North America Cold Chain Market Outlook:
The North America cold chain market was valued at USD 89.2 billion in 2020 and is expected to reach USD 153.8 billion by 2026, growing at a CAGR of 9.6% during the forecast period. The North America cold chain market refers to the management of temperature-sensitive products as they move through the supply chain from production to consumption. The cold chain is an essential component of the food and pharmaceutical industries, as it ensures the safety and quality of perishable products. The market includes various types of equipment, such as refrigerators, freezers, and cold storage facilities, as well as transportation methods, such as refrigerated trucks and containers. The North America cold chain market is expected to experience significant growth over the forecast period, driven by factors such as increasing demand for frozen and chilled foods, expanding pharmaceutical industry, and growing e-commerce sector.
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North America Cold Chain Market by Type
Based on type, the North America cold chain market is segmented into refrigerated storage, refrigerated transportation, and refrigerated packaging. The refrigerated storage segment accounted for the largest market share in 2020, owing to the increasing demand for cold storage facilities in the food and pharmaceutical industries.
North America Cold Chain Market by Application
Based on application, the North America cold chain market is segmented into food and beverages, pharmaceuticals and healthcare, and others. The food and beverages segment accounted for the largest market share in 2020, driven by the increasing demand for frozen and chilled foods.
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North America Cold Chain Market by Region
Based on region, the North America cold chain market is segmented into the United States and Canada. The United States accounted for the largest market share in 2020, owing to the presence of major players in the region and the increasing demand for cold chain services in the food and pharmaceutical industries.
North America Cold Chain Market Drivers
- Increasing demand for frozen and chilled foods
- Expanding pharmaceutical industry
- Growing e-commerce sector
North America Cold Chain Market Restraints
- High operational costs
- Lack of infrastructure in certain regions
- Stringent regulatory requirements
North America Cold Chain Market Challenges
- Lack of skilled workforce in the cold chain industry
- Environmental concerns associated with the use of refrigerants in cold chain equipment
- Limited availability of cold storage facilities in certain regions.
FAQs:
Q: What is the estimated size of the North America cold chain market in 2023-2028?
A: The North America cold chain market is estimated to be worth USD 153.8 billion by 2026.
Q: What are the major drivers of the North America cold chain market?
A: The major drivers of the North America cold chain market include the growing demand for frozen and perishable foods, increasing adoption of automation technologies in the logistics industry, and stringent regulations for food safety.
Q: What are the key challenges faced by the North America cold chain market?
A: The key challenges faced by the North America cold chain market include high energy costs, lack of skilled personnel, and inadequate infrastructure in certain regions.
Q: What are the major trends in the North America cold chain market?
A: The major trends in the North America cold chain market include the adoption of blockchain technology for supply chain management, the use of hybrid refrigeration systems, and the growing popularity of refrigerated containers.
Q: Which countries are the major contributors to the North America cold chain market?
A: The United States and Canada are the major contributors to the North America cold chain market.
Q: Which industries are driving the growth of the North America cold chain market?
A: The food and beverage industry is the major driving force behind the growth of the North America cold chain market, followed by the pharmaceutical and healthcare industries.
Q: What are the different types of cold chain logistics services offered in North America?
A: The different types of cold chain logistics services offered in North America include refrigerated storage and transportation, packaging, and processing.
Q: What is the impact of COVID-19 on the North America cold chain market?
A: The COVID-19 pandemic has increased the demand for cold chain logistics services due to the increased need for vaccine distribution and the growing e-commerce industry.
Q: Which companies are the major players in the North America cold chain market?
A: Some of the major players in the North America cold chain market include Americold Logistics, Lineage Logistics, United Parcel Service, and FedEx Corporation.
Q: What is the future outlook for the North America cold chain market?
A: The North America cold chain market is expected to continue growing due to the increasing demand for temperature-sensitive products and the adoption of advanced technologies in the logistics industry. However, challenges such as energy costs and infrastructure limitations may hinder the growth to some extent.
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