The warehousing and storage market is poised to grow by $326.91 billion, during 2020-2024, progressing at a CAGR of about 7% during the forecast period, according to a report by Technavio.
The market is driven by the growing demand for refrigerated warehousing. In addition, the increasing need for warehouses from the rising e-commerce industry is anticipated to boost the growth of the warehousing and storage market.
The growing demand for refrigerated warehousing due to the rapidly developing frozen food industry is expected to drive the warehousing and storage market growth during the forecast period. Before being distributed to the retail stores or sold to consumers directly through e-commerce, frozen dinners, fruits and vegetables, and ice creams require refrigerated warehousing and storage facilities. In addition, the frozen food market which includes ready-to-eat meals that are convenient for individuals with busy schedules, is growing at an unprecedented rate. Thus, the increasing demand for frozen products will directly boost the need for refrigerated warehousing, leading to the growth of the market over the forecast period.