The handling of frozen and refrigerated food and pharmaceutical products are among the most challenging aspect for a food or a pharmaceutical manufacturer, as well as a logistic supplier. Refrigerated warehouses are one such service enabling optimum management of cold chain during the transportation and storage of such products.
These warehouses offers a wide range of temperature for handling of various products such as fish, meat, and poultry, dairy and confectionary among others. Moreover, an increasing number of agricultural and chemical products have also shown the necessity for refrigerated warehousing services. The global refrigerated warehousing market is expected to expand with an impressive CAGR over the forecast period.
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Global Refrigerated Warehousing: Market Dynamics
The prime factor driving the demand for refrigerated warehousing is the increasing demand for perishable foods and fruits, such as dairy, meat and poultry products. This coupled with a rapid increase in demand for frozen food over the last decade is another factor driving the demand for refrigerated warehousing.
Moreover, increasing number of hypermarkets and supermarkets in developing nations of Asia Pacific, is significantly driving more consumption of perishable food, thus fuelling escalating the demand for refrigerated warehousing. Furthermore, an increasing number of F&B companies are producing a variegated range of perishable food items and frozen food, as the risk to damage of these foods has severely reduced due to introduction of more and more automated refrigeration warehousing systems.
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The global Refrigerated Warehousing market is divided into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and Middle East and Africa (MEA). North America is the global leader in terms of value, in the Global Refrigerated Warehousing market, and is expected to maintain its dominance throughout the forecast period.
This can be attributed to rising preference for perishable fruits and high demand from pharmaceutical sector. Western Europe is another prominent region accounting for the second largest share in terms of demand for refrigerated warehousing solutions. Asia Pacific Exc. Japan (APEJ) on the other hand is the fastest growing market for refrigerated warehousing solutions.
This can be attributed to rising disposable income coupled with increasing standards of living and food choices, in countries such as India and China. Latin America and Middle East and Africa (MEA) are also anticipated to expand with a significant growth rate over the forecast period, due to growing living standards in these regions. Japan is also anticipated to account for a decent market share, due to high demand for refrigerated warehousing from the pharmaceutical sector of the country.
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