III. Industry Analysis

The global cold storage market, valued at $119.98 billion in 2021, is projected to experience a compound annual growth rate (CAGR) of 13.4% from 2022 to 2030.¹ Strict regulations governing temperature-sensitive products have greatly benefited the industry. The market is expected to see significant expansion due to the growth of organized retail sectors in emerging economies, and increased automation in refrigerated warehouses is anticipated to drive demand further.
In addition, the demand for refrigerated storage solutions is anticipated to increase further due to the growing trade of perishable products. The global market was led by the public warehouse segment, which accounted for more than 67.30% of the total revenue in 2021.² The frozen segment also led the market, representing around 77.91% of the global revenue in the same year. The increasing consumption of frozen foods in emerging markets like India and China is a significant factor driving growth in the frozen food segment.³ The North American regional segment dominated the market, with over 35% of the global revenue in 2021. The growth in this region is due to a large consumer base and the rise of connected devices. Additionally, Mexico is expected to experience substantial growth in the region due to the development of logistics infrastructure and a strengthening network of warehouses.

The refrigerated storage industry includes businesses that operate refrigerated storage and warehousing facilities, providing temperature-controlled services such as blast freezing and tempering. This industry also encompasses establishments that primarily store furs for trade, which are used as raw materials in the manufacturing of garments and personal accessories such as bags and shoes. In the United States, the refrigerated storage industry has experienced growth over the past five years due to increased consumer spending and trade activity, resulting in a higher volume of shipped goods. Although some downstream companies have chosen to manage their own warehouse facilities instead of outsourcing to industry operators, this trend has had minimal impact on industry performance. Anyone with sufficient startup capital can start a cold storage business in the US by acquiring a suitable property. 

1.https://www.grandviewresearch.com/industry-analysis/cold-storage-market#:~:text=The%20global%20cold%20storage%20market,supply%20of%20temperature%2Dsensitive%20products.
2.https://www.grandviewresearch.com/industry-analysis/cold-storage-market#:~:text=The%20global%20cold%20storage%20market,supply%20of%20temperature%2Dsensitive%20products.
3.https://www.grandviewresearch.com/industry-analysis/cold-storage-market#:~:text=The%20global%20cold%20storage%20market,supply%20of%20temperature%2Dsensitive%20products.