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the cold storage construction market is poised for substantial growth in the coming years, driven by increasing demand for temperature-controlled storage
WILMINGTON, DE, UNITED STATES, January 13, 2025 /EINPresswire / -- Allied Market Research recently unveiled its report titled, "Cold Storage Construction Market by Storage Type (Production Stores, Bulk Stores, Ports, Others), by Warehouse Type (Private and Semi-Private Warehouse, Public Warehouses), by End User (Food and Beverages, Pharmaceuticals, Chemicals, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." The report reveals that the global cold storage construction industry generated $9.1 billion in 2021 and is expected to reach $26.2 billion by 2031, growing at a CAGR of 10.6% from 2022 to 2031.
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Prime Determinants of Growth
The global cold storage construction market is witnessing significant growth due to several key factors. The increased accessibility to cold storage installation, rising global traffic for perishable goods, and government initiatives aimed at improving healthcare infrastructure are primary drivers. Additionally, the growing demand for online grocery shopping, expansion of retail and industrial space, and increased food takeaways from restaurants are propelling market expansion. Furthermore, prominent players are adopting strategies like expansion and acquisitions to maintain competitiveness and enhance their product offerings, creating new opportunities in the near future.
The COVID-19 pandemic initially hampered the cold storage construction market due to the temporary shutdown of construction activities during lockdowns. However, as the pandemic subsided in 2021, construction projects resumed, enabling the market to recover by the year's end.
Segment Analysis
The Production Stores Segment to Maintain Leadership
By storage type, the production stores segment dominated the market in 2021, accounting for nearly half of the total market share. This dominance is attributed to the critical role production stores play in protecting tangible items during various production stages, including raw materials and semi-finished products. The segment is projected to continue leading throughout the forecast period. Meanwhile, the "others" segment is expected to register the highest CAGR of 10.8% from 2022 to 2031, driven by increased demand for frozen food storage and controlled atmosphere (CA) cold stores.
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Public Warehouses Lead the Market
In terms of warehouse type, public warehouses accounted for more than three-fourths of the market share in 2021. This segment is projected to maintain its leadership status throughout the forecast period, driven by rising disposable incomes and favorable government policies supporting the e-commerce sector. Conversely, the private and semi-private warehouses segment is anticipated to grow at the highest CAGR of 10.9% from 2022 to 2031, owing to increased demand for temperature-controlled storage solutions for food, pharmaceuticals, and chemicals.
Food & Beverage Segment to Dominate
Based on end user, the food & beverage segment contributed over two-fifths of the total market revenue in 2021. It is expected to maintain its lead position and register the highest CAGR of 11.0% from 2022 to 2031. This growth is driven by rising disposable incomes, the availability of diverse food and beverage options, the proliferation of retail stores, and the expansion of the e-commerce industry.
Regional Insights
Asia-Pacific: The Dominant Region
Asia-Pacific emerged as the leading region in 2021, holding nearly two-fifths of the total market share. The region is expected to continue its dominance and exhibit the fastest CAGR of 11.2% during the forecast period. Factors contributing to this growth include rapid economic development, urbanization, and a large population base in countries such as China and India.
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Leading Market Players
Prominent players in the cold storage construction market include:
VersaCold Logistics Services
Tippmann Group
Americold Realty Trust
Burris Logistics
Primus Builders, Inc.
Emergent Cold LatAm Management LLC
NewCold
Lineage Logistics Holdings, LLC
United States Cold Storage, Inc.
Hansen Cold Storage Construction
David Correa
Allied Market Research
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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.