PUBLISHER: Grand View Research | PRODUCT CODE: 1363403
PUBLISHER: Grand View Research | PRODUCT CODE: 1363403
The global refrigerated warehousing market size is expected to reach USD 308.31 billion by 2030, registering a CAGR of 17.8%, according to a new report by Grand View Research, Inc.. Refrigerated warehouses are facilities used to store temperature-sensitive goods within specific temperature ranges. They avoid the spoilage of perishable goods such as pharmaceutical and food & beverage products. The COVID-19 pandemic initially created significant challenges for the refrigerated warehousing industry due to social distancing, supply chain disruptions, and labor shortages. However, the COVID-19 pandemic increased the demand for refrigerated warehouses owing to the rise in online shopping and the roll-out of COVID-19 vaccines.
Governments are partnering with companies to improve cold chain infrastructure. For instance, in April 2021, China's Chongqing Tongliang District government partnered with YCH Group, a Singapore-based supply chain company, to improve cold chain infrastructure in the region. The government will invest in the infrastructure project, comprising a refrigerated warehouse. Such initiatives are likely to boost market growth. Moreover, automation and digital transformation are growing across warehouses as businesses look to improve operational efficiency and customer satisfaction.
On the basis of type, the refrigerated warehousing industry is divided into public and private & semi-private. Public refrigerated warehouses are cost-friendlier in comparison to private & semi-private refrigerated warehouses. On the basis of application, the market is divided into food & beverages, pharmaceuticals, and others. Change in consumer lifestyle and the need to minimize food wastage is driving the growth of the food & beverages segment. At the same time, the need to comply with strict regulations is driving the growth of the pharmaceuticals segment.
The market players are collaborating to improve their offerings to customers. For instance, in June 2023, Americold Logistics, Inc. announced a collaboration with CPKC, a Canada-based railway transportation company, to provide innovative solutions for customers throughout North America. The companies aimed to build the initial facility in Kansas City, Missouri, U.S., and provide cold storage, other value-added services, and transportation services connecting Mexico and U.S. Midwest markets.
The key players are adopting different development strategies such as acquisitions, business expansion, and others to expand their presence and market share in the refrigerated warehousing industry. In June 2023, Netherlands-based NewCold announced that it started building a new refrigerated warehouse near Warsaw, Poland. The company is investing USD 121.9 million to build the state-of-the-art 27,000 square meters warehouse. It will be the company's second facility in the country, adding 94,600 pallet positions. With this expansion, the company aimed to meet Central and Eastern European customer needs.