The growing demand for seasonal fruits, vegetables, and processed food products is driving the demand for cold storage facilities. Based on application, the cold storage market is categorized into dairy, fish, meat and seafood, fruits and vegetables, pharmaceuticals, and processed food. The rise in inclination toward processed food and the busy lifestyle of consumers are boosting the requirement for convenient food products that possess longer shelf life, further creating the demand for cold storage facilities. The market trends, such as increasing consumer preference for processed and easy-to-cook canned food, boost the demand for cold storage facilities, which is anticipated to propel the growth of the cold storage market from 2022 to 2030. Sustainable refrigeration and storage technologies are expected to bring new cold storage market trends in the coming years.
Key Findings of Market Study:
In terms of revenue, North America dominated the cold storage market share in 2022. North American cold storage market analysis is categorized into the US, Canada, and Mexico. North America accounted for 79.8% of the total cold storage market in the year 2022 and is projected to maintain its dominance during the forecast period. The cold storage market growth in North America is attributed to the developed food and pharmaceutical sectors and growing consumer preference for convenience food (along with the increasing population). Extremely busy lifestyles and consumer inclination toward processed food, which saves time, also favor the market growth in this region. Cold storage facilities are necessary for the storage and transportation of processed meat, seafood, and pharmaceutical products. Moreover, the basic requirement of storing seasonal fruits, meat products, and dairy items for a long time is fulfilled by proper cold storage facilities. In addition, cold storage systems are pivotal for the appropriate supply chain management of agricultural products, frozen meat and fish, medicines, and drugs. Globalization and the increasing number of imports and exports among different nations are also positively boosting the cold storage market in North America. The United States-Mexico-Canada Agreement (USMCA) in 2018 replaced the North American Free Trade Agreement (NAFTA), which came into effect in 1994. The implementation of the USMCA has increased the ratio of trade dealings among the nations. Thus, all the factors mentioned above have been creating major opportunities for the cold storage market across North America.
Contributions and market initiatives of the key players such as Contributions and market initiatives of the key players such as Constellation Cold Logistics Sarl, Nafta Frigorificos Sa De Cv, Superfrio Armazens Gerais SA, Tippmann Group, Nichirei Corp, Frialsa Frigorificos Sa De Cv, Friozem Armazens Frigoreticos Ltda, Emergent Cold Latam Management LLC, Americold Realty Trust Inc, Lineage Logistics Holdings LLC, Burris Logistics Co, Chiltern Cold Storage Group Ltd, United States Cold Storage Inc, and Newcold Cooperatief UA are influencing the cold storage market evolution globally. The cold storage market report emphasizes key factors such as the rapid growth in import and export activities of food and pharmaceutical products. The cold storage market trends include the scope of storage facilities in the future food, dairy, and pharmaceutical sectors. In addition, several other important cold storage market players have been studied and analyzed during the study to get a holistic view of the cold storage market and its ecosystem.
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