Refrigerated Warehousing Market To Reach $308.31 Billion By 2030

Refrigerated Warehousing Market Growth & Trends

The global refrigerated warehousing market size is expected to reach USD 308.31 billion by 2030, registering a CAGR of 17.8%, according to a new report by Grand View Research, Inc. Refrigerated warehouses are facilities used to store temperature-sensitive goods within specific temperature ranges. They avoid the spoilage of perishable goods such as pharmaceutical and food & beverage products. The COVID-19 pandemic initially created significant challenges for the refrigerated warehousing industry due to social distancing, supply chain disruptions, and labor shortages. However, the COVID-19 pandemic increased the demand for refrigerated warehouses owing to the rise in online shopping and the roll-out of COVID-19 vaccines.

Governments are partnering with companies to improve cold chain infrastructure. For instance, in April 2021, China’s Chongqing Tongliang District government partnered with YCH Group, a Singapore-based supply chain company, to improve cold chain infrastructure in the region. The government will invest in the infrastructure project, comprising a refrigerated warehouse. Such initiatives are likely to boost market growth. Moreover, automation and digital transformation are growing across warehouses as businesses look to improve operational efficiency and customer satisfaction.

On the basis of type, the refrigerated warehousing industry is divided into public and private & semi-private. Public refrigerated warehouses are cost-friendlier in comparison to private & semi-private refrigerated warehouses. On the basis of application, the market is divided into food & beverages, pharmaceuticals, and others. Change in consumer lifestyle and the need to minimize food wastage is driving the growth of the food & beverages segment. At the same time, the need to comply with strict regulations is driving the growth of the pharmaceuticals segment.

The market players are collaborating to improve their offerings to customers. For instance, in June 2023, Americold Logistics, Inc. announced a collaboration with CPKC, a Canada-based railway transportation company, to provide innovative solutions for customers throughout North America. The companies aimed to build the initial facility in Kansas City, Missouri, U.S., and provide cold storage, other value-added services, and transportation services connecting Mexico and U.S. Midwest markets.

The key players are adopting different development strategies such as acquisitions, business expansion, and others to expand their presence and market share in the refrigerated warehousing industry. In June 2023, Netherlands-based NewCold announced that it started building a new refrigerated warehouse near Warsaw, Poland. The company is investing USD 121.9 million to build the state-of-the-art 27,000 square meters warehouse. It will be the company’s second facility in the country, adding 94,600 pallet positions. With this expansion, the company aimed to meet Central and Eastern European customer needs.

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Refrigerated Warehousing Market Report Highlights

• Changing food consumption patterns, such as increasing consumption of frozen food and growing online food delivery, are driving the market's growth. Moreover, innovation and adoption of advanced technologies in refrigerated warehouses provide significant growth opportunities for the market.

• The public segment is projected to grow at the fastest CAGR over the forecast period.

• The frozen (-18°C to -25°C) segment is expected to dominate the market in 2022 with a market share of 61.7% and is expanding at a CAGR of 19.0% from 2023 to 2030.

• The pharmaceuticals segment is projected to grow at the fastest CAGR of 19.7% over the forecast period.

Refrigerated Warehousing Market Segmentation

Grand View Research has bifurcated the global refrigerated warehousing market on the basis of type, temperature range, application, and region:

Refrigerated Warehousing Type Outlook (Revenue, USD Million; 2017 - 2030)

• Private & Semi-Private

• Public

Refrigerated Warehousing Temperature Range Outlook (Revenue, USD Million; 2017 - 2030)

• Chilled (0°C to 15°C)

• Frozen (-18°C to -25°C)

• Deep-frozen (Below -25°C)

Refrigerated Warehousing Application Outlook (Revenue, USD Million; 2017 - 2030)

• Food & Beverages

  • Fruits & Vegetables

  • Fruit Pulp & Concentrates

  • Dairy Products

    • Milk

    • Butter

    • Cheese

    • Ice cream

    • Others

  • Fish, Meat, And Seafood

  • Processed Food

  • Bakery & Confectionary

  • Others

• Pharmaceuticals

  • Vaccines

  • Blood Banking

  • Others

• Others

Refrigerated Warehousing Regional Outlook (Revenue, USD Million; 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • U.K.

  • France

  • Spain

  • Italy

  • Norway

  • Netherlands

  • Switzerland

  • Russia

• Asia Pacific

  • China

  • Japan

  • India

  • Singapore

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • Kingdom of Saudi Arabia (KSA)

  • UAE

  • South Africa

List of Key Market Players in Refrigerated Warehousing Market

• LINEAGE LOGISTICS HOLDING, LLC

• CONESTOGA COLD STORAGE

• Americold Logistics, Inc.

• NewCold

• Burris Logistics

• Tippmann Group

• NICHIREI CORPORATION

• United States Cold Storage

• FreezPak Logistics

• Confederation Freezers