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Farm Product Warehousing And Storage Market 2024 - By Industry Demand, Leading Players, Regional Overview And Forecast To 2033
Farm Product Warehousing And Storage Market
According to The Business Research Company's, The farm product warehousing and storage market size has grown strongly in recent years. It will grow from $91.12 billion in 2023 to $98.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to green revolution, expansion of global trade, introduction of quality standards, cold chain development, increased agricultural productivity .
The farm product warehousing and storage market size is expected to see strongly grown in the next few years. It will grow to $129.39 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to precision agriculture and iot integration, blockchain for supply chain transparency, adoption of sustainable practices, e-commerce and direct-to-consumer trends, government initiatives for food security. Major trends in the forecast period include technological advancements, smart warehousing solutions, multi-modal transportation integration, collaborations and partnerships, flexibility in storage space usage.
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Market Drivers and Trends:
The growth in the farm product warehousing and storage market can be attributed to the increasing retail penetration. Increasing retail penetration is expected to propel the growth of the farm product warehousing and storage market going forward. Retail penetration is a measure of how much a product or service is being used by customers compared to the total estimated market for that product or service. Because of the increase in customer demands for product or service, most filers purchase the products and store them in warehouses and sell them according to the demand. For instance, according to the Indian Brand Equity Foundation, an India-based export promotion agency for the year 2021, the retail industry achieved 96% of pre-COVID-19 sales in the year 2021. The Indian retail sector is valued at $2.77 billion for the year 2020. Therefore, raise in increasing retail penetration is growing demand for farm product warehousing and storage market.
Warehouse operators are now constructing multi-story warehouses in densely populated cities and expensive land spaces. A multi-story warehouse is a warehouse consisting of more than one floor designed to increase the usable floor space per square foot of land. It results in a better land utilization rate and enhances operational efficiency. Multi-story warehouses have been successful in densely populated cities predominantly in Asian countries such as China, Japan, Hong Kong, and Singapore, due to high land and construction costs, small site areas, and limited industrial land availability. Multi-story warehouses in Hong Kong average 12 floors. For instance, in September 2021, Colliers, a Canada-based diversified professional services and investment management company, launched the first multi storey warehouse in Sydney Australia, the Favco Industrial Park. The Favco Industrial Park will provide superior logistics space, with leases spanning two levels from 6,842 to 30,592 square meters. Several recessed loading docks, truck access with two-level B-Double compatibility, and extremely high internal clearance are noteworthy features. By skillfully threading a sequence of ramps, the adaptable warehouse space makes the most of the 30 m height restriction and offers seamless B-Double access to all levels. Australia's industrial warehousing demands can be more effectively managed with the help of the new multi-story warehouse.
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Major Key Players of the Market:
Archer-Daniels-Midland Company; Cargill Incorporated; CBH Group; Americold Realty Trust; Lineage Logistics Holdings LLC; AGRO Merchants Group LLC; United States Cold Storage Inc.; VersaCold Logistics Services; Burris Logistics; Cloverleaf Cold Storage Company; Preferred Freezer Services LLC; Hanson Logistics Inc.; Interstate Warehousing Inc.; Swire Cold Storage Pty Ltd; NewCold Advanced Cold Logistics; Kloosterboer Group B.V.; Oxford Cold Storage Limited; Confederation Freezers LP; Trenton Cold Storage Inc.; Emergent Cold LLC; Snowman Logistics Limited; Gruppo Marconi Logistica Integrata S.p.A.; Frialsa Frigoríficos S.A. de C.V.; Friozem Armazéns Frigoríficos Ltda.; Eurofrigo BV; Henningsen Cold Storage Co.; Richmond Cold Storage Company Inc.; Zero Mountain Inc.; CS2 Transport Ltd.; Great Lakes Cold Storage Inc.; Seafrigo USA Inc.; Stockhabo S.p.A.
Farm Product Warehousing And Storage Market 2024 Key Insights:
• The farm product warehousing and storage market size will grow to $129.39 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Increase In Retail Penetration Drives The Farm Product Warehousing And Storage Market
• Multi-Story Warehouses In Urban Landscapes
• North America was the largest region in the farm product warehousing and storage market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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