Refrigerated Warehousing Market to Reach $412.90 Billion, Globally, by 2031 at 12.5% CAGR: Allied Market Research

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Aug 24, 2022, 09:30 ET

Increase in demand for perishable goods and rise in need for refrigerated warehouse from major companies drive the global refrigerated warehousing market.

PORTLAND, Ore., Aug. 24, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Refrigerated Warehousing Market by Ownership (Public, Private and Semi-private), by Temperature (Chilled, Frozen), by Application (Fruits & Vegetables, Bakery & Confectionary, Dairy & Frozen Desserts, Meat & Sea Food, Drugs & Pharmaceuticals, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global refrigerated warehousing industry was accounted for $129.80 billion in 2021, and is expected to reach $412.90 billion by 2031, growing at a CAGR of 12.5% from 2022 to 2031.

Major determinants of the market growth

Rise in demand for perishable goods and surge in need for refrigerated warehouse from major companies have boosted the growth of the global refrigerated warehousing market. However, high operational cost hinders the market growth. On the contrary, adoption of advanced technologies would open new opportunities in the future.

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Covid-19 scenario:

The pandemic had a negative effect on the market as government enforced strict lockdown regulations that resulted in closure of restaurants, supermarket, and others. This, in turn, hampered the demand for refrigerated warehouse.
The pandemic led to drastic shift in consumer demand away from restaurants toward food consumed at home. This decline in demand for packaged food lowered the demand for refrigerated warehousing.

The public segment dominated the market

By ownership, the public segment held the largest share in 2021, accounting for around two-thirds of the global refrigerated warehousing market, and is projected to continue its dominance during the forecast period. This is due to increase in use of refrigerated warehousing by major companies such as Nestle, Good Humor, and Tyson. However, the private and semi-private segment is estimated to register the highest CAGR of 13.8% during the forecast period, as it is used for storage of cold food products, raw foods such as meat or vegetable, and others.

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The chilled segment to portray the highest CAGR through 2031

By temperature, the chilled segment is projected to manifest the highest CAGR of 14.3% from 2022 to 2031, as it maintains an optimal temperature for its consumption and prevent products from spoiling in the short time. However, the frozen segment held the largest share in 2021, contributing to nearly three-fourths of the global refrigerated warehousing market, and is expected to maintain its leading position throughout the forecast period. Several companies operating in refrigerated warehousing industry are expanding their operation to fulfill increasing demand for frozen food products, fueling the growth of the market.

The meat & sea food segment dominated the market

By application, the meat & sea food segment held the largest share in 2021, accounting for more than one-third of the global refrigerated warehousing market, and is expected to continue its dominance throughout the forecast period. This is due to increase in demand for meat & meat products, salmon, sardine, and shrimp and surge in consumer awareness and inclination toward organic food that are natural and do not have artificial preservatives. However, the drugs & pharmaceuticals segment is projected to manifest the highest CAGR of 15.4% during the forecast period, as different storage conditions and stringent temperature control are essential aspects of the storage of drugs and pharmaceuticals goods.

Asia-Pacific held the lion's share

By region, the global refrigerated warehousing market across Asia-Pacific dominated the market in terms of revenue in 2021, accounting for around two-fifths of the market, and is projected to dominate the market during the forecast period. Factors such as rapid frozen food production and need of refrigerated storage in pharmaceutical industry is anticipated to boost the growth of the refrigerated warehousing market in this region. In addition, rapid development of refrigerated warehouse for temperature-sensitive goods fuels the growth of the market in Asia-Pacific. However, the market across Europe is expected to register the highest CAGR of 14.1% during the forecast period, due to rise in demand for frozen food and online retail market and surge in imports of perishable commodities such as vegetables and fruits in the region.

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Major market players

AmeriCold Logistics LLC
Lineage Logistics Holding, LLC
XPO Logistics, Inc.
AGRO Merchants Group, LLC
NewCold Advanced Cold Logistics
Nichirei Logistics Group Inc.
Interstate Warehousing, Inc.
Frialsa Frigoríficos
VX Cold Chain Logistics
Burris Logistics
United States Cold Storage, Inc.
Trenton Cold Storage Inc.
Congebec Logistics Inc.
Confederation Freezers
Nor-Am Cold Storage, Inc.

The report analyzes these key players of the global refrigerated warehousing market. These players have adopted various strategies such as expansion, partnerships, new product launches, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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Similar Reports We Have on Warehousing Industry:

Warehousing and Distribution Logistics Market by Type (Air Freight, Ocean Freight, and Inland Trucking), End Use (Aerospace, Automotive, Consumer, High-Tech, Industrial, Pharma & Healthcare, Retail, and Others), and Verticals (Automotive, FMCG, Healthcare, Energy & Utilities, Industrial Machinery & Equipment, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.

Public Warehousing Market by Type (General Warehousing & Storage, Refrigerated Warehousing & Storage, and Farm Product Warehousing & Storage), Ownership (Private Warehouse, Public Warehouse, and Bonded Warehouse), and End User (Manufacturing, Consumer Goods, Retail, Food & Beverage, IT Hardware, Healthcare, Chemicals, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.

Pharmaceutical Logistics Market by Type (Cold Chain Logistics and Non-cold Chain Logistics), Component (Storage, Transportation, and Monitoring Components), Procedure (Picking, Storage, Retrieval Systems, and Handling Systems), Application (Bio Pharma, Chemical Pharma, and Speciality Pharma), and Transportation (Sea Freight, Air Freight, and Overland): Global Opportunity Analysis and Industry Forecast, 2021–2030.

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