Cold Storage Market size is set to grow by USD 145.71 billion from 2024-2028, Rising awareness about reducing wastage of food to boost the market growth, Technavio

NEW YORK, May 29, 2024 /PRNewswire/ -- The global cold storage market size is estimated to grow by USD 145.71 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 13.83% during the forecast period.

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Key Market Trends Fueling Growth

Fuel cell technology is revolutionizing the cold storage market by powering optimally performing forklifts in low temperatures. These forklifts, using hydrogen in an electrochemical reaction, generate combustion-free energy, saving valuable warehouse space.

Compared to battery-powered forklifts, which can only function for 3-6 hours less in cold temperatures, fuel cell-based forklifts can operate efficiently even in temperatures as low as -30 degrees Celsius. Additionally, refueling a hydrogen-powered forklift takes only five minutes, saving over 120 hours in lost productivity per forklift. This efficiency translates to significant growth in the global cold storage market.

The market for cold storage solutions is experiencing significant growth due to increasing demand for perishable goods preservation. Companies are investing in advanced technology such as automated temperature control and remote monitoring systems.

The use of renewable energy sources in cold storage facilities is also a trending topic. Additionally, the rise of e-commerce and online food delivery services has boosted the need for efficient cold storage logistics. Furthermore, the adoption of cryogenic technology for long-term storage of various industries' waste is another trend. Overall, the cold storage market is expected to continue its upward trajectory in the coming years.

Market Challenges

• The cold storage market experiences seasonal fluctuations due to the demand for refrigerated products. During the summer and warmer seasons, the need for cold storage solutions increases for storing ice creams and other seasonal produce. Conversely, during the winter and cold seasons, the demand for cold storage decreases.
• Harvest seasons, such as October-November, impact the demand for cold storage for fresh agricultural products. The holiday season, from November to January, witnesses high demand for meat and other grocery items, necessitating increased inventory and cold storage usage. Vendors mitigate these seasonal demand risks by adjusting offerings and international vendors balance seasonality through global operations.
• The cold storage market faces several challenges in the implementation and operation of these facilities. One major challenge is the high energy consumption required to maintain low temperatures. Another challenge is the cost of constructing and maintaining these structures, which can be significant. Additionally, the location of cold storage facilities is crucial, as they must be close to production and distribution centers to minimize transportation costs.
• Furthermore, the use of new technologies, such as refrigerants with lower global warming potential, is essential to reduce the environmental impact of cold storage. Lastly, ensuring the proper handling and storage of perishable goods is a constant challenge, as any mishandling can lead to significant losses for businesses.

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Segment Overview

1. Application
• 1.1 Meat and seafood
• 1.2 Fruits and vegetables
• 1.3 Bakery and confectionery
• 1.4 Dairy and frozen products
• 1.5 Others
2. Type
• 2.1 Private
• 2.2 semi-private
• 2.3 Public
3. Geography
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Meat and seafood- The meat and seafood segment dominates the global cold storage market due to the need to preserve their quality and nutritional value. Cold storage maintains specific temperature requirements for fresh and frozen meat and seafood, extending their shelf life and consumer preference. With rising meat consumption and the growing demand for convenient and healthy food options, the market for frozen meat and seafood is expanding. Major players in the meat industry offer frozen products, increasing the need for cold storage infrastructure. This trend is expected to continue, boosting the growth of the global cold storage market.

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Research Analysis

In the organized retail sector, strict regulations govern the handling and storage of perishable products such as fish, meat, and food items. Cold storage technology plays a crucial role in maintaining the quality and freshness of these goods, reducing food waste and spoilage. Conveyor belts and robots are employed in modern cold storage facilities for efficient energy management and streamlined operations.

The Chinese government recognizes the importance of low-carbon designs in the cold storage market, as population expansion and excessive food waste place increasing demands on storage facilities. Battery charging stations and forklift battery replacement systems are essential components of these facilities, ensuring uninterrupted operations.

Market Research Overview

The Cold Storage Market encompasses the production, sales, and supply of technologies and services required for maintaining low temperatures to preserve perishable goods. These facilities are essential for various industries such as food and beverage, pharmaceuticals, and chemical manufacturing. The market is driven by factors like increasing demand for temperature-sensitive products, advancements in technology leading to energy-efficient solutions, and stringent regulations for food safety.

Additionally, the growing trend towards online food delivery and e-commerce is fueling the need for larger cold storage capacities. The market is segmented based on capacity, application, and region. The use of automation and IoT technologies in cold storage systems is also gaining traction, offering benefits like improved efficiency and reduced energy consumption.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Meat And Seafood
• Fruits And Vegetables
• Bakery And Confectionery
• Dairy And Frozen Products
• Others
• Type
• Private
• Semi-private
• Public
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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SOURCE Technavio