USD 112.50 Billion
Report ID: SQMIG20X2006 | Region: Global | Published Date: June, 2023 | Pages: 251 | Tables: 115 | Figures: 72
Refrigerated Transport Market size was valued at USD 112.50 Billion in 2021 and is poised to grow from USD 119.48 Billion in 2022 to USD 193.32 Billion by 2030, at a CAGR of 6.5% during the forecast period (2023-2030).
Increasing consumer awareness about healthy eating habits, along with the wide availability of various products, is increasing the demand for the use of these transportation vehicles. These trucks are also important for economic progress. Local governments and businesses find it incredibly useful to use this refrigerated transport as it helps to provide higher revenue when supplies are fresh. The use of a medium for transport is important for companies. The products available in the market determine the success of every organization. Products in refrigerated trucks or vans can be checked and temperatures adjusted as needed. It also facilitates delivery at the end user's location. All these factors are expected to drive growth in the refrigerated transport market during the forecast period.
However, climate change is affecting the transport infrastructure and trained resources in developed regions, which is hampering the market growth. Maintaining product integrity during the transportation of perishable products, as well as a lack of standards & protocols, are hampering the growth of the global market. But technological developments in refrigerated systems and equipment, intermodal transportation to reduce fuel costs, and the integration of multi-temperature systems in trucks and trailers have significant growth potential.
US Refrigerated Transport Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 112.50 Billion
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Global refrigerated transport market is segmented on the basis of product, temperature, mode of transport, technology, and region. On the basis of product, global Refrigerated Transport Market is segmented into chilled food and frozen food. On the basis of temperature, global market is segmented into multiple temperature and single temperature. By Mode of Transport, the Refrigerated Transport Market is segmented into Road, Sea, Rail, Air. By Technology, the market is segmented into Vapour Compression Systems, Eutectic Systems, Cryogenic Systems, Others. On the basis of region, global Refrigerated Transport Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Refrigerated Transport Market Analysis by Product
On the basis of product, global refrigerated transport market is segmented into chilled food and frozen food. The chilled products segment accounted for the largest share of the market and is expected to grow over the forecast period due to increased demand for dairy products, beverages, fresh fruits, and bakery and confectionery products. While this market has reached saturation in rich countries, it is expanding rapidly in underdeveloped countries. In emerging markets, the demand for chilled foods is increasing. Other factors contributing to the growth of the chilled food products segment include the growth of supermarkets worldwide, which is providing new opportunities for the segment.
The frozen food product segment is expected to gain significant market share. Due to the high demand for various plant-based and animal-based perishable products, the frozen food category is expected to witness growth during the forecast period. The working class prefers to cook food available in frozen form because it saves time and is easy to prepare. Transport this frozen food product from one place to another demand the use of refrigerated transport. Frozen food products in the market can be particularly perishable if the temperature changes and they can also be unsuitable for consumption. As a result, the demand for chilled products is increasing.
Refrigerated Transport Market Analysis by Temperature
On the basis of temperature, global refrigerated transport market is segmented into multiple temperature and single temperature. The single temperature segment maintained nearly 30% market share. The temperature of the refrigerator truck or van used for transportation is set simultaneously for all the perishable items being transported in the truck. It is suitable for a wide range of refrigerated transport products at the same temperature. Single temperature segments are expected to grow as they are used in the transportation of dairy products, pharmaceuticals, fruits and vegetables, meat, and fish.
The multi temperature segment is expected to grow as it allows the transportation of frozen food products in the same refrigerator transport that also serves as a freezer for these products. The multiple temperature segments will dominate the market during the forecast period.
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On the basis of region, global refrigerated transport market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. Asia-Pacific accounts for around 38% of the global market and is expected to continue its dominance during the forecast period. A primary factor driving refrigerated transport consumption in the Asia-Pacific region is the region's strong economic growth. Also, increasing government investment in transport infrastructure development projects in key countries such as Japan, India, and China, as well as expansion of the construction, automotive, and transport industries, are driving the growth of refrigerated transport in the region.
Europe is expected to witness significant growth in the global refrigerated transport market during the forecast period due to increasing demand for chilled and frozen foods, increasing population, and increasing need for refrigerated transport in the region. The market is expanding due to the growing demand for chilled and frozen meals. Germany is one of the world's top consumer countries in this market.
North America is expected to witness significant growth in the global refrigerated transport market due to increasing technological innovations in refrigerated systems, increasing disposable income, and the growing retail and e-commerce industry in the region. For example, on July 23, 2020, Lineage Logistics announced the opening of a Canadian platform through the acquisition of Ontario refrigerated service Inc.
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Refrigerated Transport Market Driver
Rising demand for frozen perishable products
Refrigerated Transport Market Restraint
High energy costs and the need for significant capital investments
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Global refrigerated transport market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global refrigerated transport market.
For example, in January 2021, Daimler India launched a refrigerated truck for Covid-19 vaccination. Apart from Tata Motors, Daimler India also launched a range of vehicles that are highly useful for transporting vaccines during the pandemic.
Refrigerated Transport Market Top Player's Company Profiles
Refrigerated Transport Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our global refrigerated transport market analysis, by product segmentation, the chilled products segment accounted for the largest share of the market and is expected to grow over the forecast period due to increased demand for dairy products, beverages, fresh fruits, and bakery and confectionery products. By region, Asia-Pacific accounts for around 38% of the global market and is expected to continue its dominance during the forecast period. However, climate change is affecting the transport infrastructure and trained resources in developed regions, which is hampering the market growth.
|Market size value in 2021||USD 112.50 Billion|
|Market size value in 2030||USD 119.48 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Refrigerated Transport Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Refrigerated Transport Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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