Cold Storage Construction Market to Reach $26.2 Billion, Globally, by 2031 at 10.6% CAGR: Allied Market Research

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Jan 18, 2023, 07:00 ET

Rise in the accessibility of cold storage construction installation, the increase in global traffic for perishable goods, the rise in demand for online grocery, and the rise in food takeaways from restaurants drive the growth of the global cold storage construction market.

PORTLAND, Ore., Jan. 18, 2023 /PRNewswire/ -- Allied Market Research published a 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". According to the report, the global cold storage construction industry generated $9.1 billion in 2021, and is anticipated to generate $26.2 billion by 2031, witnessing a CAGR of 10.6% from 2022 to 2031.

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Prime determinants of growth

Rise in the accessibility of cold storage construction installation, the increase in global traffic for perishable goods, the focus of various governments on improving healthcare infrastructure and insurance coverage, the rise in demand for online grocery, the wider blending of retail & industrial space, and the rise in food takeaways from restaurants drive the growth of the global cold storage construction market. Moreover, major players have adopted various strategies such as expansion and acquisition to sustain the competition and improve the product portfolio, which presents new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global cold storage construction market, owing to temporary closure of the construction of cold storage spaces during the lockdown.
However, the slowdown of the pandemic in 2021 restarted the construction of cold storage spaces, and the market recovered by the end of 2021.

The production stores segment to maintain its leadership status throughout the forecast period

Based on storage type, the production stores segment held the highest market share in 2021, accounting for nearly half of the global cold storage construction market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to tangible items protection throughout the production process including raw material, semi-finished products. However, the others segment is projected to manifest the highest CAGR of 10.8% from 2022 to 2031, due to rise in demand for frozen food stores and controlled atmosphere (CA) cold stores.

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The public warehouse segment to maintain its leadership status throughout the forecast period

Based on warehouse type, the public warehouse segment held the highest market share in 2021, accounting for more than three-fourths of the global cold storage construction market, and is estimated to maintain its leadership status throughout the forecast period, owing to rise in disposable income of masses, and introduction of favorable government policies related to the e-commerce industry. However, the private and semi-private warehouses segment is projected to manifest the highest CAGR of 10.9% from 2022 to 2031, due to rise in demand for cold storage construction to keep the food, medicine and chemicals at right temperature.

The food & beverage segment to maintain its lead position during the forecast period

Based on end user, the food & beverage segment accounted for the largest share in 2021, contributing to more than two-fifths of the global cold storage construction market, and is projected to maintain its lead position during the forecast period. This segment is expected to portray the largest CAGR of 11.0% from 2022 to 2031, owing to numerous factors such as, increase in disposable income of people, availability of a large number of food & beverage options, rise in retail shops, and rise in the e-commerce industry.

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global cold storage construction market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 11.2% from 2022 to 2031, owing to its strong economic growth, rapid urbanization, and presence of large population base.

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Leading Market Players: -

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

The report provides a detailed analysis of these key players of the global cold storage construction market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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