(MENAFN- GlobeNewsWire - Nasdaq) Dublin, May 07, 2024 (GLOBE NEWSWIRE) -- The "Frozen Storage Global Market Report 2024" report has been added to ResearchAndMarkets's offering.
The frozen storage market has grown strongly in recent years. It will grow from $134.65 billion in 2023 to $146.85 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The expansion observed during the historical period can be attributed to shifts in consumer lifestyles and dietary preferences, the impact of globalization on supply chain dynamics, the proliferation of quick-service and frozen food retailers, seasonal spikes in demand for frozen products, as well as the ongoing trend of increased urbanization and the pursuit of convenience.
The frozen storage market is expected to see strong growth in the next few years. It will grow to $205.62 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. Anticipated growth in the upcoming period can be linked to the proliferation of e-commerce within the grocery and food delivery sectors, the surge in health and wellness trends, advancements in technology within cold chain logistics, the global expansion of food supply chains, and an increased emphasis on maintaining food safety and quality standards. Major anticipated trends during this forecasted period encompass the continued evolution of e-commerce and online grocery platforms, the globalization of food supply chains, a focus on stringent health and safety standards, the demand for customizable and scalable solutions, and the ongoing impact of urbanization, specifically in the realm of convenience foods.
The surging demand for perishable products is anticipated to drive the expansion of the frozen storage market in the foreseeable future. For example, in June 2021, the Australian Bureau of Statistics reported a 3% annual increase in revenue generated by perishable goods in 2021. The revenue for perishable goods in January 2020 stood at 7.4%, whereas it reached 9% in the year 2021. Consequently, the growing demand for perishable products is a key driver of the frozen storage market's growth.
The expanding e-commerce sector is poised to contribute to the growth of the frozen storage market in the future. In September 2022, the International Trade Administration noted that consumer eCommerce constituted 30% of the UK's overall retail sector, with an annual e-commerce revenue exceeding $120 billion. Additionally, in July 2022, the Chartered Professional Accountants of Canada predicted growth in the Canadian grocery industry post-pandemic, with 22.2% of Canadians planning to buy online regularly. The trend of ordering online for curbside or in-store pick-up is also gaining momentum. Hence, the flourishing e-commerce sector is a driving force behind the growth of the frozen storage market.
Technological innovation emerges as a prominent trend gaining traction in the frozen storage market. Leading companies in the industry are adopting new technologies to maintain their market positions. For instance, in October 2021, Quantum Corporation, a US-based technology and service provider, introduced ActiveScale Cold Storage - a groundbreaking technology for cold storage. ActiveScale technology combines advanced object store software with hyper-scale tape technology, offering cost-effective, secure, and highly durable storage for archiving cold data. The two-dimensional erasure coding (2D EC) software encrypts data across tapes, tape drives, libraries, and geographically distributed data centers, ensuring industry-leading data access performance, durability, and storage efficiency.
Prominent players in the frozen storage market are strategically investing to broaden their geographic footprint and secure a competitive advantage. In October 2023, RealCold, a New Zealand-based cold chain solutions company, unveiled plans to construct two state-of-the-art cold storage facilities in the Southern United States as part of its national cold chain platform launch. These facilities are integral to addressing an underserved demand in the industry by offering cold chain services through a network of additional storage facilities. The first project, located in Lakeland, Florida, will span 376,000 square feet with approximately 43,000 pallet locations. The second project, situated in Lockhart, Texas, involves building a 310,000-square-foot facility initially capable of housing more than 36,000 pallets. RealCold's distinctive service offerings, combined with these mission-critical sites, align with the company's strategic objectives based on the fundamental shift in customer buying behaviors toward online and grocery delivery.
In November 2021, Lineage Logistics Holdings LLC, a US-based logistics company, completed the acquisition of the cold storage division of Claus Sorensen Group for an undisclosed amount. This strategic move is aimed at expanding Lineage Logistics Holdings LLC's presence in the Nordic region, solidifying its position as a global leader in temperature-controlled logistics. The acquisition also aligns with the company's sustainability goals by offering more efficient and sustainable cold storage solutions. Claus Sorensen is a Denmark-based operator of cold and freezer storage facilities.
North America was the largest region in the frozen storage market in 2023. The regions covered in the frozen storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the frozen storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Scope
Markets Covered:
1) By Warehouse Type: Private and Semi-private; Public
2) By Construction: Bulk Storage; Production Stores; Ports
3) By Application: Processed Food; Fruits and Vegetables; Fish, Meat, and Sea Food; Pharmaceuticals; Other Applications
Key Companies Mentioned: Americold Logistics Inc.; Lineage Logistics Holdings LLC; Burris Logistics Company; Barloworld Limited; Henningsen Cold Storage Co.
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes, but is not limited to:
Americold Logistics Inc. Lineage Logistics Holdings LLC Burris Logistics Company Barloworld Limited Henningsen Cold Storage Co. Wabash National Corporation Nichirei Corporation AGRO Merchants Group LLC United States Cold Storage Inc. Kloosterboer Group B.V. Tippmann Group VersaCold Logistics LLC John Swire & Sons Ltd. Consolidated Transfer & Warehouse Co. Inc. Swire Cold Storage Pty. Ltd. The Schwan Food Company Congebec Logistics Inc. Interstate Warehousing Inc. Frialsa Frigorificos S.A. De C.V. Conestoga Cold Storage Ltd. Oxford Express Private Limited Zero Mountain Inc. Montague Cold Storage Pty Ltd. Bring Frigo SL Confederation Freezers Trenton Cold Storage Inc. Nor-Am Cold Storage Superfrio Logistica Frigorificada FreezPak Logistics METCOLD Supply Network Management Limited Friozem Armazens Frigorificos Ltda. Magnavale Ltd. Vertical Cold Storage ColdPoint Logistics LLC Preferred Freezer Services LLC Gruppo Marconi Logistica Integrata Hanson Logistics Ltd. Agri-Norcold A/S
For more information about this report visit
About ResearchAndMarkets
ResearchAndMarkets is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
CONTACT: CONTACT: ResearchAndMarkets Laura Wood,Senior Press Manager ... For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
MENAFN07052024004107003653ID1108184176
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.