The latest report by IMARC Group, titled “Refrigerated Transport Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global refrigerated transport market size reached a value of US$ 16,820 Million in 2021. Refrigerated transport, or reefer freight, refers to temperature-controlled vehicles equipped with a built-in cooling system that maintains the desired temperature throughout the transportation process. They help transport perishable food items such as fresh fruits, vegetables, meat, fish, dairy product, confectionery, and bakery products. These vehicles also offer appropriate temperature settings that help preserve the quality of the products, even in harsh conditions. They also ensure year-round availability of seasonal goods. Moreover, refrigerated transport is utilized to transfer chemical and pharmaceutical products as they increase safety and prevent economic losses due to spoilage.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Refrigerated Transport Market Trends:
The market is primarily driven by the increasing demand for perishable commodities across the globe. For instance, the rapid manufacturing of temperature-sensitive pharmaceutical drugs and frozen food products has increased the need for refrigerated transport. In addition to this, governing authorities across various countries are implementing stringent regulations regarding the production, processing, transportation, and quality of food products, which is creating a favorable market outlook. Besides this, the rising prevalence of foodborne diseases and growing health-consciousness among consumers have resulted in the utilization of refrigerated transport as it increases the shelf life, maintains optimal quality, and inhibits bacterial growth in food products. Furthermore, the development of efficient modes of cold chain logistics and technological innovations are also anticipated to drive the market further. Looking forward, the market is expected to reach a value of US$ 23,317 Million by 2027, exhibiting at a CAGR of 5.51% during the forecast period (2022-2027).
- Based on the mode of transportation, the market has been segmented into refrigerated road, sea, rail, and air transport.
- On the basis of technology, the market has been classified into vapor compression systems, air-blown evaporators, eutectic devices, and cryogenic systems.
- The market has been categorized based on the temperature into single- and multi-temperature refrigerated transports.
- On the basis of the application, the market has been segregated into chilled food products (dairy products, bakery and confectionery products, fresh fruits and vegetables, and others), and frozen food products (frozen dairy, processed meat, fish and seafood, and other products), and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates, and others).
- The competitive landscape of the market has been examined, with some of the key players being C. H. Robinson Worldwide, Inc., Daikin Industries Limited, FedEx Corporate Services, Inc., DB Schenker AG, General Mills Inc., Hyundai Motor Company, Ingersoll Rand Inc., Krone Commercial Vehicle Group, LAMBERET SAS, United Technologies Corporation, Utility Trailer Manufacturing Company, Schmitz Cargobull AG, Singamas Container Holdings Limited, and Wabash National Corporation.
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