PUBLISHER: The Business Research Company | PRODUCT CODE: 1409431
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409431
“Frozen Storage Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on frozen storage market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for frozen storage? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The frozen storage market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Frozen storage denotes the preservation of diverse products, including vegetables, seafood, fruits, and more, at temperatures below 32°F within specialized cold storage facilities. These units are designed specifically for preserving food items, ensuring their nutritional value and freshness are maintained.
The primary classifications of frozen storage encompass private, semi-private, and public categories. Private and semi-private facilities are typically owned by large retailers, serving as spaces to stockpile inventory in large quantities. These warehouses encompass various construction types, including bulk storage, production stores, and ports, tailored for specific applications such as dairy, processed food, fruits and vegetables, seafood, meat, pharmaceuticals, and other related industries.
The frozen storage market research report is one of a series of new reports from The Business Research Company that provides frozen storage market statistics, including frozen storage industry global market size, regional shares, competitors with a frozen storage market share, detailed frozen storage market segments, market trends and opportunities, and any further data you may need to thrive in the frozen storage industry. This frozen storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The frozen storage market size 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 size 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. Perishable products, including fresh vegetables, fruits, frozen foods, and pharmaceutical items, require refrigeration or cold storage to prevent spoilage. The need for frozen storage facilities is expected to rise in tandem with the increased demand for these products. 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. E-commerce, involving online buying and selling, has witnessed a rise in online grocery shopping, leading to an increased demand for cold storage space. 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. Strategic investments in this context involve purposeful allocation of capital and resources to enhance the capacity, technology, and geographical coverage of cold storage facilities. These investments may encompass the construction of new facilities, adoption of cutting-edge technologies, and development of specialized storage solutions to meet evolving customer needs. 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 Sørensen is a Denmark-based operator of cold and freezer storage facilities.
Major companies operating in the frozen storage market report are 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 .
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.
The frozen storage market includes revenues earned by entities by providing facility to store dry fruits, and pharmaceutical drugs. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.