International. The refrigerated storage market is estimated at $17.98 billion in 2017, and is projected to reach a value of $29.17 billion by 2022, at a CAGR of 10.2 percent during the forecast period.
This was announced by the analyst company MarketsandMarkets through a study called: "Refrigerated storage market by technology (jet freezing, steam compression, PLC, evaporative cooling), temperature (cold, frozen), application (fruits and vegetables, bakery, dairy, meat, seafood, beverages) and forecast of the global region until 2022".
The study indicates that the market is driven by factors such as increasing demand for perishable food, expansion of retail channels, and increasing disposable income in emerging countries such as China, India, and Brazil.
Other highlights of the report include:
- The jet freezing segment accounted for the largest share of the refrigerated storage market in 2016, as it is the most versatile method for freezing seafood, meat, and other food products, and one of the most cost-effective methods for storing food products over a long period of time.
- The frozen segment, by temperature, accounted for a larger portion of the refrigerated warehouse market in 2016.
- The Asia Pacific region dominated the refrigerated storage market in 2016. Factors such as rapid urbanization, combined with higher disposable incomes and increasing consumer demand for perishable food, drive the market in Asia Pacific. Moreover, the growing trend of buying food online is fueling the demand for refrigerated storage in this region.
