The North America cold storage market size is expected to reach USD 131.75 billion by 2030, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 16.3% from 2024 to 2030. 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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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
The facilities/services segment dominated the overall market, gaining a revenue share of more than 92% in 2023. It is expected to grow at a CAGR of 16.2% from 2024 to 2030 throughout the forecast period.
The frozen (-18°C to -25°C) segment dominated the overall market, gaining a revenue share of more than 64% in 2023. It is expected to grow at a CAGR of 17.5% throughout the forecast period.
Grand View Research has segmented the North America cold storage market based on type, temperature range, application, and country:
North America Cold Storage Type Outlook (Revenue, USD Billion; 2017 - 2030)
Facilities/Services
Refrigerated Warehouse
Private & Semi-Private
Public
Cold Room
Equipment
Blast freezer
Walk-in Cooler and Freezer
Deep Freezer
Others
North America Cold Storage Temperature Range Outlook (Revenue, USD Billion; 2017 - 2030)
Chilled (0°C to 15°C)
Frozen (-18°C to -25°C)
Deep-frozen(Below -25°C)
North America Cold Storage Application Outlook (Revenue, USD Billion; 2017 - 2030)
Food & Beverages
Fruits & Vegetables
Fruit Pulp & Concentrates
Dairy Products
Milk
Butter
Cheese
Ice cream
Others
Fish, Meat, and Seafood
Processed Food
Bakery & Confectionary
Others
Pharmaceuticals
Vaccines
Blood Banking
Others
Others
North America Cold Storage Country Outlook (Revenue, USD Billion; 2017 - 2030)
U.S.
Canada
List of Key Players in North America Cold Storage Market
Americold Logistics, Inc
Burris Logistics
LINEAGE LOGISTICS HOLDING, LLC
Wabash National Corporation
United States Cold Storage
Tippmann Group
NFI Industries
Penske
Seafrigo Group
NewCold
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