Pharmaceutical Refrigerated Warehousing Market Size, Share, Growth, and Industry Growth, By Type (0 to 8 Degrees, 1 to 5 Degrees, 2 to 8 Degrees, and -20 to -30 Degrees), By Application (Blood and Blood Products, Vaccine, and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Pharmaceutical Refrigerated Warehousing Market REPORT OVERVIEW

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The global pharmaceutical refrigerated warehousing market size was USD 2699 million in 2021 and market is projected to touch USD 5029.5 million by 2031, exhibiting a CAGR of 6.4% during the forecast period.

The system utilized to store pharmaceutical goods which must be kept at an optimal temperature to keep them fresh is called pharmaceutical refrigerated warehouses. This process is known as pharmaceutical refrigerated warehousing. The refrigerators are kept in a warehouse to store vaccines, medicines, blood, and others. They are also called cold chains. The refrigerators used to store pharmaceutical products are known as pharmaceutical refrigerators. It preserves chemicals, food items, and pharmaceutical products. 

Few products require constant refrigeration to keep the product safe and secured from its manufacturing to its delivery. Pharmaceutical refrigeration is a significant aspect of the supply chain. These logistics services help the pharmaceutical and healthcare sector balance a continual drug stock from suppliers to distributors across different locations. The sensitivity of these products is required to be traced within the supply chain. This warehousing process is widely used for vaccines, blood, blood products, and others.

COVID-19 Impact: Disruption of Supply Chain Hampered Market Growth

The COVID-19 epidemic has had a negative impact on the market for refrigerated storage. Due to the lockdowns that the government imposed due to the pandemic, restaurants, supermarkets, and other businesses had to close, which in turn had an impact on the demand for refrigerated warehouses. Additionally, COVID-19 caused a significant shift in consumer demand away from "food away from home," including restaurants, food, services, and other forms of "food away from home." Due to the pandemic, less packaged food and meals are eaten in hotels, restaurants, and cafes. During the pandemic, customers started looking for fresh food rather than packaged or canned food to retain good health. Due to their numerous health advantages, fruits and vegetables have seen a huge increase in demand during the pandemic. Moreover, the supply was majorly hampered due to the disruption of the transportation sector. 

LATEST TRENDS

"Rising Demand for Perishable Goods to Boost Market Growth"

Perishable goods are safeguarded from temperature variations outside in refrigerated warehouses. Consumers are becoming more conscious of the value of wellness and good health. They are also aware of how food ingredients, particularly protein, affect how the human body grows and develops. Consumption habits of perishable foods, such as vegetables, fruits, and other protein-based goods, have changed as a result of this. Additionally, with fast urbanization and consumers' shifting tastes and preferences, emerging economies are seeing significant demand for perishable goods. The market potential for processed and frozen food products is also substantial. Snacks and ready-to-eat meals like frozen pizzas are increasing in popularity of the product in 

Pharmaceutical Refrigerated Warehousing Market Segmentation

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• By Type Analysis

By type, the market is segmented into 0 to 8 degrees, 1 to 5 degrees, 2 to 8 degrees, and -20 to -30 degrees. 

• By Application Analysis

Based on application, the market is classified into blood and blood products, vaccines, and others.

DRIVING FACTORS

"Rising Government Initiatives on the Adoption of Advanced Storage Systems to Surge Growth "

Growing government initiatives and subsidies have made it possible for producers of cold chain solutions to reach expanding markets like India, Japan, and Canada with creative solutions to challenging refrigerated transportation issues. The goal of cold chain services is to provide ideal circumstances for food products that need to be transported and stored at specific temperatures. Opportunities for expansion have been established in cold chain operations due to the rising demand for processed and perishable food goods as well as fast meal delivery services.

"The Rising Demand for a Safe Storage System to Aid Product Demand"

Over the projected period, the market is anticipated to increase as a result of the rising demand for perishable items among customers globally, the increasing penetration of connected devices and automated refrigerated warehouses, and the growing necessity for temperature control to prevent food losses. Additionally, the proliferation of organized retail outlets in emerging nations is raising the demand for cold chains, which is estimated to propel the pharmaceutical refrigerated warehousing market growth.

RESTRAINING FACTORS

"Rising Concern towards the Environment to Hamper Market Growth"

Development of the refrigerated warehousing industry is expected to have a negative impact on the environment since it uses a lot of energy and produces greenhouse emissions. Pharmaceutical refrigerated warehousing releases harmful gasses which are expected to impede market growth.

Pharmaceutical Refrigerated Warehousing Market REGIONAL INSIGHTS

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"North America to Lead the Market Due to the Growing Penetration of Connected Devices"

North America is forecasted to hold the lion's part in the pharmaceutical refrigerated warehousing market share owing to the rising penetration of connected devices coupled with the large consumer base in the region.

Asia Pacific is estimated to show significant growth in the global market accredited to the rising investment by the government for safe cold storage of pharmaceuticals. Additionally, the rising investment in the healthcare industry is forecasted to augment growth in the global market.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in the Market"

Many businesses are implementing various marketing methods to meet customer demand and expand their geographic reach globally by offering training and education to lower workplace accidents. To provide more simple ways to expand the product catalog, businesses are attempting to build new technology. Businesses also employ cutting-edge methods and procedures to develop cutting-edge technologies. To expand revenue, companies concentrate on acquisitions and investments. Due to the presence of various large corporations, the market is aggressive to gain a higher market share. Other features include a significant global consumer base and the use of specialized distribution networks for business operations. By introducing new products, major corporations try to increase their market share.

List of Market Players Profiled

• Americold (U.S.)
• Lineage Logistics (U.S.)
• United States Cold Storage (U.S.)
• DHL (U.S.)
• Nichirei Logistics Group (Japan)
• Burris Logistics (U.S.)
• VersaCold Logistics Services (Canada)
• Congebec (Canada)
• Conestoga Cold Storage (Canada)
• Kloosterboer (Netherlands)
• Hanson Logistics (U.S.)
• NewCold Advanced Cold Logistics (Netherlands)
• Trenton Cold Storage (Canada)

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research. The market insights are prepared by utilizing large sample sizes for data-gathering modules. The study provides in-depth market insights. The stage includes gathering market data or related data using a variety of sources and tactics. It involves going over and organizing all the information gathered during the previous advance. It also covers the investigation of information discrepancies found across various information sources. Market statistical and coherent models are used to assess and estimate market data.