The refrigerated transport market plays a crucial role in the global supply chain, particularly for transporting perishable goods such as food and pharmaceuticals. Refrigerated transport, also known as reefer transport, involves the use of refrigerated trucks, containers, and other vehicles equipped with cooling systems to maintain specific temperature conditions during transportation. The refrigerated transport market size is a rapidly growing industry, with a valuation of $113.4 billion in 2022, and a projected CAGR of 7.2% from 2022 to 2027, reaching $160.7 billion.
This growth presents a unique opportunity for stakeholders to leverage the latest advancements in cold chain logistics and expand their business horizons, while also contributing to the growth and development of the global economy. The market is poised to make a significant impact on the global economy, thanks to its vital role in ensuring the safe and efficient transportation of perishable goods. As this demand for temperature-controlled logistics continues to rise, the refrigerated transport industry is evolving at a breakneck pace, driven by an insatiable appetite for innovation and sustainability.
The growing demand for chilled and frozen food products significantly influences the refrigerated transport market. Several factors contribute to this trend:
Changing Consumer Preferences: Consumers are increasingly seeking convenient and ready-to-eat food options. The demand for frozen and chilled food products has risen as consumers look for freshness, quality, and extended shelf life in their food choices.
Urbanization and Busier Lifestyles: Urbanization and busy lifestyles have led to an increase in the consumption of convenience foods. Chilled and frozen products provide a convenient solution for consumers with limited time for cooking or shopping for fresh ingredients regularly.
Globalization of Food Supply Chains: As supply chains become more globalized, there is a need to transport food products over long distances. Refrigerated transport ensures that perishable goods, including chilled and frozen foods, reach their destination while maintaining the required temperature conditions.
E-commerce and Home Delivery Services: The growth of e-commerce and online grocery shopping has further fueled the demand for refrigerated transport. Consumers ordering groceries online expect their perishable items to be delivered in a fresh and frozen state, driving the need for reliable cold chain logistics.
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Expansion of Quick-Service Restaurants (QSRs) and Fast-Food Chains: The expansion of quick-service restaurants and fast-food chains, both regionally and globally, has increased the demand for frozen and chilled food products. These establishments rely on efficient refrigerated transport to maintain the quality of their ingredients.
Health and Wellness Trends: Health-conscious consumers are choosing frozen fruits, vegetables, and other frozen food items as they are often perceived as retaining more nutrients compared to their non-frozen counterparts. This trend contributes to the increased demand for refrigerated transport to ensure the availability of such products.
Rise in Perishable Pharmaceuticals: Beyond food, the pharmaceutical industry's increasing reliance on temperature-sensitive products, such as vaccines and biopharmaceuticals, has driven the demand for refrigerated transport with precise temperature control.
Europe was the largest region for the refrigerated transport market in 2022.
Europe has a large and mature market with stable demand for most fresh fruit and vegetables. The need for year-round availability and the interest in new exotic produce maintain Europe’s dependence on external suppliers. Moreover, Europe has a population of more than 500 million consumers and is responsible for over €60 billion or 44% of the global trade value of fresh fruit and vegetables. Europe includes five of the ten largest importing countries globally. These market scenarios makes the region largest market for refrigerated across the globe.
Multi-temperature was the largest temperature segment for the refrigerated transport market and anticipated to maintain the dominance over the forecast period.
The introduction of multi-temperature refrigeration has enabled energy savings for operators as they can deliver freight at different temperatures to a specific location. In multi-temperature refrigerated vehicles, the container maintains two or more different temperatures in various parts of the vehicle for the operators to load assorted products within the same vehicle.
Hybrid vehicles is anticipated to be the second fastest growing technology segment in the refrigerated transport market.
A hybrid refrigeration system can primarily have any combination of components in both series and parallel circuits for increasing COP. This system have comparatively less power and energy input desired for industrial usage in places with fewer resources and aim to have better economical solutions for the standard cycles.
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This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as United Technologies Corporation (Carrier Corporation) (US), DAIKIN INDUSTRIES Ltd.(Japan), Ingersoll Rand (Ireland), China International Shipping Containers (Group) Co., Ltd (China), Utility Trailer Manufacturing Company (US), Singamas Container Holdings Limited (China), Hyundai (Korea), Schmitz Cargobull (Germany), KRONE (Germany), LAMBERET SAS (France), Tata Motors (India), VE Commercial Vehicles Limited (India), Shaanxi Tianhui Inlong Trading Co. Ltd (China), Wabash National Corporation (US) and Great Dane LLC (US).
According to MarketsandMarkets, the refrigerated transport market is estimated to be valued at USD 15.5 billion in 2019 and is projected to reach USD 21.6 billion by 2025, recording a CAGR of 5.8% from 2019 to 2025.
The growing demand for frozen food due to the increasing urbanization and changing lifestyle are factors projected to drive the market for refrigerated transport.Refrigerated transport services are gaining importance in the food industry due to the increasing demand for processed foods at a global level.
Developing countries such as India and Brazil are projected to create lucrative opportunities for frozen and chilled food manufacturers and service providers of refrigerated transport in the coming years.Make an Inquiry:https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=779494Service providers are looking for new strategies to select transport modes with a view to cutting costs and increasing supply chain efficiency.
Currently, intermodal transport is increasingly used in the food & beverage industry.
Refrigerated railroad cars save considerable fuel and carry high volumes of perishable commodities than cargos over long distances.
Multi-temperature compartments are similar to single-temperature compartments and use control and monitoring systems that assess the temperature of the refrigerated environment at regular intervals.
The Global Refrigerated Transport Market research report offers accurate insights for the growth prospects of the Refrigerated Transport market in the forecast years 2020-2027.
The report is an all-inclusive study of the Refrigerated Transport market that offers the readers a better view of the current and emerging market trends through a thorough analysis of the market size, growth trends, supply and demand ratio, market share, sales network and distribution channels, and other key elements.Furthermore, the report is furnished with the current market scenario with regards to the COVID-19 pandemic.
The global public health emergency has disrupted the lives of everyone across the globe.
It has also had a substantial impact on the Refrigerated Transport industry as global supply chains have been disrupted, and the financial scenario is tight.
The report assesses the initial and future impact of the pandemic on the market and its key segments to offer an accurate futuristic outlook for remuneration in a post-COVID-19 scenario.Get a sample copy of the report @ https://www.reportsanddata.com/sample-enquiry-form/2925Scope of the Market Report:The report offers a holistic overview of the Refrigerated Transport industry that offers all the essential information.
The report is formulated by extensive primary and secondary research and backed by the verified data from industry experts and professionals.
