North America Cold Storage Industry Overview
The North America cold storage market size was valued at USD 38.70 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.7% from 2021 to 2028.
Increasing penetration of connected devices and presence of a large consumer base are the key trends bolstering market growth. Furthermore, growing automation of refrigerated warehouses is anticipated to enhance the demand for the product. Automation in warehouses is achieved with the use of cloud technology, conveyor belts, robots, energy management systems, and truck loading automation. Integration of workforce management solutions for picking optimization & workforce forecast has led to reduced labor costs.
Gather more insights about the market drivers, restrains and growth of the North America Cold Storage market
Moreover, rising automation in refrigerated warehouses is projected to further boost the demand. Warehouse automation includes cloud technology, robots, conveyor belts, truck loading automation, and energy management. Refrigerated storage has become an integral part of the Supply Chain Management (SCM) when it comes to transporting and storing temperature-sensitive products.
Cold storage is temperature-controlled storage space. The method is used by industries such as fisheries, aquaculture, horticulture, agriculture, processed food, and dairy. Cold storage systems and refrigerated transportation facilities, which connect the farm-level storage facilities, distribution outlets, and processing units, are estimated to improve the efficiency of the supply chain and reduce wastage of agricultural products.
Bilateral free trade agreements such as the North America Free Trade Agreement (NAFTA) have created opportunities for exporters in the U.S. to increase the trading of perishable foods with no import duties. Such trade agreements are projected to work in favor of the market.
The market is likely to witness considerable growth over the forecast period, owing to a combination of factors such as technological advancements in processing, packaging, and storage of seafood products. Integrated refrigerated warehousing is poised to experience high growth over the forecast period.
Cold storage is an integral part of supply chain management and transportation and storage of temperature-sensitive products. Growing trade of perishable products is expected to drive the market growth. Industry players are increasingly adopting alternative energy solutions, such as wind and solar energy, to minimize the overall operating costs.
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North America Cold Storage Market Segmentation
Grand View Research has segmented the North America Cold Storage Market on the basis of warehouse type, temperature type, construction type, application, and region
- North America Cold Storage Warehouse Type Outlook (Revenue, USD Billion, 2017 – 2028)
- Private & semi-private
- North America Cold Storage Construction Type Outlook (Revenue, USD Billion, 2017 – 2028)
- Bulk storage
- Production stores
- North America Cold Storage Temperature Type Outlook (Revenue, USD Billion, 2017 – 2028)
- North America Cold Storage Application Outlook (Revenue, USD Billion, 2017 – 2028)
- Fruits & vegetables
- Fish, meat & seafood
- Processed food
Key Companies profiled:
Some prominent players in the global North America Cold Storage market include
- Americold Logistics LLC
- Burris Logistics, Inc.
- Cloverleaf Cold Storage Company
- Lineage Logistics
- VersaCold Logistics Services
- Henningsen Cold Storage Company
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