North America Cold Chain Monitoring market is worth USD 81.2 billion in 2021, so it is estimated to reach $42.6 billion by 2026, growing at a CAGR of 9.7%. The cold chain is a system for the management and logistics of temperature-sensitive products through leveraging refrigeration methods and thermal packaging. Cold chain products transportation takes place in a variety of ways, including rail vehicles, refrigerated trucks, air cargo, and refrigerated vessels. Cold chains combine temperature-sensitive product logistics with thermal and refrigerated packaging procedures. Chilled and frozen food uses the cold chain application, which increases shelf-life hence maintains the quality standard for an extended period.
The cold chain, in particular, facilitates the biochemical and physical properties of frozen foods and modulates off-season market prices. It also helps minimize losses and waste, which increases the manufacturers' net revenue. The cold chain is a technology that depends primarily on physical means of maintaining appropriate temperature conditions; thus, it is also known as the temperature monitoring supply chain.
Recent Developments
SafeTraces announced a partnership with Mérieux NutriSciences in February 2019 to provide fully integrated solutions that would help manufacturers produce while managing the plant sanitation processes and reducing the risk of contamination, according to the announcement.
According to SafeTraces, the sanitation verification solution and DNA barcode application system for items that are produced fresh and can be connected to a blockchain-based system were launched in October 2018.
Market Growth
Drivers
It's evident that as consumer taste changes, the popularity of frozen and chilled food will improve, and so will the growth of the North American cold chain market for the food industry chilled. Apart from that, the vast potential of developing markets and untapped sectors provides unique prospects for players working in the North American cold chain marketplace. Population growth has boosted the need for packaged and comfort foods, which will drive the North American cold chain food business market. Putrescible food exports will also have a positive impact on North America's cold chain business.
The increase in the requirement for food safety in convenience and processed foods facilitates the cold chain service providers to employ new technologies. Therefore, many global companies are entering the market to give better solutions, as the cold chain is one of the best commercial opportunities for the foreseeable future.
Consequently, leveraging cutting-edge technology will accelerate the rapid growth of the North American food industry's cold chain sector. The food and grocery outlook for the United States influences the availability of food in all store outlets, including convenience stores and supermarkets. As a result, North America's cold chain support market is expanding rapidly. The transition in diet and lifestyle in this area is a determinant promoting the requirement for the cold chain market in this region. As obesity rates soar and lifestyle illnesses become prevalent, customers significantly raise their intake of protein, vitamins, minerals, and fats thereby, declining their carbohydrate intake. As a result, it has increased market growth for foods like meat, fruits, vegetables, and milk products.
Moreover, the United States has the world's largest market for temperature-sensitive health care products, which primarily incorporates biopharmaceuticals, vaccines, and clinical trial products. To meet the tight requirements of the supply chain sources, producers have to expand their resources. Manufacturers concentrate on the specialized workforce, governmental policies, and consumer expectations for market expansion. The significant aspect of the North American cold chain market is the technological advancement of seafood production, packaging, and refrigeration.
Restraints
Environmental impacts associated with greenhouse gas emissions are expected to impede the development of the North American cold chain market.
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REPORT STATISTICS |
INSIGHTS |
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Market Size Available |
2020 – 2026 |
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Base Year |
2020 |
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Forecast Period |
2022 - 2027 |
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CAGR |
xx% |
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Segments Covered |
By Components, By Logistics, and By Application
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities, Company Profiles, Primary and Secondary Analysis, Company's Revenue Analysis, and etc. |
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Counties Covered |
The United States, and Canada |
Market Segmentation
The North America Cold Chain Monitoring Market is categorized into components, logistics, and applications.
By Components
Based on components, the industry is segmented into Hardware and software. Hardware held the largest market share in 2015. It accounts for a large percentage of revenues due to its suitability in tracking cold chains in the pharmaceutical and food industries and producing fruits and vegetables, meats, and seafood. Managing the cold chain effectively relies on both software and hardware components. Hardware comprises different types which are necessary to trace people and things. These include RFID devices, data loggers, networking devices, and other types of equipment. Tracking the vehicles and monitoring the temperatures and humidity levels of the refrigerated cargo throughout transit, telematics solutions give managers complete control over their cold chain fleets and allow them to make informed decisions.
By Logistics
Based on logistics, the market is divided into storage and transportation. With the increased demand for remote monitoring of cold storage, it is projected that the storage segment will grow at an accelerated rate. Temperature-controlled storage of packaged foods and pharmaceuticals is essential. Sensors and controls are used to monitor the temperature of the products.
Market growth for remote tracking and monitoring of commodities being moved in refrigerated trucks will lead to the development of the transportation segment. In addition, rising commerce in food, beverages, and medicinal products is responsible for the growth.
By Application
The industry is segmented into healthcare & pharmaceuticals, food & beverages, and chemicals based on applications. Tracking pharma and other healthcare goods and blood collection centers leveraging technological advancements will result in the expansion of the healthcare industry at a faster pace. Medicinal products are increasingly being stored and transported safely and securely around the globe due to robust quality frameworks. Temperature-sensitive drugs need to be maintained and delivered at a constant temperature, according to the FDA. The healthcare sector uses cold chain monitoring technologies.
Regional Analysis
Geographically the North America Cold Chain Monitoring Market is segmented into US, Canada, Mexico and Rest of North America.
The North America Cold Chain Market is divided into three regions: Canada, the United States, and North America. The market is anticipated to grow fastest during the evaluation period due to the higher infiltration of interconnected devices and a large customer bracket. For new companies, the market provides numerous countless opportunities.
Regional consumption is expected to grow further during the estimated period due to the popularity of interconnected devices and a wide range of consumer bases. Stringent government regulations, the demand for highly skilled workers, the accessibility to infrastructure, and the growing preference for packaged food are the primary factors fuelling the US market. Over the forecast period, the Canadian market is predicted to increase at a rapid rate. Most of the fishing regions in Canada and low electricity prices are boosting the industry.
The rising popularity of e-commerce in the cold chain business in the United States facilitates the delivery of fresh, processed foods and groceries takes place through it. Improvement in e-commerce for putrescible consumer packaging products to be boosted by growing outsourced shipments to third-party service suppliers and cold storage facilities. Mexico is expected to progress faster than expected due to increased investments in supply chain infrastructure expansion and warehouse management system penetration.
Impact of COVID-19 on the North America Cold Chain Monitoring Market
The COVID-19 outbreak is supposed to impact the existing cold chain market in North America. While some of the present pandemic scenarios can be addressed with non-strategic investments to enhance distribution patterns in the following years, others cannot. The pandemic has had a beneficial impact on the cold chain industry, increasing demand for cold chain warehouse operations.
The expansion of the cold chain market is facilitated by the growing popularity of packaged food and beverage products. On the other hand, the COVID-19 adversely affected every industry's distribution network due to its limited commerce during the pandemic, resulting in food manufacturers highlighting not only food products but also refrigeration to enhance shelf-life, which is anticipated to accelerate the cold chain market.
Key Players
Major Players in the North America Cold Chain Monitoring Market are:
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