The global warehousing and storage services market size was US$ 331.6 billion in 2021. The global warehousing and storage services market is forecast to grow to US$ 599.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 7.8% during the period from 2022 to 2030.
Factors Influencing the Market
The rapidly rising agricultural industry is forecast to drive the global warehousing and storage services market forward. In addition, the growing demand for better cold storage and warehousing facilities in order to save fruits and vegetables from contamination will fuel the growth of the global warehousing and storage services market.
The growing pharmaceutical industry and rising demand for novel drugs will also boost the demand for efficient warehousing and storage services, thereby boosting the growth of the overall market.
Growing initiatives by government bodies to cater to the food demands of the rising population will benefit the global warehousing and storage services market. Furthermore, the rising popularity of state-of-the-art warehouses, embedded with the latest features, including cycle counting, web map service (WMS) capabilities, barcode scanning, and improved inventory management will upsurge the growth of the global warehousing and storage services market.
The high cost of maintenance may limit the growth of the global warehousing and storage services market.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic has upsurged the demand for food and beverages. In addition, the pharmaceuticals industry also witnessed significant growth. Thus, the demand for warehouses services increased more abruptly than ever before. The demand for packed food products also upsurged from the citizens, which resulted in the growth of the global warehousing and storage services market.
Regional Analysis
The Asia-Pacific warehousing and storage services market is forecast to emerge as the largest market. It is due to the growing population in countries like China, Indonesia, Malaysia, and India. In addition, rising disposable income and increasing demand for packed food items and pharmaceuticals will contribute to the growth of the global warehousing and storage services market. In addition, growing agricultural practices in countries like India will significantly benefit the warehousing and storage services market in the coming years.
Competitors in the Market
Market Segmentation
The global warehousing and storage services market segmentation focuses on Type, Ownership, End-Users, and Region.
By Type Outlook
By Ownership Outlook
By End-Users Outlook
By Regional Outlook
