The global 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 growth of the refrigerated transport market is attributed to the increasing trade of perishable commodities at a global level, as lower tariffs enable ease of cross-border movement of perishable goods. In addition, technological advancements in refrigerated systems, particularly technological solutions introduced by refrigerated transport service providers for reducing the environmental impact, are projected to enable their ease of operations. Integration of multi-temperature systems is further projected to create growth opportunities for refrigerated transport service providers and frozen & chilled food product manufacturers. However, the market growth is projected to remain hindered due to challenges such as the maintenance of products during transportation, lack of infrastructure in emerging countries, and rise in fuel costs.
The frozen food segment is projected to witness the fastest growth during the forecast period.
Based on application, the refrigerated transport market is segmented into frozen food products and chilled food products. The frozen food segment is projected to witness the fastest growth during the forecast period, due to the increasing trend for purchasing ready-to-eat and convenience food in developed and developing countries.
The fish & seafood segment is projected to create growth opportunities for manufacturers in the refrigerated transport market, as these products reduce scratch cooking and save time. Developing countries are projected to create lucrative opportunities for frozen pizzas and other frozen products due to the increased demand from fast-food chains, which has widened the growth scope for efficient refrigerated transport services.
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Due to the slow development of the refrigerated transport market in developing countries, the single temperature segment is projected to witness the fastest growth during the forecast period.
On the basis of temperature, the refrigerated transport market is segmented into single-temperature and multi-temperature. The refrigerated transport market in many countries is now gaining momentum with the increasing need to cater to the growing demand for perishable commodities. In such countries, single-temperature refrigerated vehicles are widely used. Hence, the market share of the single-temperature segment is estimated to be larger during the forecast period.
The Asia Pacific region is estimated to dominate the refrigerated transport market, in terms of value, in 2019
The refrigerated transport market in Asia Pacific is projected to witness high growth due to increasing demand for frozen and processed food. Developing countries such as India, China, and Latin American countries are projected to create high growth prospects for leading players. These countries rely on imports to meet their demands for food products. For instance, according to the Direct China Chamber of Commerce (DCCC), the country’s total imports are expected to reach USD 3.00 trillion by 2020. Frozen food such as beef, pork, fish, and meat products lead the list of food items to be imported into the country. In addition, the country’s beef imports increased from USD 275.0 million in 2012 to USD 2.50 billion in 2016, according to the US Department of Agriculture (USDA). This rise is projected to create opportunities in these countries to export beef, thus increasing the demand for refrigerated transport.
This report includes a study on the marketing and development strategies, along with the product portfolios of the leading companies. It consists of profiles of leading companies such as:
(Refrigerated Transport Service Providers): United Technologies (US), Daikin Industries (Japan), Ingersoll-Rand (THERMO KING) (Ireland), China International Marine Containers (China), Utility Trailer (US), Singamas Container (China), Hyundai (South Korea), Schmitz Cargobull (Germany), Fahrzeugwerk Bernard Krone (Germany), and Lamberet (France).
(Food & Beverage Companies): Nestle (Switzerland), Tyson Foods (US), The Kraft Heinz Company (US), General Mills (US), Smithfield Foods (US), Kellogg Company (US), Conagra Brands (US), Kerry (Ireland), Del Monte Pacific (Singapore), and Aryzta (Switzerland).
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Key Questions Addressed by the Report:
- What are the growth opportunities in the refrigerated transport market?
- What are the major applications of refrigerated transport?
- What are the key factors affecting market dynamics?
- What are some of the major challenges and restraints that the industry faces?
- Which are the key players operating in the market and what initiatives have they undertaken over the past few years?
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