Cold storage forms and important part of the logistics supply chain. These facilities are designed to keep wide range of food, chemicals and medicine at the right temperature. Cold storage construction has received a major impetus from the COVID-19 crisis that led pharmaceutical companies to come up with novel vaccines requiring storage as well as distribution at ultra-low temperature settings. While cold storage has experienced major uptick in construction activity in the recent months, the trend goes beyond the healthcare demand and attributed to several factors, primary online grocery shopping. The demand for cold storage construction is expected to be driven by rise in demand for online grocery, wider blending of retail and industrial space, rise in food takeaways from restaurants, and rapid expansion of global vaccination efforts. With food companies expanding production in order to meet the increased demand for food products, demand for cold storage facilities is expected to remain robust in near future. With last-mile delivery gaining precedence amid the rise in e-commerce and direct-to-consumer shopping, warehouse construction near key logistics hubs has gained momentum.
Amid the COVID-19 crisis, the global market for Cold Storage Construction estimated at US$12.1 Billion in the year 2022, is projected to reach a revised size of US$22.9 Billion by 2026, growing at a CAGR of 17.2% over the analysis period. Production Stores, one of the segments analyzed in the report, is projected to grow at a 17.9% CAGR to reach US$14.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Bulk Stores segment is readjusted to a revised 16.9% CAGR for the next 7-year period. This segment currently accounts for a 26.7% share of the global Cold Storage Construction market.
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