The Perishable Goods Transportation Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Perishable Goods Transportation Global Market Report 2024, The perishable goods transportation market size has grown strongly in recent years. It will grow from $13.67 billion in 2023 to $14.86 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to globalization of the food supply chain, rise in consumer demand for fresh produce, expansion of cold chain infrastructure, stringent regulations and quality standards, increasing trade of perishable commodities.
The perishable goods transportation market size is expected to see strong growth in the next few years. It will grow to $20.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to continued global food trade growth, focus on sustainability and environmental standards, technological innovations in cold chain management, e-commerce and direct-to-consumer trends, public health concerns and traceability. Major trends in the forecast period include stringent regulatory compliance requirements, collaboration for cold chain logistics optimization, increased demand for last-mile delivery solutions, rise of data analytics for predictive insights, growing globalization of perishable goods trade.
The rising demand for processed food is expected to propel the growth of the perishable goods transportation market going forward. Processed food refers to food products that have been through a series of mechanical and chemical operations to produce a final product. They are foods that are usually packaged in boxes. Most processed foods are perishable goods that have to be transported quickly and at a certain temperature. Perishable goods transportation is used to transport processed food in refrigerated ships with air circulation systems to ensure the food’s freshness. For instance, in 2022, according to an article shared by Soocial, a US-based branding firm specializing in slogans, premium domain names, and brand naming, nearly 36% of Americans consumed ready-to-eat meals in 2020. One in every five people in the UK consumes prepared meals every week. The market share for ready-to-eat food in North America was 41.4% last year. Therefore, the rising demand for processed food is driving the growth of the perishable goods transportation market.
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The perishable good transport market covered in this report is segmented –
1) By Product: Meat, Fish and Seafood, Dairy and Frozen Desserts, Vegetables and Fruits, Bakery and Confectionary
2) By Technology: Isothermal, Reefer, Freezer
3) By Mode of Transportation: Sea, Air, Rail, Road
Major companies operating in the perishable goods transportation market are focusing on developing innovative solutions such as same-day perishable shipping services. A same-day perishable shipping service refers to a specialized logistics solution designed to transport and deliver perishable goods within the same day of initiating the shipping process. For instance, in March 2023, WARP, a US-based logistics solutions technology company announced the launch of ‘DirectFresh’. It is a service that empowers shippers of perishable goods by providing same-day and next-day direct store delivery. The service provides shippers with a comprehensive end-to-end solution for their fresh freight needs, encompassing transfers from manufacturers to cold storage and high-touch, in-store deliveries throughout the entire process. The DirectFresh service allows shippers to move products directly from cold storage to either a store or a WARP Station (cross-dock) on the same day, catering to their inventory requirements. This eliminates the necessity of engaging with a last-mile delivery service.
The perishable goods transportation market report table of contents includes:
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