According to a new report published by Allied Market Research, titled, โRefrigerated Warehousing Market,” The refrigerated warehousing market was valued at $129.80 billion in 2021, and is estimated to reach $412.90 billion by 2031, growing at a CAGR of 12.5% from 2022 to 2031.
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The increased demand for refrigerated warehousing for fresh fruits and vegetables has resulted in development of new and expanded refrigerated warehousing technology and structural improvements. Several logistics companies are also opening new refrigerated warehouses to store and import/export fruits & vegetables, which supplements the growth of the segment. For instance, February 2022, Transitex, a Lisbon-based logistics operator, opened its first refrigerated warehouse in Elvas, with the initial investment of $2.03 million (EUR 2 million). The new facility will provide integrated services to fruit and vegetable exporters in Portugal and Spain.
The global refrigerated warehousing market is witnessing growth, due to increasing demand for perishable goods, and increase in refrigerated warehouse. However, high operational cost is the factor hampering the growth of the market. Furthermore, adoption of technologies by refrigerated warehousing industry is the factor expected to offer growth opportunities during the forecast period.
Covid-19 scenario:
- The pandemic had a negative effect on the market as government enforced strict lockdown regulations that resulted in closure of restaurants, supermarket, and others. This, in turn, hampered the demand for refrigerated warehouse.
- The pandemic led to drastic shift in consumer demand away from restaurants toward food consumed at home. This decline in demand for packaged food lowered the demand for refrigerated warehousing.
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Asia-Pacific is expected to dominate the global refrigerated warehousing market in 2021. Factors such as rapid production of frozen food and need of refrigerated storage in pharmaceutical industry is anticipated to boost the growth of the market in this region. In addition, continuous development of refrigerated warehouse for temperature-sensitive goods fuel the growth of the market in Asia-Pacific.
Major market players
- AmeriCold Logistics LLC
- Lineage Logistics Holding, LLC
- XPO Logistics, Inc.
- AGRO Merchants Group, LLC
- NewCold Advanced Cold Logistics
- Nichirei Logistics Group Inc.
- Interstate Warehousing, Inc.
- Frialsa Frigorรญficos
- VX Cold Chain Logistics
- Burris Logistics
- United States Cold Storage, Inc.
- Trenton Cold Storage Inc.
- Congebec Logistics Inc.
- Confederation Freezers
- Nor-Am Cold Storage, Inc.
KEY FINDINGS OF THE STUDY
- By ownership, the private and semi-private segment is anticipated to exhibit significant growth in the near future.
- By temperature, the chilled segment is anticipated to exhibit significant growth in the near future.
- By application, the drugs & pharmaceuticals segment is anticipated to exhibit significant growth in the near future.
- By region, Europe is anticipated to register the highest CAGR during the forecast period.
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