The Frozen Storage by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033)
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According to The Business Research Company’s Frozen Storage, The frozen storage market size has grown strongly in recent years. It will grow from $134.65 billion in 2023 to $146.85 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to changing consumer lifestyles and dietary habits, globalization and supply chain dynamics, rise in quick-service and frozen food retailers, seasonal demand for frozen products, increased urbanization and convenience.
The frozen storage market size is expected to see strong growth in the next few years. It will grow to $205.62 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to expansion of e-commerce in grocery and food delivery, health and wellness trends, technological innovations in cold chain logistics, globalization of food supply chains, focus on food safety and quality.. Major trends in the forecast period include e-commerce and online grocery, globalization of food supply chains, health and safety standards, customization and scalability, urbanization and convenience foods.
The rising demand for perishable products is expected to propel the growth of the frozen storage market going forward. Perishable products refer to those food items that get spoiled or damaged if not stored at 40 °F or below, or not frozen at 0 °F or below. Perishable food items such as fresh vegetables, fruits, frozen foods, pharmaceutical products, and others are refrigerated or kept in cold storage to reduce the rate of food deterioration. Hence, the rise in demand for perishable products will required frozen storage facilities to keep them safe, which will increase the demand for market. For instance, in June 2021, according to the Australian Bureau of Statistics, an Australia-based government organization, the annual revenue generated by perishable goods rose around 3% in the year 2021. The perishable goods revenue in January 2020 was 7.4 % as whereas total revenue in the year 2021 accounted for 9%. Therefore, the rising demand for perishable products is driving the growth of the frozen storage market going forward.
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The frozen storage market covered in this report is segmented –
1) By Warehouse Type: Private and Semi-private, Public
2) By Construction: Bulk Storage, Production Stores, Ports
3) By Application: Processed Food, Fruits and Vegetables, Fish, Meat, and Sea Food, Pharmaceuticals, Other Applications
Technological advancement is the key trend gaining popularity in the frozen storage market. Major companies operating in the frozen storage market are adopting new technologies to sustain their position in the market. For instance, in October 2021, Quantum Corporation, a US-based technology, software, and service provider, launched ActiveScale Cold Storage, a new innovative technology for cold storage. ActiveScale technology provides a combination of advanced object store software and hyper-scale tape technology that provides low-cost, secure, and highly durable storage for archiving cold data. ActiveScale’s two-dimensional erasure coding (2D EC) software encrypts data between and across tapes, tape drives, libraries, and geographically distributed data centers while also offering industry-leading data access performance, durability, and storage efficiency.
The frozen storage market report table of contents includes:
1. Executive Summary
2. Frozen Storage Market Characteristics
3. Frozen Storage Market Trends And Strategies
4. Frozen Storage Market – Macro Economic Scenario
5. Global Frozen Storage Market Size and Growth
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26. South America Frozen Storage Market
27. Brazil Frozen Storage Market
28. Middle East Frozen Storage Market
29. Africa Frozen Storage Market
30. Frozen Storage Market Competitive Landscape And Company Profiles
Top Major Players:
- Americold Logistics Inc
- Lineage Logistics Holdings LLC
- Burris Logistics Company
- Barloworld Limited
- Henningsen Cold Storage C
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