Overview and Scope
Refrigerated transport is a method of transporting shipments with specially designed temperature-controlled trucks. The transporting trucks have a built-in refrigeration system that cools the shipments at a regulated temperature all through the process of shipping. These are used for transporting perishable products such as meats, vegetables, fruits, and sausages, as well as pharmaceutical products.
Sizing and Forecast
The refrigerated transport market size has grown strongly in recent years. It will grow from $113.6 billion in 2023 to $123.17 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to international trade expansion, growing health-conscious consumers, stringent food safety regulations, expansion of the food and beverage industry, global population growth.
The refrigerated transport market size is expected to see strong growth in the next few years. It will grow to $167.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to global food demand increase, healthcare logistics growth, sustainable transport initiatives, rise in e-commerce and online grocery shopping, demand for pharmaceutical. Major trends in the forecast period include remote monitoring solutions, collaborative partnerships, emergence of blockchain technology, customized refrigerated solutions, shift towards green energy sources.
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Segmentation & Regional Insights
The refrigerated transport market covered in this report is segmented –
1) By Transport Type: Refrigerated Road Transport, Refrigerated Medium & Heavy Commercial Vehicles (MHCV), Refrigerated Light Commercial Vehicles (LCV), Refrigerated Heavy Commercial Vehicles (HCV)), Refrigerated Sea Transport, Refrigerated Rail Transport, Refrigerated Air Transport
2) By Temperature: Single Temperature, Multi-Temperature
3) By Application: Chilled Food, Frozen Food
Europe was the largest region in the refrigerated transport market in 2023. Asia-Pacific is expected to be the fastest-growing region in the refrigerated transport market report forecast period. The regions covered in the refrigerated transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in frozen food products is driving the growth of the refrigerated transport market. Frozen variants refer to pre-treatment and include processes such as blanching, heat treatments, dipping treatments, and cryoprotection, depending on the items being frozen. Widespread usage of frozen variants of various fresh products is increasing as it can increase vegetable intake because they are easily accessible and cheaper. For instance, according to WahUstad, an India-based fresh frozen food manufacturer & supplier, in April 2021, the frozen food market in India has increased by 40–50% for frozen fresh items and appears to be rising by 10–15% in the coming years. Furthermore, according to Grocery, a UK-based premium food store chain, there is a 16% spike in sales of frozen food in the UK as early as April 2020, with frozen choices proving popular for people wishing to stock up on huge quantities of food. Therefore, the rise in frozen food products is expected to propel the growth of the refrigerated transport market in the coming years.
Key Industry Players
Major companies operating in the refrigerated transport market report are Hyundai Motor Company, FedEx Corporate Services Inc., United Technologies Corporation, DB Schenker, Tyson Foods, Tata Motors, MSC Mediterranean Shipping Company S.A., Daikin Industries Ltd., Thales Group, General Mills Inc., Kellogg Company, Smithfield Foods, Conagra Brands, Kerry Group plc, Swift Transportation Co, Ingersoll Rand, China International Shipping Containers, Gemalto NV, Schmitz Cargobull, Krone Commercial Vehicle Group, Wabash National Corporation, Del Monte Pacific Ltd., VE Commercial Vehicles Limited, Singamas Container Holdings Limited, Utility Trailer Manufacturing Company, Great Dane LLC, Kapsch Traffic Com, Lamberet SAS, Shaanxi Tianhui Inlong Trading Co Ltd
The refrigerated transport market report table of contents includes:
1. Executive Summary
2. Refrigerated Transport Market Report Structure
3. Refrigerated Transport Market Trends And Strategies
4. Refrigerated Transport Market – Macro Economic Scenario
5. Refrigerated Transport Market Size And Growth
…..
32. Global Refrigerated Transport Market Competitive Benchmarking
33. Global Refrigerated Transport Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Refrigerated Transport Market
35. Refrigerated Transport Market Future Outlook and Potential Analysis
36. Appendix
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