Dublin, June 25, 2024 (GLOBE NEWSWIRE) -- The "Refrigerated Transport Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The refrigerated transport market is projected to grow at a CAGR of 7.76% from US$109.098 billion in 2022 to US$184.108 billion in 2029 during the forecast period.
The refrigerated transport market is driven by the growing demand for packaged or frozen food & beverage products globally among the general public. Several innovations have been made in the technology for the refrigerated transport industry that make the logistics of transferring the goods that need to be maintained at certain temperatures easy to transport across long-range distances without spoiling the product.
The demand for packaged food products is rising globally due to the convenience and ease of cooking and disposal nature of the product which saves a lot of time for the customer in this hectic world where time is of the essence.
REFRIGERATED TRANSPORT MARKET DRIVERS:
Growth in demand for packaged and frozen food products across the globe is predicted to propel the market.
The demand for packaged foods or frozen foods has seen significant growth over the years. These packaged foods are already processed and need to be maintained at certain temperatures to avoid them getting spoiled and increase their shelf-life while they are being transported across different long-range distances. Refrigerated transport is the solution for this as it can maintain the required temperature of the processed food using the refrigerator technology installed in the mode of transport and then deliver the food as fresh as it was initially when started the transport of the packaged foods.
The rise in trade for processed foods across different regions is also expected to significantly boost the market for refrigerated transport over the forecast period. For instance, in India, the share of processed food exports in agri-exports has increased substantially from 13.7% in 2014-15 to 25.6% in 2022-23.
The growing technological advancements are projected to drive the refrigerated transport market.
The growing technological advancements in refrigerated transport technology are a contributing factor to the growing demand for them in the market and are to be adopted by key players that are transporting refrigerated goods across long-range distances to deliver them efficiently. These technological advancements are made to protect the goods from the harsh environment and ensure their safety whether they are food products or some pharmaceutical medicines that need to be maintained at certain temperatures.
These advanced technologies can adjust to the requirements of different industries needs according to the products. Moreover, these advanced technologies help in reducing waste and environmental impact by reducing the carbon footprint. Hence, these advancements in the technologies for refrigerated transport are anticipated to propel growth in the market over the forecast period.
REFRIGERATED TRANSPORT MARKET RESTRAINT:
High-cost requirements and the risk of malfunctioning can restrain market growth
The refrigerated transport market, despite having an important role in improving the transport services of refrigerated goods such as fruits and vegetables across long-range distances without them getting damaged or spoiled, can lead to various challenges that can be faced by the manufacturers of these refrigerated services that may impact the refrigerated transport market negatively over the forecast period.
For instance, the high-cost requirement for refrigerated transport service providers for heavy-duty equipment and the cost for the power consumption of these equipment can make these service providers doubtful about adopting these equipment and negatively impact the market. The risk related to malfunctioning of this refrigerator equipment during the shipment process can also cost a lot to both business owners and service providers, and the regular service and maintenance for this equipment may lead to high-cost requirements that are predicted to hinder the refrigerated transport market over the forecast period.
REFRIGERATED TRANSPORT MARKET - GEOGRAPHICAL OUTLOOK
The growth is projected to be prominent in the European region.
The European region is expected to show major growth in the refrigerated transport market due to the rapid growth in production and demand of frozen foods products among the general public in several countries across the European region with the government policies that promote hygiene and strict regulations regarding the freshness of the food products which is to be complied with by the frozen food products companies. Additionally, these frozen foods are easy and convenient for customers to cook and handle; hence, their demand is rising, which in turn is expected to propel growth in the European market for refrigerated transport.
Moreover, the growing advancements in the technology of refrigerated systems and transport in which goods are to be traveled coupled with major food manufacturers in the European region that are expanding their businesses from local retailers to whole food market across the European region are the contributing factors that are expected to boost the refrigerated market in the European region over the forecast period.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $109.1 Billion |
| Forecasted Market Value (USD) by 2029 | $184.11 Billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
Company Profiles
- Coldman Logistics
- Coldrush Logistics
- AGI Global Logistics
- DFDS
- NT Logistics
- Reema Transport
- Girteka
- Hitech Refrigeration Services
- American Transport Group, LLC
- OFE Refrigerated Transport
Market Segmentation
By Technology
- Vapor Compression Systems
- Eutectic Systems
- Cryogenic Systems
- Others
By Product
- Chilled
- Frozen
By Mode of Transportation
- Sea
- Air
- Road
- Railways
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
For more information about this report visit https://www.researchandmarkets.com/r/yefhis
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