Market Trends of North America Industrial Flooring Industry
This section covers the major market trends shaping the North America Industrial Flooring Market according to our research experts:
Growth in the Food & Beverage Industry
- The food and beverage industry across the North American region is poised to register steady growth during the forecast period. The growth of the F&B industry is likely to be helped by strong investments and various projects to grow the industry as a whole.
- For instance, Producer Owned Beef LLC is planning to invest USD 670 million into the construction of a new processing facility in Texas, with construction planned to begin in 2023.
- Similarly, in 2022, Tyson Foods Inc. announced plans to invest USD 200 million into a 143,000-square-foot expansion and upgrade plan of its processing and warehouse facility in Texas.
- Post-pandemic, the population has become well aware of the importance of healthy food habits. According to an FMCG Gurus survey, 57% of the population in the United States claims to have become more health-conscious after the COVID-19 pandemic. Banking on this trend, key players in the food industry are now trying to push their health-oriented products, offering a myriad of health benefits, which could further drive the growth of the F&B industry in the region.
- According to estimates from the U.S. Census Bureau, retail and food service sales in the U.S. grew by 8.3% from October 2021 to October 2022, from USD 694.5 billion to USD 699.5 billion.
- The above factors show that the food and beverage industry in North America has a lot of room to grow, which is driving demand for industrial flooring in that segment.
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United States to Dominate Market Growth
- There is a lot of room for growth in the food and beverage industry in the United States, as shown by the many plans for expansion in the region.
- For instance, Niagara Bottling, LLC, is a beverage company that is planning to invest USD 112 million into the construction of its 500,000 sq. ft. processing and distribution facility in Alabama, slated for completion by 2023.
- Similarly, another large project owned by PepsiCo Beverages is the 260,000 sq. ft. expansion of its processing facility in Georgia. The company intends to invest USD 260 million for facility expansion and equipment upgrades.
- With major players investing heavily in the expansion and upgrade of their manufacturing and distribution facilities across the United States, the F&B industry is anticipated to register substantial growth during the forecast period.
- The automotive industry in the United States is also witnessing a major upheaval after showing considerable recovery post-pandemic. According to the Federal Reserve, car production in the United States reached 1.84 million units in October 2022, registering a year-on-year growth of close to 29% in comparison to October 2021.
- With the impending shift towards electric vehicles (EV) globally, further opportunities for expansion within the automotive industry are anticipated, during the forecast period.
- Auto supplier Lear Corp. is one of the few prominent players in the EV segment, with active expansion plans in the pipeline. In October 2022, the company announced that it will open a USD 80 million manufacturing facility in Michigan, after winning a program with General Motors Co.
- In the United States, the food and beverage (F&B) and automotive industries are planning to grow in a big way, so demand for industrial flooring is likely to grow during the forecast period.
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