Press release
Refrigerated Warehousing Industry Is Expected To Gain An Absolute Opportunity Of US$ 96.3 Bn By 2031
Market Size and Growth
In 2022, the global refrigerated warehousing market was valued at approximately US$ 36.5 Bn. With a compound annual growth rate (CAGR) of 11.4%, the market is expected to attain a value of US$ 96.3 Bn by 2031.
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Market Drivers
1. E-commerce Expansion: The surge in online grocery shopping has heightened the need for efficient cold storage solutions to ensure the freshness of perishable goods.
2. Food Safety Regulations: Governments worldwide are enforcing strict regulations to maintain food quality, necessitating advanced refrigerated warehousing facilities.
3. Pharmaceutical Demand: The growth of the pharmaceutical sector, especially in biologics and vaccines requiring cold storage, is propelling market expansion.
4. Technological Advancements: Innovations in refrigeration systems, automation, and IoT integration are enhancing operational efficiency and reliability.
Market Challenges
1. High Operational Costs: Maintaining optimal temperatures demands significant energy, leading to elevated operational expenses.
2. Capital Intensive: Establishing and upgrading refrigerated facilities require substantial capital investment, posing barriers for new entrants.
3. Skilled Workforce Shortage: The industry faces a deficit of trained personnel adept in handling sophisticated refrigeration technologies.
4. Regulatory Compliance: Adhering to evolving food safety and environmental regulations adds complexity and cost to operations.
Market Trends
1. Automation and Robotics: The adoption of automated storage and retrieval systems (ASRS) and robotics is streamlining warehouse operations.
2. IoT and Data Analytics: Integration of IoT devices enables real-time monitoring of temperature and humidity, enhancing inventory management.
3. Sustainable Practices: The shift towards eco-friendly refrigerants and energy-efficient systems is reducing the environmental impact of cold storage.
4. Multi-Temperature Storage: Facilities are increasingly offering zones with varying temperatures to accommodate diverse product requirements.
Competitive Landscape
The market is characterized by the presence of several key players focusing on mergers, acquisitions, and technological innovations to strengthen their market position. Notable companies include:
• B.I.M.S., Inc.
• Berkshire Transportation
• Brimich Logistics
• Conestoga Cold Storage
• John Swire & Sons
• Kloosterboer
• Lineage Logistics
• RWI
• The Dexion Company
• Trenton Cold Storage
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Future Outlook
The refrigerated warehousing market is poised for significant growth, driven by technological advancements, increasing demand for perishable goods, and stringent regulatory requirements. Investments in automation, sustainable practices, and expanding cold chain networks are expected to shape the industry's future.
Key Market Study Points
• Market Size and Forecast: Understanding the current market valuation and projected growth.
• Technological Innovations: Assessing the impact of automation, IoT, and sustainable practices.
• Regulatory Landscape: Analyzing the influence of food safety and environmental regulations.
• Competitive Dynamics: Evaluating strategies adopted by key market players.
Market Segmentation
By Service Type:
• Chilled Warehousing
• Frozen Warehousing
• Blast Freezing Warehousing
By Sourcing Type:
• Third-Party Logistics (3PL) Providers
• Private & Semi-Private
• Public
By Application:
• Food and Beverages
• Pharmaceutical and Healthcare
• Chemicals
• Floral
• Others
By Industry Vertical:
• Retail
• Cosmetics
• Biotechnology
• Others
By Region:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Regional Analysis
North America: Leading the market with a 36% share in 2022, driven by advanced infrastructure and major industry players.
Europe: Accounts for over 25% of global capacity, with Germany, France, and the U.K. at the forefront.
Asia Pacific: Expected to grow at the fastest CAGR of 20.4%, fueled by rising e-commerce and pharmaceutical demand.
Latin America: Countries like Brazil, Mexico, and Argentina are emerging markets with increasing demand for cold storage solutions.
Middle East and Africa: Experiencing growth due to rising consumption of fresh and processed food products and pharmaceutical expansion.
Recent Developments
• Lineage Logistics expanded its European facility, increasing storage capacity by over 20%.
• Americold Logistics acquired two major facilities in Asia-Pacific, boosting regional capacity by 30%.
• NewCold launched a fully automated warehouse in North America, enhancing efficiency by 40%.
• Nichirei Logistics Group introduced low-energy refrigeration technology, reducing electricity consumption by 25%.
• VersaCold Logistics Services announced a 30% expansion of its North American network to meet online grocery distribution demands.
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