North America Cold Storage Market
The North America cold storage market was valued at US$ 51,341.46 million in 2022 and is expected to reach US$ 179,605.36 million by 2030; it is estimated to register a CAGR of 16.9% from 2022 to 2030.
Import and export of food and pharmaceutical products are crucial in international trade. Imports and exports of food and pharmaceutical products can have a significant effect on global food security and the economy. The scenario of food product trade is constantly evolving. Imports of food products have intensified in recent years owing to the rising consumer demand globally. Growing population, increasing urbanization, and rising demand for quality food products and pharmaceutical items are acting as major drivers for import and export, which is, in a way, boosting the cold storage market positively. The US is the world's leading turkey producer and biggest exporter of turkey products. Turkey meat production in the country has expanded to satisfy consumer demand. In 2023, the US turkey meat export accounted for 455 million pounds in 2023. Additionally, the US was ranked as the world's top exporter of vegetable products in 2022, with US$ 94.8 billion in exports. Vegetable Products ranked seventh in terms of US exports that same year.
The increase in imports and exports of pharmaceuticals, drugs, and food products is a major driver for cold storage facilities. The cold storage facilities play a major role in the overall supply chain of pharma and food products. During transportation, cold storage-equipped trucks, ships, and containers are required to ensure the quality and safety of perishable food and pharmaceutical products. Keeping food and pharmaceutical products at optimal temperatures to safeguard their minerals and nutritional value boosts the demand for cold storage facilities worldwide. Therefore, the rapid growth in import and export activities of food and pharmaceutical products propels the cold storage market growth.
The increasing population, rising consumer income, and growing preference for processed and canned food have positively favored the cold storage market. The popularity and importance of cold storage facilities have soared in recent years owing to increased expenditure on convenience and frozen food, probiotics, pharmaceuticals, or fresh produce. Several industries, such as food & beverages, pharmaceuticals, and chemicals, rely on cold storage facilities to preserve their products. In the food industry, the mounting demand for frozen and fresh foods has made cold storage facilities crucial for preserving product freshness and avoiding spoilage. The pharmaceutical industry immensely depends on cold storage to conserve the effectiveness of temperature-controlled vaccines and drugs.
Globalization and expansion in transport logistics have also boosted the supply chain of various products nationally or internationally. This trend has improved the demand for cold storage facilities to make certain that the products reach consumers in ideal condition, preserving a necessary temperature, regardless of distance and time of travel.
Growing demand for processed meat and seafood, along with the rising need for pharmaceutical products, is also pushing the requirement for cold storage facilities in North America. The basic requirement of storing seasonal fruits, meat products, and dairy items for a long is fulfilled by proper cold storage facilities. In addition, the appropriate supply chain management of agricultural products, frozen meat and fish, medicine, and drugs has also surged the demand for cold storage facilities in the region.
Strategic insights for the North America Cold Storage provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 51,341.46 Million |
| Market Size by 2030 | US$ 179,605.36 Million |
| Global CAGR (2022 - 2030) | 16.9% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Application
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Cold Storage refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The North America cold storage market is categorized into application, temperature type, warehouse type, and country.
Based on application, the North America cold storage market is segmented into dairy products, meat and seafood, fruits and vegetables, pharmaceuticals, and processed food. The meat and seafood segment held the largest North America cold storage market share in 2022.
In terms of temperature type, the North America cold storage market is bifurcated into chilled and frozen. The frozen segment held a larger North America cold storage market share in 2022.
By warehouse, the North America cold storage market is segmented into public and private & semi-private. The public segment held a larger North America cold storage market share in 2022.
By country, the North America cold storage market is segmented into the US, Canada, and Mexico. The US dominated the North America cold storage market share in 2022.
Nafta Frigorificos SA DE CV, Tippmann Group, Nichirei Corp, Frialsa Frigorificos SA de CV, Emergent Cold LatAm Management LLC, Americold Realty Trust Inc, Lineage Logistics Holdings LLC, Burris Logistics Co, United States Cold Storage Inc, and NewCold Cooperatief UA. are some of the leading companies operating in the North America cold storage market.
The North America Cold Storage Market is valued at US$ 51,341.46 Million in 2022, it is projected to reach US$ 179,605.36 Million by 2030.
As per our report North America Cold Storage Market, the market size is valued at US$ 51,341.46 Million in 2022, projecting it to reach US$ 179,605.36 Million by 2030. This translates to a CAGR of approximately 16.9% during the forecast period.
The North America Cold Storage Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Cold Storage Market report:
The North America Cold Storage Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Cold Storage Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Cold Storage Market value chain can benefit from the information contained in a comprehensive market report.
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