Global refrigerated warehousing market is expected to witness high growth owing to rising organized retail sector. Refrigerated warehousing is an important part of cold supply chain and implies storing perishable goods at low temperatures. The market can be segmented on the basis of temperature ranges namely cold storage operating between 0̊ to 10̊ Celsius and frozen storage maintaining temperature below 0̊ Celsius. Refrigerated warehousing market has witness radical change in the past few years from cold storage and transportation to providing various value added services such as shipment tracking through web interfaces, specialized services and disaster recovery services. Industry vendors have started adopting energy efficient practices such as CO2 Cascade Systems wherein, two refrigerants are used to cool one another in a single refrigeration system. Increased popularity of organized retail stores coupled with rising frozen food demand has led to growing need for better storage system technology including refrigeration and providing safe food to consumers.
Refrigerated warehousing market is highly fragmented owing to presence of a number of local vendors resulting in high degree of competition in the global market. Retailers, importers, producers, wholesalers and exporters are key consumers in the refrigerated warehousing market. Technological advancements in terms of automated handling, inventory tracking and real time temperature tracking coupled with diversification initiatives such as freight transportation has further resulted in increased market rivalry. The market witnessed declining seafood storage volumes owing to low demand and direct procurement in the past few years which resulted in many small vendors exiting the competition. However, shifting consumer trend towards processed foods owing to increased convenience, rising disposable income and improving standards of living in emerging economies of China, India, Russia and Brazil is expected to drive refrigerated warehousing market growth over the forecast period. According to Global Cold Chain Alliance, global refrigerated warehousing capacity witnessed an increase of 20% from 2012 to 2014 with India, China and the U.S. accounting for the highest market share.
High energy consumption of refrigerated warehouses has resulted in increased operating costs of vendors and is expected to pose a challenge to the market players in near future. In addition, increased competition among industry participants coupled with rising cold storage demand has forced vendors to expand their facilities resulting in high barriers to entry thus deterring new entrants in the refrigerated warehousing market.
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