The global refrigerated warehousing market is expected to witness high growth owing to the rising organized retail sector. Refrigerated warehousing is an important part of the 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 witnessed a 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. The increased popularity of organized retail stores coupled with rising frozen food demand has led to a growing need for better storage system technology including refrigeration and providing safe food to consumers. The refrigerated warehousing market is highly fragmented owing to the presence of a number of local vendors resulting in a high degree of competition in the global market. Retailers, importers, producers, wholesalers, and exporters are key consumers in the market.
Technological advancements in terms of automated handling, inventory tracking, and real-time temperature tracking coupled with diversification initiatives, such as freight transportation, have further resulted in the 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 trends 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 market growth over the forecast period. According to the 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 the 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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FDA, in particular, has relaxed the nutrition labeling of products which is expected to aid in increasing the distribution of packaged foods by restaurant operators leading to the optimum supply chain of products to consumers. Furthermore, food safety testing and processing industries are expected to function at full capacity owing to consumers stock-piling goods during the COVID-19 lockdown. The report will account for Covid19 as a key market contributor.