Cold Storage Market Size, Share & Trends Report

Cold Storage Market Size, Share & Trends Analysis Report By Storage Type (Facilities/Services, Equipment), By Temperature Range (Chilled, Frozen), By Application, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-2-68038-225-9
  • Number of Pages: 100
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2023
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the cold storage market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for cold storage market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of cold storage market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Cold Storage Market Categorization:

The cold storage market was categorized into four segments, namely storage type (Facilities/Services, Equipment), temperature range (Chilled (0°C to 15°C), Frozen (-18°C to -25°C), Deep-frozen (Below -25°C)), application (Food & Beverages, Pharmaceuticals), and region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The cold storage market was segmented into storage type, temperature range, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The cold storage market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into nineteen countries, namely, the U.S.; Canada; Mexico; the UK; Germany; France; Italy; Spain; Norway; Netherlands; Switzerland; Japan; China; India; South Korea; Singapore; Australia; Brazil; Mexico.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Cold storage market companies & financials:

The smart home market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Americold Logistics, Inc., Americold Logistics, Inc., a company specializing in temperature-controlled warehousing and transportation, conducts its operations through three main divisions: warehouse, third-party managed, and transportation. The company provides solutions tailored for producers and retailers. In a significant business move in December 2020, Americold Logistics, Inc. purchased Agro Merchants Group from a group of investors, with the deal valued at USD 1.59 billion.

  • Al Rai Logistica K.S.C , Al Rai Logistica K.S.C., headquartered in Kuwait, provides services in freight management, integrated supply chain, and contract logistics. The company has partnerships spanning regions like North America, Europe, and Asia Pacific. Its freight management services encompass air freight, projects cargo, sea freight, land transportation, packaging solutions, and stevedoring. Additionally, its contract logistics solutions comprise reverse logistics, temperature-controlled cold storage, value-added services, and warehousing & distribution. In a strategic move in 2008, Al-Rai Logistica K.S.C. took over Enkay Express (Kuwait), facilitating the integration of its freight management operations with the services of Enkay Express.

  • Agro Merchant Group LLC, Agro Merchant Group LLC, a U.S.-based company, owns and manages temperature-controlled warehouse and distribution spaces. The company’s services encompass cold storage & warehousing, packaging & value-added services, and freight forwarding & transportation. The freight forwarding & transportation services include rail, ship, truck, and air transportation to cater to distribution hubs and production locations, along with non-asset and on-demand transportation services. The value-added services include import and export product inspection and testing, case picking, pet food processing, plate freezing, and seal verification. The company operates in various regions, including Latin America, Europe, and North America.

  • Burris Logistics, Burris Logistics is a company that specializes in logistics and supply chain management services. It offers temperature-controlled warehousing and transportation services. The solutions provided by the company encompass custom retail distribution, refrigerated warehousing, freight management, and food service redistribution.

  • Barloworld Limited, Barloworld Limited, a South African industrial brand management firm, operates four divisions: Barloworld Equipment, Barloworld Handling, Barloworld Logistics, and Barloworld Automotive. As a public company, it’s listed on the Johannesburg Stock Exchange under the ticker JSE: BAW. The services provided by its logistics division encompass warehousing and distribution, supply chain management, transport solutions and management services, temperature-controlled and environmental solutions, supply chain planning, freight forwarding, rail supply chain solutions, and supply chain consulting.

  • Cloverleaf Cold Storage, Cloverleaf Cold Storage Company, a U.S.-based firm, manages cold storage facilities and food-grade ambient temperature facilities. Its offerings are divided into warehouse and processing services. Warehouse services encompass blast freezing programs, third-party sanitation audits, cross-docking, pet food processing, food-grade dry storage, order picking, and RF scanning. Processing services include boxing and freezing, heat sealing, boning, and trimming, air and water tempering, pre-pricing, and customer-specific processes. In April 2019, the company was acquired by Americold Logistics LLC.

  • Gulf Drug LLC, Gulf Drug LLC, a pharma cold storage company based in the UAE, specializes in distributing healthcare equipment and services to private businesses and the pharmaceutical industry. Initially starting as a pharmaceutical importer, it has since broadened its operations across various medical and healthcare categories. The company is structured into five business segments: medical equipment, pharmaceutical & consumer healthcare retail, pharmaceutical institutional, medical supplies & instruments, and veterinary healthcare businesses. It offers infrastructure services such as logistics & warehousing, human resource & administration, finance, and MIS management information system. In 1999, it established a medical projects department that creates turnkey medical solutions for hospitals, healthcare centers, and institutions in the UAE. Gulf Drug LLC also has a subsidiary, HospiNorm Maintenance Management, LLC, which provides a comprehensive suite of clinical solutions and technology management services to the healthcare sector in the UAE and the Middle East region.

  • Henningsen Cold Storage Company, Henningsen Cold Storage Company is a company specializing in refrigerated warehousing. It provides a range of services including temperature-controlled warehousing, production support and distribution, cold chain fulfillment, transportation management, and web-based inventory management. In addition, it offers packaging, labeling and repackaging, display module assembly, and handling of seasonal order spikes among other services. The company also manages procurement, inventory, and sourcing for packaging, components, raw materials, and finished goods, catering to both dry and refrigerated postponement and fulfillment strategies.

  • Klosterboer, Klosterboer, a company based in the Netherlands, specializes in the logistics and storage of goods that require temperature control. Their services encompass a wide range, including supply chain consulting, value-added services, temperature-controlled warehousing, logistics, border inspection points, juice processing, stevedoring, IT solutions, and storage for metals. Klosterboer operates sixteen branches across Europe, South Africa, and North America, boasting a total storage capacity of 3,500,000 cubic meters for temperature-controlled goods. The company handles the storage and transportation of both non-food and food items, such as french fries, fruit juices, fish, concentrates, and other temperature-controlled food products.

  • LINEAGE LOGISTICS HOLDING, LLC , Lineage Logistics Holding, LLC is a company that offers warehousing and logistics services to clients across different sectors. Their offerings include public warehousing facilities with temperature control for the storage of a variety of food items such as pork, beef, poultry, baked goods, fruits, vegetables, seafood, and ice cream. In addition, they operate cold chain facilities located near ports on both the East and West Coasts of the United States, catering to markets that require containerized and break-bulk services.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Cold Storage Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2017 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Cold Storage Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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