Cold Chain market in North America to cross US$ 142 Billion by 2024

IMARC in a research report has estimated the present size of the cold chain market in North America around US$ 81.2 Billion and projected it to grow a CAGR of 9.7% during 2019-24. Airways currently dominate the market, accounting for the majority of the market share.

Cold chain refers to a system of storing and transporting products at a constant temperature from the time of manufacturing until they reach the end-users. A well-designed cold chain system enables the movement of temperature-sensitive products in a way that reduces waste, prevents contamination, and maintains their quality and integrity. Due to this, cold chain logistics are crucial for the growth of trade as well as the easy availability of perishable commodities, including food products and health supplies, in a region.

In the latest report of IMARC Group, titled "North America Cold Chain Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the finds that the North America cold chain market size reached US$ 81.2 Billion in 2018.

A rise in the sales of pharmaceutical drugs is the primary factor bolstering the growth of the cold chain industry in the region. To ensure the efficacy of healthcare products, such as vaccines, biopharmaceuticals and clinical trial materials, manufacturers and logistics providers are required to utilize cold chain facilities. Along with this, perishables like fresh fruits, vegetables, dairy products, meat and poultry also require cold chain facility to help increase their shelf life. Apart from this, due to the flourishing e-commerce and online food delivery industries in the region, there has been a rise in the demand for cold storage and transportation. Moreover, many leading companies are providing the latest cold chain technologies to expand their market operations. For instance, Americold offers the most comprehensive temperature-controlled storage and distribution network, supported by advanced radio frequency identification (RFID) technology. Moreover, several companies in North America have recently incorporated internet of things (IoT) technology in the cold chain as it helps them to connect seamlessly at every step of the process and offer a host of cost benefits. As a result of these factors, the market value is projected to reach US$ 142.6 Billion by 2024, exhibiting a CAGR of 9.7% during 2019-2024.

The chilled segment exhibits a clear dominance in the market followed by frozen items. Among the items - meat and seafood represent the leading segment. Other major segments include fruits and vegetables, bakery and confectionery, dairy and frozen products, pharmaceuticals and others. The United States of America (USA) dominated the market followed by Canada. The major players in the cold chain market of North America include Americold Logistics, Lineage Logistics, United States Cold Storage, Inc., VersaCold Logistics Services and AGRO Merchants Group.