Dublin, March 26, 2024 (GLOBE NEWSWIRE) -- The "US Cold Chain Logistics - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019-2029" report has been added to ResearchAndMarkets.com's offering.
This comprehensive analysis on the US Cold Chain Logistics market underscores a significant growth trajectory, with expert projections estimating the market size to reach USD 110.24 billion by the year 2029. This industry, which is critical for maintaining the integrity of temperature-sensitive products during transport and storage, is primed to expand at a Compound Annual Growth Rate (CAGR) of 5.83% during the forecast period of 2024-2029.
Key highlights of the research reveal a substantial push in market demand, predominantly fueled by an upsurge in domestic e-retailing and processed foods and beverages consumption precipitated by the COVID-19 pandemic. The rising popularity of online grocery services—a significant portion comprising perishables and frozen foods—has lent considerable support to market expansion. Meanwhile, notable advancements in technologies such as Artificial Intelligence (AI), Machine Learning, the Internet of Things (IoT), Robotics, and advanced warehousing automation are being leveraged to enhance operational efficiencies.
Despite the optimism, the industry does face certain challenges. Labor shortages in transportation and warehousing, high energy costs, and environmental concerns pose hurdles to unfettered growth. Innovative solutions that address energy consumption and greenhouse gas emissions in cold chain operations are, therefore, in focus to ensure sustainable development of this vital sector.
The trend toward outsourcing, particularly marked within the broader industrial logistics market, has been captured in detail in the report. Specifically, third-party logistics (3PL) providers saw a marked uptick in total leasing activity, indicating an emphasis on specialized capability to handle complex cold storage operations. Current statistics from the US Department of Agriculture (USDA) also reflect a strong inclination toward public refrigerated warehouse (PRW) companies, with 72% of the US refrigerated storage capacity outsourced.
Market Trends: Fresh Produce Imports and Frozen Foods Popularity
- Imports of fresh produce from Mexico, one of the largest agricultural trading partners of the US, have solidified the demand for cold chain logistics services. These imports prominently include a vast range of fresh fruits and vegetables, accentuating the vital role of effective cold supply chain solutions.
- The escalating demand for frozen foods in the US remains a potent growth factor. Sales figures from the American Frozen Food Institute (AFFI) indicate an upward trend, emphasizing the pandemic's influence on consumer preferences for frozen food options and the resultant impact on the cold chain logistics market.
This publication offers a panoramic view of the US Cold Chain Logistics industry, shedding light on fragmented markets and recent technological and infrastructural advancements. The marketplace is witnessing innovative strides, including solar-powered refrigerated solutions and multi-temperature vehicles, fostering a competitive environment among industry stalwarts.
For more information about this report visit https://www.researchandmarkets.com/r/pp6f1z
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