenue in 2022
Many industries, including food and beverage, pharmaceuticals, chemicals, and logistics, depend on the Cold Storage Construction market. Perishable goods are kept in these facilities at specific temperatures to preserve their quality and lengthen their shelf lives. For the preservation of fresh produce, frozen foods, vaccines, and delicate chemicals, cold storage is essential. Facilitating the distribution of goods and ensuring their quality and safety during transportation also contributes significantly to maintaining the value chain.
Top Companies in The Global Cold Storage Construction Market
- Versa Cold Logistics Services (Canada)
- Tippman Group (U.S.)
- Americold Logistics LLC (U.S.)
- Burris Logistics (U.S.)
- Primus Builders Inc. (U.S.)
- Lineage Logistics (U.S.)
- United States Cold Storage Inc. (U.S.)
- Preferred Freezer Services LLC (U.S.)
- Nichirei Logistics Group Inc. (Japan)
- AGRO Merchants Group LLC (U.S.)
- Swire Cold Storage (Australia)
- NewCold Advanced Cold Logistics (Netherlands)
- Emergent Cold LatAm Management LLC (U.S.)
- Hansen Cold Storage Construction (U.S.)
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Factors Affecting the Growth of the Cold Storage Construction Market
Several factors can affect the growth of the Cold Storage Construction Market industry. Some of these factors include:
- Demand for perishable goods: The demand for perishable goods like fruits, vegetables, dairy products, and meat is directly related to expanding the Cold Storage Construction market. Cold storage facilities are increasingly necessary as demand for these products rises.
- Growing international trade: As international trade grows, it calls for an effective cold storage infrastructure to preserve product quality and freshness during transportation. The market for building cold storage is expanding as a result of the need to meet the growing demand for cold chain logistics.
- Growth of organized retail chains for food: As organized retail chains gain in popularity, the need for cold storage facilities to support the supply chain rises. Cold storage facilities are needed by supermarkets, hypermarkets, and convenience stores to store and display perishable goods.
- Government regulations and safety requirements: Around the world, governments are putting into place stricter regulations and safety requirements for the transportation and storage of perishable goods. Due to the need for businesses to upgrade their facilities to meet the established standards, these regulations have an impact on the Cold Storage Construction market.
Top Trends in the Global Cold Storage Construction Market
Several noteworthy trends are happening in the Cold Storage Construction market. To increase efficiency in cold storage facilities, automated systems, and smart technologies are in high demand. With the incorporation of green building techniques like solar panel installations and energy-saving insulation materials, there is also a strong focus on energy efficiency and sustainability. There is also a shift toward building larger cold storage facilities to meet the rising demand for frozen and perishable goods. To ensure the integrity and quality of the stored goods, there is an increased emphasis on implementing stringent food safety and compliance standards while constructing cold storage facilities.
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Recent Development of the Global Cold Storage Construction Market
- On April 24, 2023, As part of the movement by refrigeration and freezer companies into Northeast Florida, Karis Cold planned to prepare more than 24 acres in Westlake Industrial Park to develop a warehouse.
- On April 4, 2023, Koch Foods intends to develop a new cold storage facility in Fairfield, Ohio, according to a county official. The Butler County Port Authority recently approved a resolution endorsing Koch Foods’ plans to demolish the Liberty Mutual structure and construct a 450,000-square-foot cold storage facility.
- On May 16, 2023, Tampa Cold Storage Logistics, a state-of-the-art refrigerated warehouse facility spanning 109,000 square feet, was opened thanks to the efforts of Sansone Group, Mandich Group, and BentallGreenOak. This cutting-edge facility, poised to revolutionize the Southeast’s cold storage market, offers businesses needing first-rate warehouse space an unrivaled opportunity.
- On March 17, 2023, West of Phoenix, a new cold storage facility that is currently under construction has been leased and will be run by Arcadia Cold Storage and Logistics. To support its national cold storage platform in U.S. markets, Arcadia will open its fourth facility in Q3 2023.
Several important factors are driving the market for building cold storage facilities. First, the market is expanding as a result of the rising demand for processed food items and the growing demand for perishable goods to be transported and stored efficiently. Additionally, there is a greater need for cold storage facilities due to the growth of the e-commerce sector and the popularity of online grocery shopping. Furthermore, companies are being compelled to invest in cutting-edge cold storage technologies by the implementation of strict food safety regulations and the requirement to reduce food waste. The market for Cold Storage Construction is expanding as a result of all these factors working together.
Numerous obstacles prevent the Cold Storage Construction market from expanding and growing. One significant barrier is the high upfront cost of constructing cold storage facilities, which can be prohibitively expensive for smaller market participants. Another difficulty is finding skilled labor and knowledge to build these specialized facilities. Furthermore, strict regulations and environmental compliance standards increase the difficulty and expense of building cold storage buildings. The final factor limiting the growth of the Cold Storage Construction market is the scarcity of suitable land for constructing these facilities in desirable locations.
As a result of the rising demand for perishable food storage and preservation, the market for Cold Storage Construction is expected to expand in a positive manner. The demand for temperature-controlled facilities for storing fresh produce, dairy goods, seafood, and medicines is being driven by changing lifestyles, urbanization, and the rise of e-commerce. The market is also growing as a result of increased global trade and the requirement for cold chain logistics. Both established businesses and recent entrants are being drawn by the market opportunities in this industry to invest in the development of cold storage facilities to meet the rising demand.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Cold Storage Construction Market Forecast Report (2023-2030).
Report Segmentation of the Global Cold Storage Construction Market
Storage Type Analysis
Production Stores are the category that rules the Cold Storage Construction market’s storage type segment. These facilities are designed to accommodate the storage requirements of businesses that produce food, like the dairy and meat processing sectors. Production Stores have plenty of room for storing raw materials, semi-finished goods, finished goods, and specialized climate control systems. For instance, a sizable meat processing facility might have a designated production area that can store thousands of carcasses and meat cuts at precise temperatures. These facilities play a crucial role in preserving product quality and lowering the possibility of spoilage during the manufacturing process.
Warehouse Type Analysis
Due to their inherent advantages, public warehouses dominate the warehouse sector of the Cold Storage Construction market. These facilities have cutting-edge technology, large storage capacities, and a wide range of customers. Public warehouses provide multiple temperature-controlled zones, allowing them to simultaneously accommodate various perishable goods. For instance, Americold, one of the biggest companies offering public cold storage, runs more than 240 warehouses all over the world. This extensive network makes it possible to store goods closer to where they will be used, cutting down on transportation costs and facilitating quicker delivery. Public warehouses also make it possible for businesses to reduce capital expenses by removing the need to construct and maintain their own storage facilities.
The food and beverage sector dominates the market for Cold Storage Construction. The rising demand for processed and packaged food products necessitates adequate storage facilities to preserve their quality and freshness. Additionally, the demand for cold storage warehouses that can hold perishable goods during transit has increased due to the rising popularity of online food delivery services. For instance, businesses like Amazon Fresh and Instacart heavily rely on cold storage facilities to meet customer demand for fresh produce. Furthermore, the development of cold storage facilities at ports and distribution centers results from the growing global trade in frozen food products.
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By Storage Type
- Production Stores
- Distribution Stores
- Bulk Stores
- Blast Freezers
- Refrigerated Containers
- Other Storage Types
By Warehouse Type
- Public Warehouses
- Private Warehouses
- Other Warehouse Types
- Food & beverages
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Scope of the Report:
|Market Size in 2022||USD 9.5 Billion|
|Revenue Forecast by 2030||USD 19.7 Billion|
|CAGR||11% from 2023 to 2030|
|Forecast Year||2023 to 2030|
|Key Players||Versa Cold Logistics Services, Tippman Group, Americold Logistics LLC, Burris Logistics, Primus Builders Inc., Lineage Logistics, United States Cold Storage Inc., Preferred Freezer Services LLC, Nichirei Logistics Group Inc., AGRO Merchants Group LLC, Swire Cold Storage, NewCold Advanced Cold Logistics, Emergent Cold LatAm Management LLC, Hansen Cold Storage Construction|
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Due to a number of important factors, North America currently dominates the global Cold Storage Construction market. In order to handle the storage and transportation of goods across these enormous distances, the significant trade activity within North America, particularly between the United States, Canada, and Mexico, necessitates extensive cold storage capacities. In order to lessen the environmental impact of these facilities, sustainability initiatives have also been incorporated into construction methods. For instance, to reduce energy use and carbon footprint, some cold storage warehouses in North America have installed solar panels, LED lighting, and high-efficiency insulation systems. To comply with strict environmental regulations, Europe, on the other hand, has been concentrating on sustainable and energy-efficient cold storage solutions. The expansion of organized retail, the rising demand for frozen food products, and the rising demand for pharmaceutical cold storage facilities are all contributing to the region’s impressive growth. For instance, with the government’s promotion of the Mega Food Parks scheme, India has seen significant improvements in the infrastructure for cold storage. Similarly, to this China has made significant investments in the development of temperature-controlled warehouses to support its sizable export and agricultural industries. The diverse and dynamic nature of the global Cold Storage Construction market is highlighted by these regional developments.
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