UNITED STATES COLD STORAGE MARKET FORECAST 2022-2030

In terms of revenue, the United States cold storage market was valued at $29.46 billion in 2021 and is estimated to reach $59.85 billion by 2030, growing at a CAGR of 7.81% during the forecast period 2022 to 2030.

The United States cold storage market has greatly profited from the government’s stringent rules on the trade and production of products required to be stored at a specific temperature level. Moreover, due to the developing organized retail markets in emerging economies, the cold storage warehouse business is projected to expand at a rapid pace over the next decade.

On the other hand, the rise in cold storage warehouse automation is expected to further fuel the market demand during the outlook period. The key applications of warehouse automation include robotics, cloud computing, conveyor belts, transportation automation, and power management.

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Key growth enablers of the United States cold storage market:

• Growth in the processed food sector
• Increasing demand for cold storage facilities in the pharmaceutical industry
• Technological innovations used in mobile storage facilities
  • Traditional warehouse operations are evolving as a result of growing automation, thus enabling businesses to maximize throughput.
  • Aligning with this, order accuracy is made possible by the increasing use of robotics applications, automated material handling machinery, as well as high-speed conveyor systems.
  • Moreover, on comparing automated warehousing systems to conventional forklift operations, the storage capacity is increased by 400%. Automation also makes it possible to utilize extra space for other tasks, such as manufacturing and value-added services.
• Expanding availability of cold storage warehouses

Key growth restraining factors:

• Obsolete cold storage warehouse facilities
• High operational costs
• Maintenance of required temperature during supply chain
  • The food sector necessitates the attention of manufacturers, retailers, and consumers in order to uphold food quality and safety by preventing early expiration, decay, and spoilage.
  • Service providers are also majorly investing in cutting-edge cold storage facilities for the maintenance of food quality.
  • However, owing to the high energy prices in the United States, cold chain providers are becoming increasingly concerned about excessive energy expenses.

United States Cold Storage Market | Top Trends

• Numerous service providers are updating older structures with newer machinery and technology due to the rising construction and labor costs, as well as the infrastructure and technology needed to establish new cold storage facilities.
• One of the forces propelling automation in the warehousing sector is the Internet of Things (IoT). For instance, warehouses can utilize IoT to connect robots, drones, pallets, and other essential equipment, in addition to accessing real-time data to manage inventory and oversee employees.
• As the economy improves, the demand for cold storage has also increased since people consume a wider range of food items from supermarkets and other retail outlets. Additionally, the United States pharmaceutical businesses depend on cold storage facilities in order to store their products before exporting, given the rising demand for pharmaceutical products in nations like China, Brazil, and India.

Market Segmentation – Ownership Type, Temperature, Warehouse Type, and Component –

Market by Ownership Type:

• Public
  • The public segment, under the ownership type category, captured the highest revenue share in 2021.
  • Public warehouses offer duty-paid services and can be owned by individuals or organizations.
  • Moreover, it is managed as a stand-alone business offering various services, such as storage, handling, and transportation, for a set or variable cost.
  • According to the USDA National Agricultural Statistic Service, out of a total of 904 cold storage warehouses, the United States has 517 public cold storage warehouses.
• Private & Semi-Private

Market by Temperature:

• Frozen
  • Frozen is set to be the dominating temperature during the forecasted years.
  • Fruits, meat, dry fruits, vegetables, fish, eggs, dairy products, and other commodities are among the main items in the freezing temperature segment.
  • Additionally, consumers opt for frozen food more frequently due to its support for microwave heating and simplicity in terms of packing methods.
  • The use of frozen meals has increased dramatically as a result of these trends, thereby fueling market expansion.
• Chilled

Market by Warehouse Type:

• Bulk Storage
• Production Stores
• Ports

Market by Component:

• Bakery & Confectionary
• Fruits & Vegetables
• Drugs & Pharmaceuticals
• Dairy & Frozen Desserts
• Meat, Fish & Seafood
• Other Components

Geographical Study:

• The top 50 metropolitan statistical areas in the United States based on the highest population and GDP have been studied.

Major players in the United States cold storage market:

• Nordic Logistics & Warehousing LLC
• Preferred Freezer Services
• Wabash National Corporation
• VersaCold Logistics Services
• Cold Box Express Inc

Key strategies adopted by some of these companies:

In July 2022, Wabash National Corporation revealed its first rebranded trailer with its new Wabash logo. Subsequently, by the end of the year 2022, its entire line of tank trailers, van trailers, platform trailers, process systems, truck bodies, as well as parts & services are also scheduled to be rebranded with the new logo.

In November 2021, Wabash National Corporation launched its latest home-delivery refrigerated truck body with its patented molded structural composite technology. Moreover, it is set to increase cargo capacity as well as delivery productivity on sub-10,000 GVWR chassis.

Report Synopsis:

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