Refrigerated Transport Market Size, Share, Opportunities, And Trends By Technology (Vapor Compression Systems, Eutectic Systems, Cryogenic Systems, Others), By Product (Chilled, Frozen), By Mode of Transportation (Sea, Air, Road, Railways), And By Geography - Forecasts From 2024 To 2029
- Published : May 2024
- Report Code : KSI061616886
- Pages : 140
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.
Refrigerated transport is the shipment process of several different food items, such as fruits & vegetables, frozen foods, ice creams, and meat products, in a temperature-controlled environment necessary for the food items to avoid the food getting spoiled or rotten due to harsh environmental conditions. They include chemicals and pharmaceuticals that are required to be under cool temperatures for their safety and reliability after transportation so that it does not get spoiled during transportation under different environmental conditions that they need to avoid getting spoiled.
These transport services are specially designed to travel long range while maintaining the temperature for the goods during the journey so that they are in good condition during the delivery. Different types of vehicles containing refrigerators are required to maintain the temperature required for the goods attached to the vehicles, such as trucks, containers, and vans that are associated with different businesses like pharmaceutical companies or frozen food manufacturing units to transport their goods that need refrigeration during long-range delivery.
Refrigerated transport makes sure that the goods that they transport are not spoiled or damaged due to harsh environmental conditions throughout the supply chain from manufacturing to retail store delivery the products need to be fresh and under cool temperature. Therefore, the wide range of applications for these refrigerated transport across different industry verticals drives the demand for them.
REFRIGERATED TRANSPORT MARKET INTRODUCTION:
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.
REFRIGERATED TRANSPORT INDUSTRY UPDATES:
- In February 2024, The Sumitomo Corporation announced the launch of its brand-new refrigerated ocean transportation service with the use of electric field technology that can provide long-term preservation to a wide variety of end-user commercial products during long-range transport of goods.
- In September 2023, MHI Thermal Systems, Ltd. announced the launch of their TEJ35GAM which is an electric-driven transport refrigeration unit in the domestic market only for mid-size and small-size trucks that are required for refrigerated transport.
Refrigerated Transport Market Scope:
Report Metric | Details |
Market Size Value in 2022 | US$109.098 billion |
Market Size Value in 2029 | US$184.108 billion |
Growth Rate | CAGR of 7.76% from 2022 to 2029 |
Study Period | 2019 to 2029 |
Historical Data | 2019 to 2022 |
Base Year | 2023 |
Forecast Period | 2024 – 2029 |
Forecast Unit (Value) | USD Billion |
Segments Covered |
|
Companies Covered |
|
Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
Customization Scope | Free report customization with purchase |
The Refrigerated Transport market is segmented and analyzed as:
- 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
- North America
Frequently Asked Questions (FAQs)
The refrigerated transport market is projected to reach a total market size of US$184.108 billion by 2029.
Refrigerated Transport Market was valued at US$109.098 billion in 2022.
The global refrigerated transport market is projected to grow at a CAGR of 7.76% over 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.
The European region is expected to show major growth in the refrigerated transport market.
1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base and Forecast Years Timeline
1.8. Key Benefits to the Stakeholder
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Research Processes
3. EXECUTIVE SUMMARY
3.1. Key Findings
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. REFRIGERATED TRANSPORT MARKET BY TECHNOLOGY
5.1. Introduction
5.2. Vapor Compression Systems
5.2.1. Market Trends and Opportunities
5.2.2. Growth Prospects
5.2.3. Geographic Lucrativeness
5.3. Eutectic Systems
5.3.1. Market Trends and Opportunities
5.3.2. Growth Prospects
5.3.3. Geographic Lucrativeness
5.4. Cryogenic Systems
5.4.1. Market Trends and Opportunities
5.4.2. Growth Prospects
5.4.3. Geographic Lucrativeness
5.5. Others
5.5.1. Market Trends and Opportunities
5.5.2. Growth Prospects
5.5.3. Geographic Lucrativeness
6. REFRIGERATED TRANSPORT MARKET BY PRODUCT
6.1. Introduction
6.2. Chilled
6.2.1. Market Trends and Opportunities
6.2.2. Growth Prospects
6.2.3. Geographic Lucrativeness
6.3. Frozen
6.3.1. Market Trends and Opportunities
6.3.2. Growth Prospects
6.3.3. Geographic Lucrativeness
7. REFRIGERATED TRANSPORT MARKET BY MODE OF TRANSPORTATION
7.1. Introduction
7.2. Sea
7.2.1. Market Trends and Opportunities
7.2.2. Growth Prospects
7.2.3. Geographic Lucrativeness
7.3. Air
7.3.1. Market Trends and Opportunities
7.3.2. Growth Prospects
7.3.3. Geographic Lucrativeness
7.4. Road
7.4.1. Market Trends and Opportunities
7.4.2. Growth Prospects
7.4.3. Geographic Lucrativeness
7.5. Railways
7.5.1. Market Trends and Opportunities
7.5.2. Growth Prospects
7.5.3. Geographic Lucrativeness
8. REFRIGERATED TRANSPORT MARKET BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. By Technology
8.2.2. By Product
8.2.3. By Mode of Transportation
8.2.4. By Country
8.2.4.1. United States
8.2.4.1.1. Market Trends and Opportunities
8.2.4.1.2. Growth Prospects
8.2.4.2. Canada
8.2.4.2.1. Market Trends and Opportunities
8.2.4.2.2. Growth Prospects
8.2.4.3. Mexico
8.2.4.3.1. Market Trends and Opportunities
8.2.4.3.2. Growth Prospects
8.3. South America
8.3.1. By Technology
8.3.2. By Product
8.3.3. By Mode of Transportation
8.3.4. By Country
8.3.4.1. Brazil
8.3.4.1.1. Market Trends and Opportunities
8.3.4.1.2. Growth Prospects
8.3.4.2. Argentina
8.3.4.2.1. Market Trends and Opportunities
8.3.4.2.2. Growth Prospects
8.3.4.3. Others
8.3.4.3.1. Market Trends and Opportunities
8.3.4.3.2. Growth Prospects
8.4. Europe
8.4.1. By Technology
8.4.2. By Product
8.4.3. By Mode of Transportation
8.4.4. By Country
8.4.4.1. United Kingdom
8.4.4.1.1. Market Trends and Opportunities
8.4.4.1.2. Growth Prospects
8.4.4.2. Germany
8.4.4.2.1. Market Trends and Opportunities
8.4.4.2.2. Growth Prospects
8.4.4.3. France
8.4.4.3.1. Market Trends and Opportunities
8.4.4.3.2. Growth Prospects
8.4.4.4. Italy
8.4.4.4.1. Market Trends and Opportunities
8.4.4.4.2. Growth Prospects
8.4.4.5. Spain
8.4.4.5.1. Market Trends and Opportunities
8.4.4.5.2. Growth Prospects
8.4.4.6. Others
8.4.4.6.1. Market Trends and Opportunities
8.4.4.6.2. Growth Prospects
8.5. Middle East and Africa
8.5.1. By Technology
8.5.2. By Product
8.5.3. By Mode of Transportation
8.5.4. By Country
8.5.4.1. Saudi Arabia
8.5.4.1.1. Market Trends and Opportunities
8.5.4.1.2. Growth Prospects
8.5.4.2. UAE
8.5.4.2.1. Market Trends and Opportunities
8.5.4.2.2. Growth Prospects
8.5.4.3. Others
8.5.4.3.1. Market Trends and Opportunities
8.5.4.3.2. Growth Prospects
8.6. Asia Pacific
8.6.1. By Technology
8.6.2. By Product
8.6.3. By Mode of Transportation
8.6.4. By Country
8.6.4.1. Japan
8.6.4.1.1. Market Trends and Opportunities
8.6.4.1.2. Growth Prospects
8.6.4.2. China
8.6.4.2.1. Market Trends and Opportunities
8.6.4.2.2. Growth Prospects
8.6.4.3. India
8.6.4.3.1. Market Trends and Opportunities
8.6.4.3.2. Growth Prospects
8.6.4.4. South Korea
8.6.4.4.1. Market Trends and Opportunities
8.6.4.4.2. Growth Prospects
8.6.4.5. Taiwan
8.6.4.5.1. Market Trends and Opportunities
8.6.4.5.2. Growth Prospects
8.6.4.6. Thailand
8.6.4.6.1. Market Trends and Opportunities
8.6.4.6.2. Growth Prospects
8.6.4.7. Indonesia
8.6.4.7.1. Market Trends and Opportunities
8.6.4.7.2. Growth Prospects
8.6.4.8. Others
8.6.4.8.1. Market Trends and Opportunities
8.6.4.8.2. Growth Prospects
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Market Share Analysis
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Competitive Dashboard
10. COMPANY PROFILES
10.1. Coldman Logistics
10.2. Coldrush Logistics
10.3. AGI Global Logistics
10.4. DFDS
10.5. NT Logistics
10.6. Reema Transport
10.7. Girteka
10.8. Hitech Refrigeration Services
10.9. American Transport Group, LLC
10.10. OFE Refrigerated Transport
Coldman Logistics
Coldrush Logistics
AGI Global Logistics
DFDS
Reema Transport
Girteka
Hitech Refrigeration Services
American Transport Group, LLC
OFE Refrigerated Transport
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