According to the latest report by IMARC Group, titled “Refrigerated Transport Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global refrigerated transport market size reached US$ 15.1 Billion in 2019. Refrigerated transport is a means of transportation intended for the conveyance of perishable products. Some of these products include fruits and vegetables, freshly cut flowers, dairy, meat, and seafood, as well as chemical, hazardous, and pharmaceutical products. Nowadays, refrigerated transport is increasingly being used to deliver goods, as it increases safety and prevents economic losses due to spoilage.
Global Refrigerated Transport Market Trends:
A rise in the demand for perishable goods has boosted the refrigerated transport market, as it helps in extending the shelf-life of the products while ensuring year-round availability of seasonal goods. Along with this, the increasing adoption of marine transport vehicles owing to their cost-effectiveness, coupled with the rapid manufacturing of temperature-sensitive pharmaceutical drugs, is further projected to drive the market. Besides this, governments of various countries have implemented favorable policies and regulations regarding the production, processing, transportation and quality of products, providing a positive impact on market growth. Moreover, the development of more efficient modes of cold chain logistics and improvement in technology have consequently resulted in an escalating demand for refrigerated vehicles for transporting food products and raw materials in controlled temperatures to facilitate efficient storage. Looking forward, the market value is projected to reach US$ 20.9 Billion by 2025, registering a CAGR of 5.6% during 2020-2025.
Market Summary:
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