The latest report by IMARC Group, titled “North America Cold Chain Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the North America cold chain market reached a value of US$ 61.8 Billion in 2021. Cold chain is a temperature-controlled surface transport and supply chain technology that enables safe transportation of temperature-sensitive goods and products. Cold chain employs refrigerated trucks, railcars, cargos, and air cargo as the mode of transportation. It uses thermal and refrigerated packaging methods to maintain the quality and shelf life of products, including fresh agricultural produce, seafood, frozen food, photographic films, chemicals, and pharmaceutical drugs. Cold chain solutions also extend the period of marketing, reduce transportation bottlenecks during peak time and maintain the quality of products.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
North America Cold Chain Market Trends:
The market is primarily driven by the well-established retail sector in the region. In addition, cold chains are increasingly gaining prominence across North America due to the rising need for reducing the wastage of perishable products and commodities. Besides this, governing agencies are implementing initiatives to reduce food waste and expand retail chains by multinational companies, which is fueling the market growth. For instance, the World Trade Organization (WTO) and North America Free Trade Agreement (NAFTA) have created opportunities for exporters in the US to increase the trade of perishable food that is free of import duties. In addition, cold chain is used in the pharmaceutical industry to transport dangerous and perishable medicines and increase the efficacy of drugs throughout the supply chain. Moreover, the rising dependency on the internet for ordering fresh fruit and vegetable supplies from online retail channels due to hectic schedules of the working population have increased the demand for cold chain in the North American region. Furthermore, the introduction of advanced radio frequency identification (RFID) technologies for cold chain applications and the integration of Internet of Things (IoT) are creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of 8.60% during 2022-2027.
- Based on the service type, the market has been segmented into refrigerated storage and refrigerated transport (airways, roadways, seaways, and railways). Currently, refrigerated storage dominates the market.
- On the basis of the temperature, the market has been classified into chilled and frozen. Among these, chilled temperature holds the largest market share.
- The market has been categorized based on the end user into meat and seafood, fruits and vegetables, bakery and confectionery, dairy and frozen products, pharmaceuticals, and others. At present, meat and seafood accounts for the majority of the market share.
- Region-wise, the market has been divided into the United States and Canada. Currently, the United States exhibits a clear dominance in the market.
- The competitive landscape of the market has been examined, with some of the key players being Americold Logistics, Lineage Logistics Holding LLC, United States Cold Storage, Inc., VersaCold Logistics Services, AGRO Merchants Group, and Interstate Warehousing, Inc.
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