The U.S. cold storage market size is estimated to reach USD 19.69 billion by 2025, expanding at a CAGR of 3.7% over the forecast period, according to the new report conducted by Grand View Research, Inc. U.S. is widely regarded as one of the leading markets in developing technologies responsible for effective management of cold storage processes. The market is expected to offer growth opportunities for the pharmaceutical industry. Inventory management of pharmaceutical goods such as vaccines and medicines is an expensive process, which necessitates adequate security measures to be undertaken for protection of product quality. Advanced cold storage technologies that offer beneficial features, such as advanced refrigeration technologies and monitoring and tracking systems of various products like fruits and vegetables, significantly mitigate the possibility of wastage of temperature-sensitive goods.
Growth
of the U.S. cold storage market is profoundly influenced by extensive demand
for perishable goods worldwide along with the availability of food and health
supplies, and economic and political scenario. For instance, trade conflicts
between U.S. and China is expected to negatively impact the growth. In March
2018, U.S. imposed a 25.0% tariff on steel and 10.0% on aluminum imported from
China. The latter country, in turn, announced a 15-25.0% tariff on products
imported from U.S., including pork, fruits, wine, nuts, and vegetables. These
high tariffs imposed on food and agriculture produce are expected to negatively
affect market growth.
Furthermore,
outsourcing cold and frozen storage operations offers manufacturers various
cost benefits. This can help eliminate costs associated with warehouse space
and management, technology, transportation, and labor. Operational costs such
as employee salaries, heating and cooling expenses, insurance, and electric
power cost can also be reduced by working with supply chain partners. As a
result, manufacturers can increase their profit margins and focus on core
business activities such as quality product manufacturing, expanding customer
base, and satisfaction of customer needs.
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U.S. Cold Storage
Market Report Highlights
- Rising demand
for healthy food, import and export of refrigerated foods, and increasing
private sector participation are expected to propel market growth
- Provision of
cold storage facilities assists in extending the shelf life of perishable
goods such as fresh agricultural produce and frozen foods
- Growing
automation in warehouse management is anticipated to spur the growth over
the forecast period
- Numerous
initiatives undertaken with the objective of reducing wastage of
post-harvest and processed foods is also expected to boost the market
- Some of the
key participants operating in the U.S. cold storage 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
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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