Growing urbanization at an exuberant pace has increased the demands for convenient and packaged food products in the United States and it is creating a need for temperature-controlled supply chain or cold chain management. Also, the changing lifestyle of people and their inclination towards processed meals and ready-to-eat food. Maintaining the freshness and nutrition in packaged food from manufacturing until its consumption is essential for both the manufacturers and the consumers. Cold chain vaccine, coolbox, and ice packs have become commonplace in food and beverages industry of the US. A cold chain system is a temperature-controlled supply chain used to preserve, extend, and to ensure the shelf life of perishable food and frozen food products. Other than the food and beverages industry, the cold chain systems are extensively used in the pharmaceutical and healthcare industry. Transportation of temperature sensitive medication, storing vaccines, blood samples, and other cellular fluids are some of the generic tasks that engross the demands for cold chain in the pharmaceutical industry. Thus, cold chain services are necessary for a significant number of commodities, some of the major cold chain services include transient storage, warehouse cold storage, and refrigerated transportation of products via road, air, marine, and railways.
The heavy application of cold chain in the various end-user industries have bolstered the United States cold chain market size which held the global value of $15.70 billion in 2018. Foreseeing its growing prevalence in the pharmaceutical and food and beverages industry the market value is projected to grow at a positive CAGR of 3.3% during the forecast period 2019 to 2025.
Application Analysis in the U.S. Cold Chain Market
Food and beverage sector is estimated to be the fastest growing application segment in the US cold chain market. The growing trend of online sale of food and beverages in the region amalgamated with robustly expanding trend of hypermarkets that necessitates a temperature controlled supply chain is adding impetus to the application growth of this segment. For instance, the United States Department of Agriculture analyzed the Walmart’s non-food and food grocery sales, which were estimated to be $136.2 billion in 2016. Among these, specialized food stores, including meat and seafood markets, candy and nut stores, and retail bakeries accounted for the 3.4 percent of the total $648 billion value in in the same year. Hence, the governing trend of supermarket and supercenters in the U.S and its strong growth is directly proportional to the US cold chain market.
Similar to the retail sector, the U.S retail e-commerce sales are also amplifying. The U.S Department of Commerce states that retail e-commerce sales for the second quarter of 2019 were $146.2 billion, an increase of 4.2 percent from the first quarter of 2019. Apart from the food retail services, the US cold chain market is gaining further traction from its burgeoning food outlets. According to Centers for Disease Control and Prevention, more than 36 % of adults that is more than 1 in 3 consume fast food on a given day in the United States. As such outlets are reliant on efficient supply chain on a daily basis the cold chain is an imperative constituent of the chain. Consequently, the F&B sector is progressing with an application CAGR of 4.6% in US cold chain market.
Top Trends in the U.S. Cold Chain Market
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U.S. Cold Chain Market Competitive Landscape
The companies influencing the U.S. cold chain market are Americold Logistics, LLC; AGRO Merchants Group North America, Burris Logistics, Cloverleaf Cold Storage, Henningsen Cold Storage Co., Lineage Logistics Holdings, LLC; Nordic Logistics, LLC; Preferred Freezer Services, United States Cold Storage, and Wabash National Corporation.
Related Reports:
Refrigerated Transport Market
https://www.industryarc.com/Report/15136/refrigerated-transport-market.html
Cold Chain Market
https://www.industryarc.com/Report/15477/cold-chain-market.html
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