The U.S. cold storage market size is estimated to reach USD 19.69 billion by 2025, expanding at a CAGR of 3.7% over the forecast period, according to the new report conducted by Grand View Research, Inc. U.S. is widely regarded as one of the leading markets in developing technologies responsible for effective management of cold storage processes. The market is expected to offer growth opportunities for the pharmaceutical industry. Inventory management of pharmaceutical goods such as vaccines and medicines is an expensive process, which necessitates adequate security measures to be undertaken for protection of product quality. Advanced cold storage technologies that offer beneficial features, such as advanced refrigeration technologies and monitoring and tracking systems of various products like fruits and vegetables, significantly mitigate the possibility of wastage of temperature-sensitive goods.
Growth of the U.S. cold storage market is profoundly influenced by extensive demand for perishable goods worldwide along with the availability of food and health supplies, and economic and political scenario. For instance, trade conflicts between U.S. and China is expected to negatively impact the growth. In March 2018, U.S. imposed a 25.0% tariff on steel and 10.0% on aluminum imported from China. The latter country, in turn, announced a 15-25.0% tariff on products imported from U.S., including pork, fruits, wine, nuts, and vegetables. These high tariffs imposed on food and agriculture produce are expected to negatively affect market growth.
Furthermore, outsourcing cold and frozen storage operations offers manufacturers various cost benefits. This can help eliminate costs associated with warehouse space and management, technology, transportation, and labor. Operational costs such as employee salaries, heating and cooling expenses, insurance, and electric power cost can also be reduced by working with supply chain partners. As a result, manufacturers can increase their profit margins and focus on core business activities such as quality product manufacturing, expanding customer base, and satisfaction of customer needs.
U.S. Cold Storage Market Report Highlights
• Rising demand for healthy food, import and export of refrigerated foods, and increasing private sector participation are expected to propel market growth
• Provision of cold storage facilities assists in extending the shelf life of perishable goods such as fresh agricultural produce and frozen foods
• Growing automation in warehouse management is anticipated to spur the growth over the forecast period
• Numerous initiatives undertaken with the objective of reducing wastage of post-harvest and processed foods is also expected to boost the market
• Some of the key participants operating in the U.S. cold storage market are Americold Logistics, LLC, AGRO Merchants Group North America, Burris Logistics, Cloverleaf Cold Storage, Henningsen Cold Storage Co., Lineage Logistics Holdings, LLC, Nordic Logistics, LLC, Preferred Freezer Services, United States Cold Storage, and Wabash National Corporation
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U.S. Cold Storage Market Segmentation
Grand View Research has segmented the U.S. cold storage market based on warehouse type, construction type, temperature type, application, and state:
U.S. Cold Storage Warehouse Type Outlook (Revenue, USD Billion, 2014 - 2025)
• Private & Semi-Private
• Public
U.S. Cold Storage Construction Type Outlook (Revenue, USD Billion, 2014 - 2025)
• Bulk Storage
• Production Stores
• Ports
U.S. Cold Storage Temperature Type Outlook (Revenue, USD Billion, 2014 - 2025)
• Chilled
• Frozen
U.S. Cold Storage Application Outlook (Revenue, USD Billion, 2014 - 2025)
• Fruits & Vegetables
• Dairy
• Fish, Meat, & Seafood
• Processed Food
• Pharmaceuticals
U.S. Cold Storage State Outlook (Revenue, USD Billion, 2014 - 2025)
• Maine
• Massachusetts
• Vermont
• New Jersey
• New York
• Pennsylvania
• Delaware
• Florida
• Georgia
• Maryland
• North Carolina
• South Carolina
• Virginia
• Illinois
• Indiana
• Michigan
• Ohio
• Wisconsin
• Alabama
• Kentucky
• Mississippi
• Tennessee
• Iowa
• Kansas
• Minnesota
• Missouri
• Nebraska
• North Dakota
• South Dakota
• Arkansas
• Louisiana
• Oklahoma
• Texas
• Arizona
• Idaho
• Mexico
• Utah
• California
• Oregon
• Washington
• Others
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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
North America Cold Storage Market Size, Share & Trends Analysis Report By Warehouse (Private & Semi Private, Public), By Construction, By Temperature (Chilled, Frozen), By Application, And Segment Forecasts, 2021 - 2028
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