The size of the North American cold chain market is expected to be worth USD 80 billion in 2024 and grow at a CAGR of 7.01% from 2024 to 2029 to achieve USD 112.27 billion by 2029. Demand for these solutions is expected to rise during the anticipated period as the perishable goods transaction increases.
The cold chain is a system that can be employed for the management and logistics of temperature-sensitive products with the use of refrigeration methods and thermal packaging. There are several ways that cold chain products are transported, such as rail vehicles, refrigerated trucks, air cargo, and refrigerated vessels. Cold chains combine proper logistics for temperature-sensitive products with the aid of thermal and refrigerated packaging procedures. The cold chain application is mainly applied to chilled and frozen food, which increases its own shelf life and maintains quality standards for a long time. The cold chain helps maintain the biochemical and physical properties of frozen foods in particular and regulates off-season market prices. It also limits product losses and wastage, which will improve the overall revenue of the producers. The cold chain is a technology that relies entirely on physical means to maintain adequate temperature conditions; therefore, it is called the temperature control supply chain. The North American cold chain market is adopting alternative energy solutions such as wind and solar to minimize overall operating costs.
As consumer preferences change, demand for frozen and chilled food and beverages will increase, and the development of the North American cold chain market for the food industry will accelerate. In addition, the enormous development potential of emerging markets and unexplored areas offers new development opportunities for actors operating in the North American cold chain market. As the population grows worldwide, the demand for processed and convenience foods has increased, fueling the North American cold chain market in the food industry. The development of international trade in perishable foods will also have a positive impact on the North American cold chain market. Cold chain service providers are implementing advanced technologies as the need for food safety rises in convenience and processed foods. That is why many multinational providers are penetrating this market to provide better cold chain solutions as cold chain is considered the best business opportunity for years to come. Therefore, the adoption of state-of-the-art technology will enhance the excessive growth of the North American cold chain market of the food industry. Due to strong government regulations, manufacturers have had to increase their investments to obtain safety certifications in accordance with the strict practices of service and procurement providers. Most companies focus on expanding the size of the market according to the skilled workforce, government regulation, and market demand. Several factors, like technological progressions in seafood processing, packaging, and storage, are determined to be crucial elements in the North American cold chain market.
The retail outlook for the United States is changing the way food is available in all retail formats, such as convenience stores and supermarkets. The cold chain services market is experiencing strong growth in North America. A major element supporting the demand for the cold chain market in this locale is the shift in eating habits in this vicinity. As obesity levels increase and lifestyle disorders increase, consumers increase their intake of protein, vitamins, minerals, and fats and reduce carbohydrate intake. This has fueled the demand for foods such as meat, fruits, vegetables, and dairy products in the region. These products are temperature-sensitive and need to store and transport cold chains from one place to another. The augmenting trend to shop for perishables online has created new opportunities and challenges. A major factor driving the demand for the cold chain market in North America was the change in eating habits in the region. This has fueled demand for foods such as meat, fruits, vegetables, and dairy products in the region. Besides, the United States records the largest business for temperature-sensitive healthcare products across the world, which mainly comprises biopharmaceuticals, vaccines, and ingredients for clinical trials.
Environmentally related issues related to greenhouse gas emissions are believed to challenge the growth of the North American cold chain market.
The COVID-19 epidemic is expected to affect the current North American cold chain market supply. However, some non-strategic investments to improve distribution patterns can help address current pandemic scenarios in the coming years.
North America Cold Chain Market By Type
North America Cold Chain Market By Temperature Type
North America Cold Chain Market By Application
North America Cold Chain Market By Region
The North American cold chain market is predicted to garner the highest growth rate over the assessment period. Due to the higher penetration of linked devices and a larger consumer base, the market is supposed to grow at a higher rate. The market offers great opportunities for new entrants. Regional demand is expected to increase further during the projection period as the penetration of connected devices and large consumer bases increases. The main factors driving the US market are stringent government regulatory environments, the availability of skilled workers, the availability of infrastructure, and the increased demand for packaged food. Canada is expected to grow significantly during the expected period. The main factors driving the Canadian regional market are the main fishing areas and reduced electricity rates. E-commerce is a growing trend in the US cold chain market. It is used for the sale of groceries, fresh food and delivery of packaged food. Increased outsourcing of shipments to third-party service providers and cold-lodging services is likely to improve e-commerce for perishable consumer packaging products. Mexico is supposed to progress over the anticipated period because of the rise in investments in the extension of logistics infrastructure and the penetration of the warehouse management system.
Major Key Players in the North American cold Chain Market are Burris Logistics, Thermo King, XPO Logistics Inc., Americold Logistics, Nichirei Logistics Group Inc., Freezer Services, Lineage Logistics Holding LLC, and AGRO Merchants
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