North America Cold Chain Market is Projected to Reach US$ 142.6 Billion by 2024by Chris jackson Market Research
The latest report by IMARC Group, titled “North America Cold Chain Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the North America cold chain market size reached US$ 81.2 Billion in 2018. Cold chain refers to a system of storing and transporting products at a constant temperature from the time of manufacturing until they reach the end users. A well-designed cold chain system enables the movement of temperature-sensitive products in a way that reduces waste, prevents contamination, and maintains their quality and integrity. Due to this, cold chain logistics are crucial for the growth of trade as well as the easy availability of perishable commodities, including food products and health supplies, in a region.
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North America Cold Chain Market Trends:
A rise in the sales of pharmaceutical drugs is the primary factor bolstering the growth of the cold chain industry in the region. To ensure the efficacy of healthcare products, such as vaccines, biopharmaceuticals and clinical trial materials, manufacturers and logistics providers are required to utilize cold chain facilities. Along with this, perishables like fresh fruits, vegetables, dairy products, meat and poultry also require cold chain facility to help increase their shelf life. Apart from this, due to the flourishing e-commerce and online food delivery industries in the region, there has been a rise in the demand for cold storage and transportation. Moreover, many leading companies are providing the latest cold chain technologies to expand their market operations. For instance, Americold offers the most comprehensive temperature-controlled storage and distribution network, supported by advanced radio frequency identification (RFID) technology. Moreover, several companies in North America have recently incorporated internet of things (IoT) technology in the cold chain as it helps them to connect seamlessly at every step of the process and offer a host of cost benefits. As a result of these factors, the market value is projected to reach US$ 142.6 Billion by 2024, exhibiting a CAGR of 9.7% during 2019-2024.
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- Based on the service type, the market has been segregated into refrigerated storage and refrigerated transport. At present, refrigerated storage accounts for the largest share.
- On the basis of the transportation, airways currently dominate the market, accounting for the majority of the market share. The other major segments are roadways, seaways and railways.
- The market has been categorized based on the temperature into chilled and frozen segments. The chilled segment exhibits a clear dominance in the market.
- On the basis of the end user, meat and seafood represent the leading segment. Other major segments include fruits and vegetables, bakery and confectionery, dairy and frozen products, pharmaceuticals and others.
- Region-wise, the United States enjoys the leading position in the North America cold chain market, followed by Canada.
- The competitive landscape of the market has also been examined with some of the key players being Americold Logistics, Lineage Logistics, United States Cold Storage, Inc., VersaCold Logistics Services and AGRO Merchants Group.
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Created on Jul 19th 2019 13:59. Viewed 202 times.