Cold Storage Construction Market worth USD 10.47 bn by 2021
The report "Cold Storage Construction Market by Storage Type (Production Stores, Bulk Stores, Ports), Application (Food & Beverages, Medical Products, Chemicals), and Region (Asia-Pacific, North America, Europe) - Global Forecasts to 2021", The global cold storage construction market is projected to reach USD 10.47 Billion by 2021, at a CAGR of 14.0% from 2016 to 2021. Growth in the trade of perishable foods globally, technological advancements in refrigerated storage & transport, and the increase in demand for perishable foods is expected to drive the growth of the market in the near future.
Food & Beverages was the fastest-growing application segment of the global cold storage construction market
The food & beverages segment of the cold storage construction market is expected to witness significant growth in the coming years. Increasing food wastage worldwide is motivating the government of countries worldwide and they are providing subsidies to food producers to utilize cold stores to avoid such a scenario.
Production stores was the largest segment of the cold storage market
Based on type, the cold storage construction market has been segmented into production stores, bulk stores, ports, and others. Production stores were the largest segment of the market in 2015. Production stores are used to keep raw material, semi-finished, and finished products in the cold stores. It is intended for cold processing and the storage of chilled or frozen food products. Production stores are usually constructed near areas where products are manufactured.
Asia-Pacific was the largest market for global cold storage construction market in 2015, globally
Asia-Pacific was the largest market for cold storage construction in 2015, owing to the increasing demand of cold storage construction in developing economies such as India and China. Companies in this region are investing to develop and operate innovative and cost-competitive cold storage constructions. India, China, and Japan are the region’s top cold storage construction players.Key players operational in the cold storage construction market include AmeriCold Logistics (US), Proffered Freezer Services (US), Burris Logistics (US), Lineage Logistics Holding LLC (US) and Nichirei Logistics Group, Inc. (Japan), among others.