The Frozen Storage Global Market Report 2023 by The Business Research Company, provides frozen storage market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Frozen Storage Global Market Report 2023, the market size is expected to grow from $123.11 billion in 2022 to $134.83 billion in 2023 at a compound annual growth rate (CAGR) of 9.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global frozen storage market size is expected to reach $188.20 billion in 2027 at a CAGR of 8.7%.
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.
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The frozen storage market 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:
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