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[ 176 + Pages Research Report ] North America cold storage Market to surpass USD 218.03 billion by 2031 from USD 82 billion in 2021 at a CAGR of 10.27% in the coming years, i.e., 2021-31.
Product Overview
A cold storage warehouse market is used to store perishable items, such as fruits, vegetables, meat, seafood, and dairy products, at an anticipated temperature to keep the quality of the product for a long time. Cold storages play a critical part in the supply chain that ships groceries, medicines, and other temperature-sensitive products. A big initial investment is essential to set up a cold storage unit.
Market Highlights
North America's cold storage market is expected to project a notable CAGR of 10.27% in 2031.
Global North America cold storage to surpass USD 218.03 billion by 2031 from USD 82 billion in 2021 at a CAGR of 10.27% in the coming years, i.e., 2021-31. The growing penetration of connected devices and the existence of a many consumers base are the key trends accelerating market growth. Additionally, the growing automation of refrigerated warehouses is anticipated to improve the demand for the product. Automation in warehouses is attained with the application 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.
North America cold storage: Segments
Public Warehouse segment to grow with the highest CAGR during 2021-31
Global North America cold storage market is classified on the basis of Warehouse into Private & Semi Private, Public. Public warehouse segment dominates the market share globally. The public warehouse segment led the market and reported for more than 70% share of the regional revenue in 2020. It is expected to continue its dominance throughout the forecast years. Public warehouses offer duty-paid facilities and can be owned by an individual or an agency. A public warehouse provides several services such as storage, handling, and transportation for a variable or fixed fee and is operated as an independent business.
Processed Food segment to grow with the highest CAGR during 2021-31
Based on the Application, the North American cold storage Market is fragmented into Fruits and Vegetables, Dairy, Fish, Meat and Seafood, Processed Food, and Others. The processed food segment is anticipated to exhibit the largest CAGR over the forecast years due to continuous innovations in packaging materials. Innovations in packaging materials increase the shelf life of the food, which has improved the trading of processed foods over the past years.
Market Dynamics
Drivers
Rising Awareness
Rising awareness and increasing concern towards the low ozone depletion potential (ODP) and low global warming potential (GWP) refrigerants to tackle environmental and social facets coupled with increasing demand for energy-efficient natural refrigerants are the key components boosting the market. Inorganic refrigerants such as ammonia, CO2, and hydrocarbon-based refrigerants are the most popular natural refrigerants that are being increasingly preferred by end-users for their energy efficiency, low price, and low GDP & ODP.
Rising automation in refrigerated warehouses
Growing automation in refrigerated warehouses is expected to further drive the demand. Warehouse automation comprises cloud technology, robots, conveyor belts, truck loading automation, and energy management. Refrigerated storage has become an essential part of Supply Chain Management (SCM) when it comes to transporting and storing temperature-sensitive products.
Restraint
High investment
High running costs, rich capital investment, and scalability of different picking methods are the key factors hampering the market over the projected years. Moreover, advanced automation, software system, and high-tech advancements in tracking systems and warehousing have led to huge requirements for skilled labor. Lack of skilled labor can restrict the market from understanding its utmost potential.
North America cold storage: Key Players
Americold Logistics LLC
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Burris Logistics, Inc.
Cloverleaf Cold Storage Company
Lineage Logistics
VersaCold Logistics Services
Henningsen Cold Storage Company
Other Prominent Players
North America cold storage report also contains analysis on:
North America cold storage Segments:
By Warehouse
Private & Semi-Private
Public
By Application
Fruits and Vegetables
Dairy
Fish
Meat and Seafood
Processed Food
Others
North America cold storage Dynamics
North America cold storage Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
North America cold storage Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 82 billion
Revenue forecast in 2031 USD 218.03 billion
Growth Rate CAGR of 10.27% from 2021 to 2031
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, Application and Region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled Americold Logistics LLC; Burris Logistics, Inc.; Cloverleaf Cold Storage Company; Lineage Logistics; VersaCold Logistics Services; and Henningsen Cold Storage Company and Other Prominent Players