Dublin, March 30, 2023 (GLOBE NEWSWIRE) -- The "Refrigerated Transport Market, Global Forecast 2023-2028, Industry Trends, Growth, Insight, Impact of Inflation, Company Analysis" report has been added to ResearchAndMarkets.com's offering.
Refrigerated Transport Market will reach US$ 25.88 Billion in 2028 from $17.86 Billion in 2022, Growing at a CAGR of 6.37%
Refrigerated transport is an essential link in new supply chains. Refrigerated transportation (or reefer freight) is a shipping method requiring special, temperature-controlled vehicles. The vehicle transporting the shipped products has a built-in refrigeration system that keeps products at a desired temperature throughout the transportation process.
The use of refrigerator transport is to ship perishable goods like fruits, vegetables, frozen foods, and other chemicals that are temperature sensitive. The high prevalence of various foodborne diseases and disorders, such as abdominal pain, vomiting, and diarrhea, are expected to propel the demand for refrigerated transport for food distribution globally to maintain the safety of food products.
Refrigerated Transport Industry to expand at a CAGR of 6.37% from 2023 to 2028
The high demand for home delivery services and growth in the food service and food processing sectors will add to the surge of the market for Refrigerated transport in the upcoming period. The advancements in refrigerated transport technology have improved food safety and reduced food waste, energy usage, and a low environmental influence.
Moreover, refrigerated vehicle manufacturers are operating on designing technologies to minimize their ecological effects, such as carbon footprint and noise pollution. An increasing number of refrigerated warehouses and growth in the pharmaceutical sector will drive the industry's development. In addition, the rise in the processed food sector will boost the industry's growth.
Chilled Food Market is expected to register a High Growth Rate
Global Reefer Transport Market by product is segmented into Chilled Food and Frozen Food. Chilled food provides convenience and facilitates high-speed cooking, which is a significant factor empowering the growth of the global chilled processed food market. In addition, the disposable incomes of consumers, accompanied by the ever-increasing population, have led to an increased demand for chilled processed food which significantly boosts the rapid growth of the chilled processed food market.
Furthermore, chilled processed foods impart consumer satisfaction by keeping up the desired quality and standards of food. The above is another remarkable factor anticipated to open new market space for the global chilled processed food market. However, the expensive cooling system cost is affecting the growth of the global chilled processed food market.
Sea Mode of Transport is Predicted to grow due to the Availability of Low-Cost
The Global Reefer Transport Market is categorized into Road, Sea, and Air based on Transport Mode. Sea is to be the fastest-growing among various modes of transportation for refrigerated transport due to the low cost associated with ocean shipments. Being an affordable and efficient overseas mode of shipment, the transport method mentioned above has vast scope for future growth.
However, the road transport mode has supremacy over the market share. This mode is measured to be less expensive and preferably by transporter to export various consumable goods from a very long distance. Moreover, the road transport segment may provide several benefits like door-to-door service, flexibility, and employment, and also useful for short distances, which is a critical factor for fueling the market's growth. It also has fewer wealth expenditures and a lesser risk of mutilation while moving from one place to another.
Eutectic Device Market Share is expected to witness a surge in the Coming Years
By Technology, the Global Reefer Transport Market can be divided into Air Blown Evaporators, Eutectic Devices, and Vapor Compressor Systems. A eutectic device is suitable for short transportation, where there are regular stops and door openings during distribution; road transport vehicles use it. It consists of hollow tubes, beams, or plates filled with a eutectic solution.
This solution stores energy and produces a cooling effect when it is necessary to maintain the refrigerated temperature. As eutectic solutions can store energy, there is no need for fuel or energy to charge the eutectic device at the delivery time. The factors mentioned above are propelling the growth of the eutectic device market.
Fish, Meat, and Seafood will hold the dominant Market Share in Reefer Transport Industry Worldwide
Dairy Products are an attractive segment for the future, as milk is one of the most commonly consumed items globally, and refrigeration is necessary to manufacture, maintain uniformity, prevent spoilage, and preserve the product.
Fish, seafood, and Meat have a shorter lifespan if not stored at a suitable temperature. Therefore, the products, as mentioned earlier, are frozen till the time of use. Blast freezing can freeze vast amounts of fresh fish, Meat, and seafood, increasing freshness and product shelf life.
Asia-Pacific Region is Projected to have a Surging Growth rate in the Coming Years
There was division and underfunding in the Asia Pacific refrigerated transport market about a decade ago. However, the industrial revolution in the region developed in a rise in population with busier lifestyles sloped towards convenience food products with an expanded shelf-life, thereby propelling the use of refrigerated transport in the food industry.
Various emerging economies are attempting to facilitate improvements in refrigerated transport through regulations and subsidies. For instance, the government is providing the Reefer Vehicles Scheme under India's National Mission on Food Processing (NMFP). The scheme points to providing financial assistance to purchase standalone reefer vehicles and mobile pre-cooling vans (reefer unit and reefer cabinet permanently mounted on the truck) to transport perishable commodities.
However, Europe comprised the highest market share due to augmenting global trade and a robust economic environment predominantly driving the market in the region. In addition, an increase in demand for frozen food and the online retail market hold growth opportunities for the key players during the forecast period.
Furthermore, the rise in imports of perishable commodities such as vegetables and fruits in the region is another major factor contributing to the demand for refrigerated warehousing. Moreover, the advanced packaging system has improved the shelf life of food products.
COVID-19 Impact on Refrigerated Transport Industry
The COVID-19 pandemic has had a consequential effect on the refrigerated transport business. The market for the product has undergone rigorous shocks across various end-use markets, global supply chains were disconcerting, and the competing rank of manufacturers or producers has testified to a change.
The deficiency of demand has fast-tracked the global chilled and frozen food sector into an oversupply state. Transportation constraints are a direct and immediate effect, and once the critical social distancing ends, things returned to normal conditions.
However, post-lockdown, it has been observed that governments worldwide have eased covid restrictions, resulting in a positive impact on refrigerated transport. Therefore, we expect that the industry to grow significantly in the upcoming years.
Key Players Analysis:
Some key players competing in the global market are General Mills, CONAGRA BRANDS, Kraft Heinz, Associated British Foods Plc., Knight-Swift Transportation, Daikin Industries, Krone Commercial Vehicle Group, and FedEx Corporation.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $17.87 Billion |
| Forecasted Market Value (USD) by 2028 | $25.88 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
Company Analysis: Overview, Recent Developments, Revenue
- General Mills
- CONAGRA BRANDS
- Kraft Heinz
- Associated British Foods Plc.
- Knight-Swift Transportation
- Daikin Industries
- Krone Commercial Vehicle Group
- FedEx Corporation
Products - Market breakup from 2 Viewpoints:
- Chilled
- Frozen
Mode of Transport - Market breakup from 3 Viewpoints:
- Road Transport
- Sea Transport
- Air Transport
Technology - Market breakup from 3 viewpoints:
- Air Blown Evaporators
- Eutectic Devices
- Vapor Compressor Systems
End Users - Market breakup of 8 Sectors
- Fruits & Vegetable
- Fruit pulp & Concentrates
- Dairy Products
- Fish, Meat and Seafood
- Processed Food
- Pharmaceuticals
- Bakery & Confectionary
For more information about this report visit https://www.researchandmarkets.com/r/d0v3ot
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
