Refrigerated warehouse is one such service that enables the optimum administration of cold chain in storing or transporting products. These warehouses offer an extensive range of temperature to preserve a range of products such as fish, meat, poultry, confectionary, dairy products and among others. Frozen food products like ice creams, frozen dinners, and frozen fruits & vegetables require refrigerated warehousing for storage. However, consumers are primarily considering the frozen food as an alternative to fresh & home cooked food or canned food. Additionally, an increasing number of hypermarkets & supermarkets in developing nations coupled with increasing number of food & beverage companies are producing a variegated range of unpreserved food items or frozen food, are few factors driving the market growth.
As per study, “Refrigerated Warehousing And Storage Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global refrigerated warehousing & storage market include Lineage Logistics; Americold Logistics; Preferred Freezer Services; Agro Merchants, John Swire and among others. The leading players have started adopting various energy efficient practices such as CO2 Cascade Systems where, two refrigerants are utilized to cool one another in the single refrigeration system. Furthermore, increase in competition among industry participants along with rising cold storage demand has forced players to expand their facilities resulting in high barriers to entry consequently deterring new entrants in the refrigerated warehousing & storage market.
Based on type, refrigerated warehousing & storage market is segregated into frozen storage and cold storage. In addition, based on application type, market is segregated into bakery & confectionery, meat, seafood, milk & dairy products, fruits & vegetables, beverages and others. The fruits & vegetable segment is likely to dominate the global market due to growth in health-consciousness among consumers coupled with rise in disposable incomes which have augmented the consumption of an extensive variety of frozen & chilled products, mainly fruits & vegetables during the forecast period.
The refrigerated warehousing & storage market is driven by rise in demand for food safety & consistency, followed by growth in consumer demands for perishable foods and increase in number of food & beverage companies. However, high energy consumption & cost of infrastructure may impact the market. Additionally, rise in adoption of fuel cell-based forklifts in refrigerated warehouses and growth in popularity of organized retail stores are leading opportunities for market. Moreover, rapid urbanization & automation in refrigerators is a key trend for market. Furthermore, lack of infrastructure support from the emerging countries is a major challenge for global market.
Based on geography, the Asia-pacific is a leading region in global refrigerated warehousing & storage market owing to rapid urbanization & expansion of retail channels across the region. The major countries that contribute considerably to the growth of the Asia-Pacific region are India, China, Japan, and Australia. The North-America and Europe regions are estimated to witness higher growth rate due to rise in demand for frozen food over the forecast period.
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Ankur Gupta, Head Marketing & Communications