Global Cold Storage Construction Market to Reach $22.9 Billion by 2026
Mar 11, 2022, 10:40 ET
SAN FRANCISCO, March 11, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Cold Storage Construction - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 9; Released: February 2022
Executive Engagements: 456
Companies: 36 - Players covered include A M King; Americold Logistics LLC; Burris Logistics; Emergent Cold; Hansen Cold Storage Construction; Lineage Logistics Holdings LLC; Nichirei Logistics Group Inc.; Preferred Freezer Services, LLC.; Primus Builders, Inc.; Tippman Group and Others.
Coverage: All major geographies and key segments
Segments: Type (Production Stores, Bulk Stores, Ports, Other Types); Application (Food & Beverage, Pharma & Healthcare, Chemicals, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Cold Storage Construction Market to Reach $22.9 Billion by 2026
Cold storage forms and important part of the logistics supply chain. These facilities are designed to keep wide range of food, chemicals and medicine at the right temperature. Cold storage construction has received a major impetus from the COVID-19 crisis that led pharmaceutical companies to come up with novel vaccines requiring storage as well as distribution at ultra-low temperature settings. While cold storage has experienced major uptick in construction activity in the recent months, the trend goes beyond the healthcare demand and attributed to several factors, primary online grocery shopping. The demand for cold storage construction is expected to be driven by rise in demand for online grocery, wider blending of retail and industrial space, rise in food takeaways from restaurants, and rapid expansion of global vaccination efforts. With food companies expanding production in order to meet the increased demand for food products, demand for cold storage facilities is expected to remain robust in near future. With last-mile delivery gaining precedence amid the rise in e-commerce and direct-to-consumer shopping, warehouse construction near key logistics hubs has gained momentum.
Amid the COVID-19 crisis, the global market for Cold Storage Construction estimated at US$12.1 Billion in the year 2022, is projected to reach a revised size of US$22.9 Billion by 2026, growing at a CAGR of 17.2% over the analysis period. Production Stores, one of the segments analyzed in the report, is projected to grow at a 17.9% CAGR to reach US$14.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Bulk Stores segment is readjusted to a revised 16.9% CAGR for the next 7-year period. This segment currently accounts for a 26.7% share of the global Cold Storage Construction market.
The U.S. Market is Estimated at $3.2 Billion in 2022, While China is Forecast to Reach $5.4 Billion by 2026
The Cold Storage Construction market in the U.S. is estimated at US$3.2 Billion in the year 2022. The country currently accounts for a 26.43% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$5.4 Billion in the year 2026 trailing a CAGR of 20.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 14.4% and 16.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 15.1% CAGR while Rest of European market (as defined in the study) will reach US$6.3 Billion by the end of the analysis period. The US is witnessing pressing need to construct new cold storage facilities for addressing rising demand for COVID-19 vaccine rollouts and food delivery. The requirement is prompting more owners and developers to kick-start new cold storage construction projects in the country, with California being the primary destination for these projects.
Ports Segment to Reach $3.4 Billion by 2026
Cold storage facilities located in coastal markets with access to ports and in vicinity of large population centers are in high demand. In the global Ports segment, USA, Canada, Japan, China and Europe will drive the 15.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$987 Million will reach a projected size of US$2.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$601 Million by the year 2026. More
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