Report : Asia Pacific Cold Storage Market Forecast to 2030 - Regional Analysis - by Application (Dairy Products, Meat and Seafood, Fruits and Vegetables, Pharmaceuticals, and Processed Food), Temperature Type (Chilled and Frozen), and Warehouse Type (Public and Private & Semi-Private)
At 18.4% CAGR, Asia Pacific Cold Storage Market is Projected to be Worth US$ 100,662.54 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific cold storage market was valued at US$ 26,018.41 million in 2022 and is expected to reach US$ 100,662.54 million by 2030, registering a CAGR of 18.4% from 2022 to 2030. Sustainable refrigeration and storage technologies and increasing demand for convenience food among consumers are among the critical factors attributed to drive the Asia Pacific cold storage market growth.
Growing population, rising urbanization, increasing disposable income, and rising busy lifestyle are driving the demand for processed, canned, and easy-to-make food items globally. The canned or convenience food items require proper storage facilities to be in consumable condition. The importance of cold storage facilities is undeniable, as processed foods have a high chance of getting rotten within a few days or weeks if not preserved well. The maintained optimal temperature and proper storage conditions are essential for extending the shelf life of processed or canned food. Over the years, consumers' lifestyles have evolved drastically; and the growing number of working populations are some of the major driving factors for the cold storage market. In addition, increased marketing exposure of processed food is also attracting major younger generation toward consuming processed food. The rise in demand for canned and processed food is boosting the requirement for cold storage facilities globally. For instance, the share of processed food exports in agri-exports increased significantly from 13.7% in 2014-2015 to 25.6% in 2022-2023 in India.
Thus, the increasing consumer inclination toward processed food is acting as a major driver for the cold storage market.
On the contrary, adverse impact of cold storage facilities on environment hurdle the growth of Asia Pacific cold storage market.
Based on application, the Asia Pacific cold storage market is segmented into dairy products, meat and seafood, fruits and vegetables, pharmaceuticals, and processed food. The meat and seafood segment held 31.5% market share in 2022, amassing US$ 8,198.53 million. It is projected to garner US$ 34,723.50 million by 2030 to register 19.8% CAGR during 2022-2030.
In terms of temperature type, the Asia Pacific cold storage market is bifurcated into chilled and frozen. The frozen segment held 65.8% share of Asia Pacific cold storage market in 2022, amassing US$ 17,132.75 million. It is anticipated to garner US$ 68,151.71 million by 2030 to expand at 18.8% CAGR during 2022-2030.
By warehouse type, the Asia Pacific cold storage market is segmented into public and private & semi-private. The public segment held 65.5% share of Asia Pacific cold storage market in 2022, amassing US$ 17,043.35 million. It is projected to garner US$ 63,294.24 million by 2030 to expand at 17.8% CAGR from 2022 to 2030.
Based on country, the Asia Pacific cold storage market is categorized into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 32.8% share of Asia Pacific cold storage market in 2022. It was assessed at US$ 8,533.28 million in 2022 and is likely to hit US$ 35,976.79 million by 2030, registering a CAGR of 19.7% during 2022-2030.
Key players operating in the Asia Pacific cold storage market are Nichirei Corp, Americold Realty Trust Inc, Lineage Logistics Holdings LLC, and NewCold Cooperatief UA, among others.
- In 2023, Lineage LLC opened a next-generation cold-storage facility in Tauranga, New Zealand. The facility had over three million cubic feet of space, and more than 16,000 pallet positions.
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