Cold Storage Construction Market Expected to Reach $26.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cold Storage Construction Market," The cold storage construction market size was valued at $9.1 billion in 2021, and is estimated to reach $26.2 billion by 2031, growing at a CAGR of 10.6% from 2022 to 2031.

Cold storage is a building designed to store certain goods, such as foods of perishable nature. The inside space of storage is maintained at the required temperature and relative humidity. Businesses of all sizes desire to handle perishable or temperature-sensitive production. A warehouse with cold storage offers a secure location to keep the goods. In addition to serving as a place to keep goods, cold storage facilities are also an excellent means of transport. Processing, packaging, and delivery of all the goods are all capabilities of cold storage services.  

A rise in demand for cold storage construction from different industries such as the retail food industry, pharmaceuticals & healthcare industry, brewery & winery industries, chemical & processing industries, and the hospitality industry is expected to boost the cold storage construction market growth. In addition, a variety of cold storage is used depending on the type, product quantity, and the time the product needs to be stored. The varieties of cold storage are bulk cold stores, multi-purpose cold stores, small cold stores, frozen food stores, mini-units cold stores, and controlled atmosphere cold stores. All such factors are anticipated to boost the cold storage construction opportunity during the forecast period.  

Major Players have adopted acquisition and business expansion as key strategies to sustain the competition and improve their product and service portfolio. For instance, Lineage Logistics Holdings, LLC, which is the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider announced it has acquired the leading New Zealand cold storage business, Cold Storage Nelson Limited. This acquisition strengthens Lineage’s cold storage portfolio and complements Lineage’s sustainable focus.  

Furthermore, Asia-Pacific registered the highest share of the global cold storage construction market share in 2021, owing to strong economic growth, rapid urbanization, and the presence of a large population base significantly contributing toward the growth of the cold storage construction market in Asia-Pacific. Furthermore, the majority of countries in the region are spending on the construction sector for the growth of their economies.  

However, during the COVID-19 pandemic, various manufacturers in the cold storage construction market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of cold storage construction companies. In addition, a lack of manpower and raw materials constrained the supply of raw materials for cold storage construction, which negatively influenced the growth of the market. However, the reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to the re-opening of cold storage construction companies.  

KEY FINDINGS OF THE STUDY  

• The report provides an extensive analysis of the current and emerging global cold storage construction market trends and dynamics.  

• Depending on storage type, the production stores has dominated the cold storage construction market, in terms of revenue in 2021 and projected to grow at a significant CAGR during the forecast period.  

• By end-user, the food & beverage segment has registered highest revenue in 2021.  

• Asia-Pacific is projected to register highest growth rate in the coming years.  

• The key players within the global cold storage construction market overview are profiled in this report, and their strategies are analyzed thoroughly, which helps understand competitive outlook of the cold storage construction industry.  

• The cold storage construction market forecast analysis from 2022 to 2031 is included in the report.  

• In-depth global cold storage construction market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.