Cold storage supply currently outpaces demand, and built-to-suit opportunities are driving most construction projects, but as existing inventory is leased and demand grows for modern convertible and multi-zoned temperature facilities, speculative cold storage projects will likely rebound, according to a Colliers report.
The overall cold storage market is expected to reach a value of $427 billion by 2030, an 18.1% compound annual growth rate (CAGR) from its current global value of $159.7 billion, according to Colliers. The market benefits from several emerging trends including health-conscious consumers driving demand for frozen foods with gut-friendly ingredients, increasing interest in restaurant-quality meals for dining at home and the growing popularity of global flavors.
In addition, changing food safety regulations, energy efficiency concerns and advances in automation are driving the need for modern cold storage solutions. The average cold storage facility is nearly 40 years old, and Colliers said developers and investors are reassessing their strategies, which is creating a pivotal moment for the cold storage industry.
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