Global Refrigerated Warehousing Market - 2022-2029
The global refrigerated warehousing market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
Refrigerated warehouses store products that can only be stored at certain temperatures to keep them fresh. Refrigerated storage helps eliminate bacterial, spoilage, and insect damage. Refrigerated warehousing refers to the storage of perishable commodities at low temperatures and is an important aspect of the cold supply chain. Refrigerated warehousing is linked to logistics such as refrigerated containers and refrigerated ships, which carry commodities to different locations. The growing demand for frozen foods in developed and emerging nations is a major driver of the global refrigerated warehousing market. Furthermore, with the increase in perishable product commerce in recent years, the demand for refrigerated warehousing has increased.
Increasing demand for frozen products is driving the market
The global demand for refrigerated warehousing is increasing significantly due to increased demand for frozen food products such as fish, pork, and seafood, which requires refrigerated storage for these perishable foods. Convenience food is ready-to-eat food that requires little or no additional preparation. Canned food, packaged food or meals, frozen food, preserved food, and instant products are included. The spectrum of convenience foods has expanded due to technical advancements in the food sector, including chilled, frozen, portion-controlled, microwave-able, shelf-stable, prepared-mixes, and others, propelling the market forward. The quality of products can be preserved by freezing them for long periods of time. When high-quality raw materials are used, good manufacturing procedures are applied in the preservation process, and the products are preserved at specific temperatures, frozen products' safety and nutritional quality are improved.
Furthermore, as more women enter the workforce and lifestyles change, there is an increase in global demand for frozen meals. Frozen food products are becoming more accessible as convenience retail expands in emerging economies. This is a major driver for the frozen food industry. Frozen ready meals are a huge seller, appealing to those with busy lifestyles, those attempting to lose weight, and those who live alone and don't want to cook a whole dinner, all of which contributed to the refrigerated warehousing market's growth.
Blast Freezing accounted for the highest share in the global refrigerated warehousing market
During the projection period, the blast freezing segment led the refrigerated warehousing market in terms of technology. The most versatile method for freezing seafood, meat, fruits, and vegetables is blast freezing. Blast freezers are sometimes referred to as shock freezers. The idea of this type of freezer is to very rapidly bring down the temperature of (usually) foodstuffs or fresh produce, freezing them very quickly. This technology offers enhanced bacterial control and protection, retains the nutrients in food goods, and is one of the most cost-effective solutions for keeping food products for extended periods.
Fruits and vegetables, bakery & confectionary, milk & dairy goods, meat, seafood, and drinks are the application segments of the refrigerated warehousing market. During the forecast period, the fruits and vegetable sector held the biggest market share due to rising consumer health consciousness and rising earnings, which have promoted the consumption of a wide variety of frozen and chilled items, notably fruits and vegetables. Fruits and vegetables that have been frozen have the same nutritional value as those picked at their peak freshness. Research shows that frozen fruits and vegetables are just as nutritious as their fresh counterparts. Thus, the demand for refrigerated warehousing had increased in the fruits & vegetable segment
North America is the dominating region during the forecast period.
North America is expected to dominate the global refrigerated warehousing market. This can be recognized by the growing trend of perishable foods like fruits and increasing demand in the pharmaceutical sector. Increasing demand from various end-use industries such as processed foods, bakeries, confectionery and breakfast cereals is the main factor expected to boost the refrigerated warehousing market during the forecast period. Millennials, who represent the region's large demand groups, focus on consuming convenient foods that can be eaten with minimal preparation for busy working hours. There is a great opportunity for the refrigerated warehousing market in frozen and refrigerated packaged products. The demand for ready-to-eat breakfast cereals among Canadian consumers has increased significantly, which is another factor accelerating the market for industrial gas of various food grades. Moreover, the region has the highest per capita consumption of meat products worldwide. Thus, refrigerated warehousing in the meat industry is fueling the market's growth in North America.
The global refrigerated warehousing market is fragmented, with global players fiercely competing with local and regional players and private labels. Acquisitions and mergers are two of the most important strategic initiatives market participants use. Acquisitions have increased in recent years due to the surge in demand for perishable products. A merger or acquisition can help a company achieve rapid development in a short period. Furthermore, acquisitions in the refrigerated warehousing are made to expand the customer base. Lineage Logistics, LLC signed a deal to buy Henningsen Cold Storage Co. in 2020. With the establishment of 14 facilities in Oregon, Washington, Idaho, Pennsylvania, North Dakota, and Oklahoma, the strategic actions aim to expand the network and presence in the Pacific Northwest. In 2019, the Rural Technology and Unconventional Energy agency opened a solar cooling warehouse in Kozhikode. This system was installed to preserve the coconuts and related products.
Negative impact on the global refrigerated warehousing market
The recent coronavirus outbreak hard hit the global refrigerated warehousing market. To maintain proper health throughout the pandemic, consumers are beginning to search out fresh food rather than canned food. In addition, the worldwide food supply has been impacted by the coronavirus epidemic. Its impact on the food system, particularly in China, has decreased the demand for refrigerated warehousing. The food and beverage industry are also facing many challenges, majorly due to the implementation of lockdown and restrictions on transportation. Social distancing and home maintenance orders further close restaurants and food chains, negatively impacting the refrigerated warehousing market.
However, many aspects of cold chain logistics are predicted to change as a result of the pandemic. The requirement for inventories increases when food consumption slows. As a result, the market need for refrigerated warehouses will rise. In addition, as the e-commerce industry grows, so will the demand for cold storage infrastructure
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Visualize the composition of the global refrigerated warehousing market terms of technology, temperature and application to identify major players, growth potential, and market strategies.
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PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
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The global refrigerated warehousing market report would provide an access to approximately 61 market data tables, 54 figures and 180 pages
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