North America Cold Chain Market Size Worth $118.51 Billion By 2025
The North American cold chain market size is anticipated to reach USD 118.51 billion by 2025, according to a new report by Grand View Research, Inc. Advancements in packaging methods that are used for crops have become essential, owing to the expansion of trade over the past years. As per the Food and Agriculture Organization of the United Nations, over 20% to 40% of the total production of fruits and vegetables is accountable for post-harvest losses. Materials used for packaging play a significant role in enhancing shelf life.
Cold chain providers are implementing IT solutions that adhere to the IT security guidelines laid by international organizations, such as National Institute of Standards & Technology, and other regulations framed by government organizations such as the U.S. Food and Drug Administration, WHO, and EU regulations for food and drug safety. Foreign direct investment in the cold chain market are anticipated to help the service providers in importing advanced technologies, improving management techniques, and accessing international markets.
The U.S. cold chain systems are well-developed, owing to the growing investments, and offer high-quality of products to the consumers. The U.S. Department of Agriculture (USDA) and Food and Drug Administration (FDA) have set various requirements and standards to ensure safety & integrity of food products for meeting the demands of consumers, various businesses, and regulators.
Advancements in transportation technologies have led to considerable changes in transport modes. For instance, flowers are now transported to the U.S. via ocean, rather than relying on expensive air transportation. Increasing government investments in intelligent transportation systems and implementation of regulations in telematics (to enable smart traffic management) are anticipated to spur the telematics application in fleet management.
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Further key findings from the report suggest:
- The growing investment for developing the cold chain market are anticipated to drive the industry demand
- The transportation segment is anticipated to have significant growth rate over the forecast period with a CAGR of 8.3%
- Air transportation is a heavily-relied mode of cold transportation and is used for high-value items such as bioengineered drugs
- The fruits & vegetable application segment is anticipated to have considerable growth over the forecast period
- Americold Logistics (U.S.) is the largest cold storage firm in the U.S. with a capacity of 1.1 billion cubic feet
- The key players in the North American cold chain market include Cloverleaf Cold Storage (U.S.), Wabash National Corporation (U.S.), and AGRO Merchants Group (U.S.)