George buttlerNorth America Cold Chain Market Outlook
According to the report by Expert Market Research (EMR), the North America cold chain market size reached a value of around USD 116.85 billion in 2023. Aided by the increase in demand for perishable substances and the strengthening of laws against food wastage, the market is projected to grow at a CAGR of 9.5% between 2024 and 2032 to reach a value of nearly USD 264.77 billion by 2032.
The cold chain industry, which involves the transportation and storage of temperature-sensitive products, plays a crucial role in preserving the quality and extending the shelf life of perishable goods, such as pharmaceuticals, food, and beverages. The North America cold chain market growth is primarily driven by the increasing demand for fresh and frozen food products, along with the rising need for temperature-controlled logistics in the pharmaceutical sector.
The growing consumer preference for fresh, organic, and healthy food options has led to an increased demand for cold chain services in the food and beverage sector. The rise in the consumption of dairy products, seafood, and frozen foods further fuels the market growth.
The North America pharmaceutical industry’s expansion, with a focus on biopharmaceuticals and vaccines, necessitates stringent temperature control during transportation and storage. This requirement has significantly contributed to the North America cold chain market growth.
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Innovations in cold chain logistics, such as the integration of IoT, blockchain, and advanced monitoring systems, have enhanced the efficiency and reliability of temperature-controlled supply chains, thereby attracting more businesses to adopt cold chain solutions. Stringent regulations regarding the handling and transportation of perishable goods have mandated the use of cold chain logistics, further propelling the market growth.
The surge in online grocery shopping and the direct-to-consumer delivery model has increased the demand for cold chain services to ensure the freshness and quality of delivered products. This is one of the key North America cold chain market trends.
To accommodate the growing demand for cold chain services, there is a need for expanded and modernised infrastructure. This includes the development of new cold storage facilities, transportation fleets equipped with advanced temperature control systems, and improved logistics hubs.
The adoption of technologies such as artificial intelligence (AI), machine learning, and data analytics is expected to enhance the efficiency and transparency of cold chain operations. These technologies can help in predictive maintenance, real-time monitoring, and optimization of routes, thereby reducing costs and improving service quality. This is expected to drive the North America cold chain market expansion in the forecast period.
With growing environmental concerns, there is a shift towards more sustainable practices in the market. This includes the use of renewable energy sources for cold storage facilities, the adoption of eco-friendly refrigerants, and the implementation of green logistics practices.
North America is witnessing an increase in the demand for pharmaceuticals, particularly vaccines and biologics, which require strict temperature control during transportation and storage. This is expected to drive significant growth in the market, as pharmaceutical companies rely on cold chain logistics to ensure the integrity and efficacy of their products.
The North America cold chain market is also influenced by rising cross-border trade, particularly between the United States, Canada, and Mexico. The United States-Mexico-Canada Agreement (USMCA) is expected to further facilitate trade in the region, leading to increased demand for cold chain logistics services.
While the North America cold chain market presents numerous opportunities, it also faces challenges such as high operational costs, energy consumption, and the need for skilled personnel to manage advanced cold chain technologies. However, these challenges also open avenues for innovation and investment in energy-efficient solutions, training programs, and infrastructure development.
In conclusion, the North America cold chain market is poised for significant growth in the coming years, driven by factors such as the expansion of the food and beverage industry, the increasing need for temperature-controlled logistics in the pharmaceutical sector, technological advancements, and the rise of e-commerce. Market players will need to focus on innovation, sustainability, and efficiency to capitalize on the opportunities presented by this dynamic market.
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North America Cold Chain Market Segmentation
The market can be divided based on service type, temperature, end use, and country.
Market Breakup by Service Type
- Refrigerated Storage
- Refrigerated Transport
Market Breakup by Temperature
- Chilled
- Frozen
Market Breakup by End Use
- Meat and Seafood
- Dairy and Frozen Products
- Fruits and Vegetables
- Bakery and Confectionery
- Pharmaceuticals
- Others
Market Breakup by Country
- United States of America
- Canada
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the North America cold chain market. Some of the major players explored in the report by Expert Market Research are as follows:
- Americold Logistics
- Lineage Logistics Holding, LLC
- United States Cold Storage Inc.
- VersaCold Logistics Services
- Others
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