Expansion of international trade and growing demand for fresh and frozen food drive the growth of the reefer container market.
WILMINGTON, Del., Nov. 24, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Reefer Container Market by Size (Less than 20 feet, 20-40 feet, and More than 40 feet), Industry (Food & Beverage, Healthcare, Chemicals, and Others), and Mode of Transportation (Roadways, Railways, and Sea): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the reefer container industry generated $9.7 billion in 2022, and is anticipated to generate $19.7 billion by 2032, witnessing a CAGR of 7.5% from 2023 to 2032.
Prime determinants of growth
Expansion of international trade, and growing demand for fresh and frozen food drive the growth of the global reefer container market. However, high capital investment and operational complexities restricts the market growth. Moreover, advancement in cold chain technologies, and integration of other technology presents new opportunities in the coming years.
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Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$9.7 billion |
|
Market Size in 2032 |
$19.7 billion |
|
CAGR |
7.5 % |
|
No. of Pages in Report |
250 |
|
Segments covered |
Size, Industry, Mode of Transportation, and Region. |
|
Drivers |
Expansion of international trade Growing demand for fresh and frozen food |
|
Opportunities |
Advancement in cold chain technologies
Integration of other technology |
|
Restraints |
High capital investment Operational complexities |
Russia-Ukraine War Impact
- Russia and Ukraine are two of the world’s largest producers of agricultural products. In addition, countries like Russia export some of the rare elements, such as palladium and neon which are required to produce the semiconductors. However, both countries are agricultural exporters and major suppliers of food and fertilizers to global markets.
- A long-lasting battle is likely to have far-reaching economic and political ramifications, potentially changing global energy and commodity commerce. The International Monetary Fund (IMF) has warned that the war will increase the already high shipping costs and may keep them higher—and their inflationary effects for a longer period.
The 20-40 feet segment to maintain its leadership status during the forecast period
By size, the 20-40 feet segment held the highest market share in 2022, accounting more than two-fifth of the global reefer container market revenue, and is estimated to maintain its leadership status during the forecast period. This segment is projected to attain the highest CAGR of 8.1% from 2023 to 2032, owing to the ability to carry greater volumes of package without losing its integrity is expected to increase the demand for 20-40 feet reefer containers in the market.
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The food & beverage segment to maintain its leadership status during the forecast period
By industry, the food & beverage segment held the highest market share in 2022, accounting nearly one third of the global reefer container market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to attain the highest CAGR of 7.8% from 2023 to 2032, owing to rise in international trade, and increase in global consumption of food and beverages is expected to increase the demand for reefer containers globally.
The Sea segment to maintain its leadership status throughout the forecast period
Based on mode of transportation, the sea segment held the highest market share in 2022, accounting nearly two third of the global reefer container market revenue, owing to the need to travel long distance on sea with temperature sensitive cargo is expected to increase the demand for reefer transportation on sea. However, the roadways segment is expected to witness the fastest CAGR of 8.8% from 2023 to 2032, owing to rise in the need to transport goods over long distances on road with temperature sensitive cargo is expected to increase the demand for reefer transportation on roadways.
Asia-Pacific to maintain its dominance by 2032
Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting more than one-fourth of the global reefer container market revenue, and is estimated to maintain its leadership status during the forecast period. This segment is projected to manifest the highest CAGR of 9.1% from 2023 to 2032, owing to its high volume of agricultural and food exports, that requires reefer container for transportation, thus increasing the demand for the containers in the region.
Leading Market Players: –
- A.P. Moller – Maersk
- Daikin Industries
- China International Marine Containers Co. Ltd
- Singamas Container Holdings Ltd.
- Ocean Network Express Pte. Ltd.
- ZIM Integrated shipping services
- Hapag-Lloyd AG
- MSC Mediterranean Shipping Company S.A.
- CMA CGM Group
- SeaCube Containers LLC.
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The report provides a detailed analysis of these key players in the global reefer container market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Container Market Research Report 2023-2032
Container Handling Equipment Market Research Report 2023-2032
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