Saudi cold storage market to reach $2 bln by 2024

The cold storage market in Saudi Arabia is projected to reach $2.5 billion by 2024, according to a new report by ResearchandMarkets released yesterday.

The report attributed in the growth projections to expected increase in individual spending, expansion of retail and logistic sector and growing demand for packaged/imported food items.

Further, growing concerns over food wastage and increasing population in Saudi Arabia is expected to boost the growth of the cold storage market by the forecast period.

“In Saudi Arabia, the Central region held the major market for cold storage systems in terms of revenue on the back of increasing infrastructure development activities, especially in the industrial and manufacturing verticals. It is expected to maintain its market share till 2024 as well,” the report stated.

Among all the verticals, the retail and logistics segment acquired the highest revenue share of the cold storage market, according to the report.

“Over the next six years, the hospitality and healthcare, along with government and transportation verticals are forecast to grow at a higher rate during 2018-24,” the report further added.