North America Cold Storage Market Forecast to 2030 - Regional Analysis - by Application, Temperature Type, and Warehouse Type

The North America cold storage market was valued at US$ 51.34 billion in 2022 and is expected to reach US$ 179.60 billion by 2030; it is estimated to register a CAGR of 16.9% from 2022 to 2030.

Rapid Growth in Import and Export Activities of Food and Pharmaceutical Products Fuel North America Cold Storage Market

Import and export of food and pharmaceutical products are crucial in international trade. Imports and exports of food and pharmaceutical products can have a significant effect on global food security and the economy. The scenario of food product trade is constantly evolving. Imports of food products have intensified in recent years owing to the rising consumer demand globally. Growing population, increasing urbanization, and rising demand for quality food products and pharmaceutical items are acting as major drivers for import and export, which is, in a way, boosting the cold storage market positively. The US is the world's leading turkey producer and biggest exporter of turkey products.

Turkey meat production in the country has expanded to satisfy consumer demand. In 2023, the US turkey meat export accounted for 455 million pounds in 2023. Additionally, the US was ranked as the world's top exporter of vegetable products in 2022, with US$ 94.8 billion in exports. Vegetable Products ranked seventh in terms of US exports that same year.

The increase in imports and exports of pharmaceuticals, drugs, and food products is a major driver for cold storage facilities. The cold storage facilities play a major role in the overall supply chain of pharma and food products. During transportation, cold storage-equipped trucks, ships, and containers are required to ensure the quality and safety of perishable food and pharmaceutical products. Keeping food and pharmaceutical products at optimal temperatures to safeguard their minerals and nutritional value boosts the demand for cold storage facilities worldwide. Therefore, the rapid growth in import and export activities of food and pharmaceutical products propels the cold storage market growth.

North America Cold Storage Market Overview

The increasing population, rising consumer income, and growing preference for processed and canned food have positively favored the cold storage market. The popularity and importance of cold storage facilities have soared in recent years owing to increased expenditure on convenience and frozen food, probiotics, pharmaceuticals, or fresh produce. Several industries, such as food & beverages, pharmaceuticals, and chemicals, rely on cold storage facilities to preserve their products. In the food industry, the mounting demand for frozen and fresh foods has made cold storage facilities crucial for preserving product freshness and avoiding spoilage. The pharmaceutical industry immensely depends on cold storage to conserve the effectiveness of temperature-controlled vaccines and drugs.

Globalization and expansion in transport logistics have also boosted the supply chain of various products nationally or internationally. This trend has improved the demand for cold storage facilities to make certain that the products reach consumers in ideal condition, preserving a necessary temperature, regardless of distance and time of travel.

Growing demand for processed meat and seafood, along with the rising need for pharmaceutical products, is also pushing the requirement for cold storage facilities in North America. The basic requirement of storing seasonal fruits, meat products, and dairy items for a long is fulfilled by proper cold storage facilities. In addition, the appropriate supply chain management of agricultural products, frozen meat and fish, medicine, and drugs has also surged the demand for cold storage facilities in the region.

North America Cold Storage Market Revenue and Forecast to 2030 (US$ Million)

North America Cold Storage Market Segmentation

The North America cold storage market is categorized into application, temperature type, warehouse type, and country.

Based on application, the North America cold storage market is segmented into dairy products, meat and seafood, fruits and vegetables, pharmaceuticals, and processed food. The meat and seafood segment held the largest North America cold storage market share in 2022.

In terms of temperature type, the North America cold storage market is bifurcated into chilled and frozen. The frozen segment held a larger North America cold storage market share in 2022.

By warehouse, the North America cold storage market is segmented into public and private & semi-private. The public segment held a larger North America cold storage market share in 2022.

By country, the North America cold storage market is segmented into the US, Canada, and Mexico. The US dominated the North America cold storage market share in 2022.

Nafta Frigorificos SA DE CV, Tippmann Group, Nichirei Corp, Frialsa Frigorificos SA de CV, Emergent Cold LatAm Management LLC, Americold Realty Trust Inc, Lineage Logistics Holdings LLC, Burris Logistics Co, United States Cold Storage Inc, and NewCold Cooperatief UA. are some of the leading companies operating in the North America cold storage market.