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Global Warehousing and Storage Services Market Report 2023: Rising Popularity of Omnichannel Distribution Drives Growth
Saturday, June 10, 2023
DUBLIN, June 2, 2023 /PRNewswire/ -- The "Warehousing and Storage Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
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The warehousing and storage services market is expected to grow by registering a CAGR of about 10% during the forecast period.
Companies Mentioned
-- DHL International GmbH
-- XPO Logistics Inc.
-- Ryder System Inc.
-- NFI Industries Inc.
-- AmeriCold Logistics LLC
-- FedEx Corp
-- Lineage Logistics Holding LLC
-- NF Global Logistics Ltd
-- APM Terminals BV
-- DSV Panalpina AS
-- Kane Is Able Inc.
-- MSC - Mediterranean Shipping Agency AG
Key Highlights
-- Warehousing and storage services provide storage for another company or
organization's property, including parts, equipment, vehicles, products,
and perishable goods. The increasing demand for an omnichannel model is
expected to drive the market. Although customers embrace the online
buying trend, offline stores still hold a significant market share,
especially in the big-ticket products segment, such as furniture, which
expands the warehouse and storage market.
-- With supply chains being reconfigured to meet demand faster than ever,
warehouses are increasingly integrating logistics, as logistics services
play a crucial role in this process. Additionally, with the
globalization trend further expanding its scope, a significant portion
of the inventory of industries that operate globally is delivered
frequently from abroad to a warehouse to transfer finished goods through
the supply chain, which in turn is also driving the demand for warehouse
and storage services.
-- The growth in demand and requirement to store new product types have
significantly impacted the complexity of the warehouse service
providers, who now have started to look for innovative technologies that
can help them reduce the complexity and provide them with tools to
manage the facility better. For instance, Warehouse Management System is
one such solution that offers visibility into a business' entire
inventory and works supply chain fulfillment operations from the
distribution center to the store shelf.
-- Furthermore, warehousing/storage service providers are also focusing on
optimizing their batching, handling, and picking processes to enhance
delivery times further while ensuring the quality of delivery. Such
trends facilitate the development of new warehouse construction and
management techniques. Additionally, to compete with global players,
many vendors are adopting emerging technologies, such as GPS, RFID, VoIP
devices, digital voice, and imaging technology for warehouse operations.
-- However, the higher investment required to set up warehouses and adopt
advanced technologies is among the significant challenges
warehouse/storage service providers face. Furthermore, a lack of
awareness among SMEs and common global standards also challenges the
market's growth.
-- COVID-19 resulted in many warehouses running busier than ever, mainly
catering to food products, pharmaceuticals, and essential household
goods. Amazon, Aldi, Asda, and Lidl have all reported a need to increase
their capacities and hire an additional warehouse workforce. Although in
some sectors, especially in the industrial and manufacturing domain, the
demand declined, especially during the initial phase, the market is
expected to recover gradually in the coming years.
Warehousing & Storage Services Market Trends
The Refrigerated Warehousing and Storage Segment to Grow Significantly
-- The refrigerated warehousing and storage facilities deal with products
that require refrigerated and controlled rooms for storage. It also
refers to where perishable products are stored or kept at low
temperatures. Most of these cold storage rooms or refrigerated
warehouses are designed with properties that can keep the items within
optimum conditions. Establishments in the refrigerated warehousing and
storage industry provide services, such as tempering, blast freezing,
and modified atmosphere storage services.
-- Refrigerated warehousing and storage are showing positive trends toward
market growth, mainly in the pharma and food and beverage sectors. The
Care Quality Commission recommends that insulins, antibiotic liquids,
injections, eye drops, and some creams must be stored between 2oC and
8oC to maintain the effectiveness of the medicines. According to the
U.S. Census Bureau, 117.45 million Americans used eye drops and eyewash
in 2021. This figure is projected to increase to 118 .49 million in
2023. The increasing demand for liquid pharmaceutical products,
especially after the pandemic, is expected to impact the market's growth
positively.
-- Refrigerated storage is integral to Supply Chain Management (SCM) when
transporting and storing temperature-sensitive products. New
opportunities are also being created by bilateral free trade agreements,
such as the North America Free Trade Agreement (NAFTA), which allows
vendors in the United States to increase the trading of perishable food
products with minimal import duties. Such trade agreements favor the
market's growth.
-- Considering the growing demand for cold storage warehouses, the vendors
operating in the market continuously focus on expanding their footprint.
For instance, according to the International Association of Refrigerated
Warehouses (IARW), Lineage Logistics was the most extensive refrigerated
warehousing and logistics provider in the North American region, with
42,526.06 thousand cubic meters of temperature-controlled space.
North America is Expected to Hold a Major Share
-- Several factors also drive the warehousing and storage market in the
North American region. An increase in logistics needs for storing raw
materials and finished goods for distributors and retailers has been
growing as manufacturing companies increasingly outsource warehousing
services to focus on productional and operational expansions.
Additionally, enhanced operational efficiency and cost savings encourage
shippers to outsource the logistics portion of their activities to
warehouse service providers.
-- The presence of retail and e-commerce giants, such as Amazon and Walmart
contributes significantly to the region's demand for warehouse and
storage services. According to Walmart, as of 2022, the company uses 31
dedicated e-commerce fulfillment centers and 4,700 stores within 10
miles of 90% of the U.S. population to fulfill online orders.
-- According to a survey of U.S. Amazon sellers, the three most significant
pain points for sellers in upstream warehousing and distribution
operations were complicated fee structures, high prices for storage, and
insufficient storage capacity. To address these challenges, vendors are
increasingly focusing on developing new business strategies to attract
more customers. For instance, in September 2022, Amazon announced new
services to enable sellers to use new, purpose-built facilities for bulk
inventory storage and automated distribution.
-- With significant growth in the manufacturing, retail, and pharma units,
the market shows potential growth in the United States. According to the
U.S. Department of Commerce, the U.S. warehousing and storage industry's
revenue increased to USD 50.49 million in 2021. With vendors
continuously focusing on expanding their facilities, such trends are
only expected to grow further.
-- Furthermore, the adoption rate of new warehouse and storage technologies
is expected to remain high in the North American region as the region is
among the early adopters of new technologies. Additionally, the required
infrastructure heightened awareness, and availability of a skilled
workforce are other significant factors supporting such trends.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Impact of COVID-19 on the Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising Popularity of Omnichannel Distribution
5.1.2 Growth in the E-commerce Industry
5.2 Market Restraints
5.2.1 High Investment and Maintenance Costs
6 MARKET SEGMENTATION
6.1 By Type
6.1.1 General Warehousing and Storage
6.1.2 Refrigerated Warehousing and Storage
6.1.3 Farm Product Warehousing and Storage
6.2 By Ownership
6.2.1 Private Warehouses
6.2.2 Public Warehouses
6.2.3 Bonded Warehouses
6.3 By End-user Industry
6.3.1 Manufacturing
6.3.2 Consumer Goods
6.3.3 Food and Beverage
6.3.4 Retail
6.3.5 Healthcare
6.3.6 Other End-user Industries
6.4 By Geography
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
8 INVESTMENT ANALYSIS
9 FUTURE OUTLOOK OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/pawefg
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ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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