The North America cold storage market size is expected to reach USD 86.48 Billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 10.7% from 2021 to 2028. Technological advancements in cold storage warehouses are stimulating the growth of the market. Increasing automation is changing the conventional warehouse operations, enabling companies to maximize their output. Growing penetration of robotics applications, automated material handling equipment, and high-speed conveyor systems help in achieving the order accuracy.
Rising awareness concerning the low ozone depletion potential (ODP) and low global warming potential (GWP) refrigerants to tackle environmental and social facets along with increasing demand for energy-efficient natural refrigerants are the key factors driving 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 cost, and low GDP & ODP.
High running costs, capital investment, and scalability of different picking methods are the key factors restraining the market over the projected period. Additionally, advanced automation, software system, and high-tech advancements in tracking systems and warehousing have led to high requirements for skilled labor. Dearth of skilled labor can restrict the market from realizing its utmost potential.
Compared to other revenue-generation streams for real-estate firms, the North America cold storage construction market is smaller in size. From the owner’s perspective, potential developers and real-estate firms may want to consider investing in cold storage facilities owing to their growing population in the region. Furthermore, there will be a bidding war among investors to acquire Class A (high-quality or newly-constructed building located in central business areas and draws the highest rent) traditional warehouse space in the U.S. and Canada. To avoid such situation, real-estate firms can invest in developing a class B (older than class A buildings and draws less rent compared to class A) warehouse as the cold storage facility.
Key companies operating in the market are Lineage Logistics; Americold Logistics LLC; Burris Logistics, Inc.; Cloverleaf Cold Storage Company; and VersaCold Logistics Services. In addition to cold storage services, market players are providing value-added activities such as food processing and harvesting to increase the product life of fresh foods.
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North America Cold Storage Market Report Highlights
- Service providers have enhanced their efforts to safeguard temperature-controlled products from potential tampering or any malicious actions with food products
- The close proximity of warehouses to transportation hubs such as airports, seaports, and major highway interchanges is likely to enable service providers to improve their efficiency by shipping products on time
- Stringent government regulations are encouraging manufacturers to develop rigorous practices and service providers to make investments for improving their infrastructure in order to obtain safety certifications
- In 2016, the frozen segment held the largest share in terms of revenue in the North America market and is expected to maintain its dominance over the forecast period
- Robust growth of the pharmaceutical industry and increasing stringency of standards pertaining to food safety have enhanced the cold storage capacity of Canada by around 8 percent over the last two years
- Some of the industry participants include Americold Logistics LLC; Burris Logistics, Inc.; Cloverleaf Cold Storage Company; Lineage Logistics; VersaCold Logistics Services; and Henningsen Cold Storage Company.
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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
North America Cold Storage Regional Outlook (Revenue, USD Billion, 2017 – 2028)
- North America
List of Key Players of North America Cold Storage Market
- Americold Logistics LLC
- Burris Logistics, Inc.
- Cloverleaf Cold Storage Company
- Lineage Logistics
- VersaCold Logistics Services
- Henningsen Cold Storage Company
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Browse More Related Report:
Cold Storage Market Size, Share & Trends Analysis Report By Construction Type (Bulk Storage, Production Stores), By Temperature Type (Chilled, Frozen), By Application, By Warehouse Type, And Segment Forecasts, 2021 – 2028
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