Refrigerated Transport Market, Size, Global Forecast 2023-2028
According to Renub Research’s latest report, “Refrigerated Transport Market, Global Forecast 2023-2028, Industry Trends, Growth, Insight, Impact of Inflation, Company Analysis” Global Refrigerated Transport Market is estimated to reach US$ 25.88 Billion, at a CAGR of 6.37%, by 2028. The rapidly expanding industry of food and pharmaceuticals has led to very high demand for cold chain logistics service providers. In addition, an ever-increasing number of trends are making way for greater capacity for refrigeration in the supply chain, and the logistics industry is trying its best to keep pace and evolve to meet the new industry trends. With the rapidly changing scenario of better roads, connectivity, urbanization, and increasing consumer needs, the reefer route has picked up impressively.
Reefer is a generic term derived from ‘refrigerated’ and refers to products stored/transported in an enclosed refrigerated space, in temperature-controlled ambiance, be it on a truck, marine / intermodal container, van, or any carrier vehicle. The freezing solutions maintain the quality and shelf life of the products, such as fresh agricultural products, seafood, photographic film, frozen food, chemicals, and pharmaceutical drugs.
Latest trends in Reefer Transportation
- The surge in the Number of Refrigerated Warehouses
A visible trend in the cold chain shipping sector is the rise in refrigerated warehouses that provide the ideal storage condition for temperature-sensitive products. This cold storage makes possible the smooth Transportation of fresh perishable items from one corner of the globe to another without compromising the integrity of the things. These refrigerated warehouses are presently used to store perishable food, flowers and plants, biopharmaceuticals, and artwork.
- The rise of Online Grocery Services
Yet another new trend in the Reefer transport sector is the rise of e-grocery services. Several e-commerce companies have now started the door-to-door delivery of groceries. This trend which started in the early days of the pandemic has now become part and parcel of e-commerce services. The online grocery delivery sector is booming. Consequently, there is mounting pressure on cold chain shipping services that enable timely door-to-door deliveries of perishable items, including vegetables, fish, and meat.
- Investments in Technology
Refer Transportation is increasingly dependent on digitization for real-time monitoring and traceability. For example, using GPS-enabled sensors in refrigerated containers provides real-time temperature updates throughout the end-to-end journey of the commodities. Moreover, IoT-enabled technologies are augmenting the visibility of Transportation.
The use of technology is helping cold chain operators to ensure integrity, efficacy, and safety. In addition, they see a significant increase in investment towards onboard devices in-built into the refrigeration units. Several shippers also use detachable sensors that independently track the temperature of their high-value cold cargo. Although most logistics companies use air freight for moving pharmaceuticals, many shippers are using steamships because of the improvements in temperature and location tracking technologies.
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Frozen Food Products had the Highest Market Share
Frozen foods have gained significant popularity among consumers across major global economies owing to high convenience and adaption to busy urban lifestyles. This frozen meal offers meal flexibility, and customers can save time and money on grocery purchases and cooking time. These market trends promote the frozen foods market, boosting the refrigerated trucks market.
The increasing availability of seasonal food is also driving the market growth of frozen food. The growing popularity of seasonal food due to the hectic lifestyle of consumers and the chance to consume seasonal fruits and vegetables throughout the year is further fueling the market growth. In addition, the expansion of logistic services has enabled the easy Transportation of frozen fruits and vegetables across the globe. Hence, the easy availability of seasonal fruits and vegetables will foster market growth.
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Sea Transportation Mode is Predicted to Grow Significantly
Transportation of goods by sea is easy, convenient, and less costly than other methods. It is also vital for the global economy. Sea transportation is essential due to the increased demand for goods and services. The global refrigerated sea transportation market is driven by technological enhancements, changing customer food preferences, container modification, and globalization.
The refrigerated sea transportation market will grow at an increasing rate during the forecast period due to an upsurge in demand for perishable goods globally. However, irregular distribution channels, government norms, and increased prices of customized containers which affect the operating cost of Transportation are expected to restrain the global refrigerated sea transportation market.
Eutectic Devices Technology will grow due to its Eco-friendly Nature
The Eutectic Devices does not use diesel, making refrigerated bodies with eutectic cooling an eco-friendly alternative, compatible with electric trucks and internal combustion engines. In addition, due to zero emissions and an absence of engine noise, refrigerated lorries are ideal for multi-drop operations, especially in urban areas. A eutectic refrigeration device provides improved fuel economy and more consistent refrigeration performance.
The eutectic plates are charged at night on mains power when electricity is most affordable. A refrigerated body with a eutectic device is independent of the structure. Therefore, a stable temperature is always ensured. The merchandise remains safe and conserved in case of vehicle failure. Refrigerated bodies with eutectic refrigeration require only essential maintenance, mainly cleaning, lubricating, and taking care of the refrigerant level. Therefore, skilled labor is optional for daily operation and maintenance.
Dairy Products will see Lucrative Growth in the Coming Years
Milk is used and stored in a cold place for a day or two. In the same way, the other milk products, i.e., ghee, butter, lassi, and paneer, are also needed to store at a lower temperature. The milk and all other dairy products processed or manufactured in the dairy industry need to be held at a lower temperature until distributed and consumed. Therefore, different types of storage equipment for dairy products depend on the number of dairy products to be stored, storage time, storage temperature required, ease of handling the dairy products, and any other typical requirements. These factors will drive the growth of Dairy Products.
Furthermore, many globally prominent pharmaceutical and biopharmaceutical companies have grown their drug discovery and development investments. Their suitability for storing a broad spectrum of medical products fuels the adoption, particularly their massive use in research institutes. The rise in demand for refrigeration technologies for the storage and transport of vaccines has reinforced the growth prospects of the Pharmaceutical Reefer Transportation market.
Innovative refrigeration systems are gaining currency in ensuring the stability and shelf-life of vaccines, particularly for most common vaccines. Emphasis by global health agencies, notably the WHO, on providing universal access to essential vaccines will also add to the Pharmaceutical Reefer Transport Market.
Asia-Pacific Reefer Transportation Market is estimated to grow at the Fastest Growth Rate
The rising demand for refrigerated fruits and vegetables drives the Asia Pacific Refrigerated Transport Market because of improved living standards and sustained economic growth. Refrigerated Transport helps maintain the freshness of perishable products by extending the product’s shelf-life while ensuring the year-round availability of seasonal goods. The developing nations in the Asia Pacific region are proliferating due to industrialization and growing populations. Order to provide developed and advanced transport infrastructure to governments in the Asia Pacific region or provide investments. The major countries contributing to the refrigerated transport market growth are India, Japan, and China.
Asia Pacific region, due to rapid industrialization and two-income households, has a growing demand for refrigerated transport as frozen food products or convenient to cook and happen to be time-saving. The busy lifestyle in nations like India, China, and Japan creates a tremendous demand for refrigerated transport. Emerging economies are also consuming frozen food products as it is readily available in the market. Moreover, governments of several regions have implemented rules and regulations regarding the production, processing, Transportation, and quality of products to support refrigerated Transport.
Major Players that constitute the Reefer Transport Market are General Mills, CONAGRA BRANDS, Kraft Heinz, Associated British Foods Plc., Knight-Swift Transportation, Daikin Industries, Krone Commercial Vehicle Group, and FedEx Corporation.
- Aug 2021, Thermo King, the world’s leading transport temperature control solutions provider and a brand of Trane Technologies, has launched its innovative product, T-80E series units, across the Asia Pacific market recently.
- Products – Report covers Reefer Transport Market, by products in 2 viewpoints (Chilled Foods, and Frozen Foods).
- Transport Modes – Reefer Transport Market, breakup in 3 viewpoints (Road, Sea, and Air).
- Technology –Reefer Transport Market breakup in 3 viewpoints (Air Blown Evaporators, Eutectic Devices, and Vapor Compression System).
- End-Users –Reefer Transport Market, breakup in 8 viewpoints (Fruits & Vegetables, Fruit pulp & Concentrates, Dairy Products, Fish, Meat &Seafood, Processed Food, Pharmaceuticals, Bakery & Confectionary, and others).
- Region –Renub Research report covers by region in 4 viewpoints (North America, Europe, Asia-Pacific, and ROW).
- Key Players –All the major players have been covered from 3 Viewpoints (Overview, Recent Developments, and Revenue) General Mills, CONAGRA BRANDS, Kraft Heinz, Associated British Foods Plc., Knight-Swift Transportation, Daikin Industries, Krone Commercial Vehicle Group, and FedEx Corporation.
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Renub Research is a Market Research and Consulting Company. We have more than 10 years of experience especially in international Business-to-Business Researches, Surveys and Consulting. We provide a wide range of business research solutions that helps companies in making better business decisions. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our wide clientele comprises major players in Healthcare, Travel and Tourism, Food Beverages, Power Energy, Information Technology, Telecom Internet, Chemical, Logistics Automotive, Consumer Goods Retail, Building, and Construction, Agriculture. Our core team is comprised of experienced people holding graduate, postgraduate, and Ph.D. degrees in Finance, Marketing, Human Resource, Bio-Technology, Medicine, Information Technology, Environmental Science, and many more.
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