According to Renub Research latest report, “Refrigerated Transport Market, Global Forecast 2023-2028, Industry Trends, Growth, Insight, Impact of Inflation, Company Analysis” Refrigerated Transport Market is expected to grow with a CAGR of 6.37% from 2022 to 2028. The food and pharmaceutical industries have grown rapidly, leading to an increased demand for refrigerated transport logistics service providers. To keep up with the evolving industry trends, the logistics industry is continuously expanding its capacity for refrigeration in the supply chain. As a result, there are various emerging trends in the industry, and logistics service providers are working to keep pace and evolve to meet these demands.
Refrigerated transport vehicles are specially designed to maintain a specific temperature range, usually between -20°C to 8°C, depending on the type of product being transported. These vehicles can be vans, trucks, or containers that are equipped with refrigeration units, insulation, and temperature monitoring systems to ensure that the products remain at the desired temperature during transit.
The future of the refrigerated transport industry seems promising as there is a growing demand for its services and advancements in technologies and systems. The emergence of the health food trend and the growth of the middle class worldwide have led to an increase in demand for products that were not in existence a few decades ago. This includes items such as probiotic supplements, kefir, and kombucha, which are popular among health enthusiasts. The efficient movement of these products depends on the development of a digitized, highly efficient, and globalized cold chain industry.
Chilled food market is projected to achieve a high Compound Annual Growth Rate (CAGR) in the refrigerated transport industry
The refrigerated transport industry is expected to experience significant growth in the chilled food market. This growth is due to the increasing demand for perishable food products that require refrigeration during transport to maintain their quality and freshness. The rise in population and changes in dietary habits are expected to further drive the demand for chilled food products and, consequently, refrigerated transport services. The demand for dairy products, beverages, fresh fruits, bakery, and confectionery items is also increasing, with developing nations experiencing significant growth in this segment.
Emerging countries are also witnessing a surge in demand for chilled food products. The growth of chilled food products is attributed to the increasing number of supermarkets worldwide, providing ample opportunities for the growth of this segment. Therefore, the refrigerated transport industry is expected to witness a high growth rate in the future.
Products - Market breakup from 2 Viewpoints:
1. Chilled
2. Frozen
Availability of low-cost options in sea transport is predicted to drive the growth of the refrigerated transport market
The sea mode of transport is expected to grow in the refrigerated transport market due to the availability of low-cost options. Sea transportation is a cost-effective option for the shipment of refrigerated goods in bulk. The use of advanced refrigeration technologies and improved containerization has made it possible to transport perishable products over longer distances through sea routes. As a result, the sea mode of transport is becoming increasingly popular, particularly for the transportation of food and pharmaceutical products.
Several emerging trends can be observed in the refrigerated transport industry's sea mode of transport. These trends include an increase in the use of containerization, adoption of advanced refrigeration technologies, a growing demand for eco-friendly shipping solutions, and increased utilization of digital technologies.
Mode of Transport – Market breakup from 3 Viewpoints:
1. Road Transport
2. Sea Transport
3. Air Transport
Eutectic devices have become a preferred solution for maintaining consistent temperatures in refrigerated transport
Eutectic devices are expected to experience significant growth in the refrigerated transport industry due to their effectiveness in maintaining consistent temperatures for perishable goods. They are a valuable asset in providing uninterrupted cooling for extended periods, and they help keep products fresh during transportation. With the growing demand for fresh food and pharmaceuticals, their use in refrigerated transport is expected to become even more crucial, leading to an increase in their market share.
By utilizing eutectic devices, the refrigerated transport industry can ensure that temperature-sensitive products remain at their optimal temperature during transit, preventing spoilage, prolonging shelf life, and maintaining quality. This ultimately benefits both producers and consumers. Therefore, eutectic devices have become a preferred solution for maintaining consistent temperatures in refrigerated transport, leading to a significant surge in their market share in the upcoming years.
Technology – Market breakup from 3 viewpoints:
1. Air Blown Evaporators
2. Eutectic Devices
3. Vapor Compressor Systems
Fish, meat, and seafood are expected to dominate the market share in the reefer transport market worldwide
The refrigerated transport industry is vital in the food and pharmaceutical industries, enabling the safe transportation of temperature-sensitive goods such as fresh produce, meat, dairy, vaccines, and medications. The process is complex, with carriers exposed to varying weather conditions and temperatures, increasing the risk of flammability of the container. This specialized method of transportation ensures that perishable products are transported without any compromise on quality or safety. The built-in temperature control system in refrigerated transport is highly beneficial for industries relying on this method.
The trucks used for refrigerated transport have insulation that regulates temperature to preserve product quality. Governments worldwide are taking initiatives to improve infrastructure and technology, reducing losses caused by spoilage of fruits and vegetables. The industry's role in maintaining food safety and quality while reducing food waste and losses has made it an essential component of the global food supply chain and pharmaceutical industry.
End Users – Market breakup of 8 Sectors
1. Fruits & Vegetable
2. Fruit pulp & Concentrates
3. Dairy Products
4. Fish, Meat and Seafood
5. Processed Food
6. Pharmaceuticals
7. Bakery & Confectionary
8. Others
Asia Pacific region is a significant player in the refrigerated transport market, with a rapidly growing market for temperature-controlled logistics services
The refrigerated transport market in Asia Pacific is propelled by the region's fast-growing economies and large population, particularly in China and India. The demand for refrigerated transport services is high for perishable goods such as fruits, vegetables, dairy, and meat. Health consciousness and food safety are also contributing to the growth of the industry in the region. Additionally, the rise of e-commerce sales in Asia Pacific is driving the demand for temperature-controlled logistics services.
Online grocery shopping and food delivery services require reliable and efficient refrigerated transport systems, prompting companies in the region to invest in advanced technologies and infrastructure to improve operational efficiency and meet regulatory standards. The development of new transportation networks and infrastructure is critical to the growth of the refrigerated transport industry in the region.
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Region – Market breakup of 5 Regions
1. North America
2. Europe
3. Asia Pacific
4. Rest of the world
Key Company Analysis
The report provides a comprehensive assessment of the global refrigerated transport market, focusing on key players. The analysis covers various aspects such as capacity, market share, and recent developments such as capacity expansions, plant turnarounds, and mergers and acquisitions.
Company have been covered from 3 Viewpoints:
• Overview
• Recent Development
• Revenue
Company Analysis:
1. General Mills
2. CONAGRA BRANDS
3. Kraft Heinz
4. Associated British Foods Plc.
5. Knight-Swift Transportation
6. Daikin Industries
7. Krone Commercial Vehicle Group
8. FedEx Corporation
About the Company:
Renub Research is a Market Research and Information Analysis company with more than 14 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 7000 syndicated reports and worked on more than 500 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.
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