Refrigerated Transport Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
- Transparency Market Research
Refrigerated transport are means of transportation of perishable food products such as fresh fruits and vegetables, meat, fish, dairy products, confectionery, and pharmaceuticals by preserving them at low temperatures. Refrigerated transport systems are active and passive temperature-controlled insulated container systems used for transport. Appropriate temperature setting help preserve the quality of the products even in harsh environments. It also enables buyers across the globe to consume fruits and vegetables throughout the year, even though they are seasonal.
The major factor driving the refrigerated transport market is the rise in demand for frozen food products in households as well as for food service operators such as quick service restaurants, fast food restaurants, and other eateries that require frozen foods. This is attributed to increasing globalization and technological developments in refrigerated transport systems for fresh and temperature-controlled food products. Moreover, stringent government regulations regarding production, processing, transport, and quality of frozen foods are expected to fuel the market additionally. This has increased customer loyalty toward refrigerated food products, further driving the refrigerated transport market.
Restraints of the refrigerated transport market include the high capital investment, especially in the developing economies. Additionally, environmental variations reduce efficiency of transport infrastructure, further adding to the overall cost. However, with increasing demand for convenience foods, the impact of this restraint is expected to decrease in the future.
Increasing demand for marine mode of transportation owing to the comparatively low cost associated with it is expected to boost the refrigerated transport market. Rise in demand for meat and seafood across the world is expected to further propel the market. Apart from this, bakery and confectionary is also anticipated to be an attractive segment in the future, as bread is one of the most commonly consumed item globally and refrigeration is necessary to manufacture, maintain uniformity, prevent spoilage and preserve the product.
The refrigerated transport market can be segmented based on product type, mode of transportation, type of vehicle, technology, application, and geography. On the basis of product type, the refrigerated transport market can be segmented into chilled and frozen. On the basis of mode of transportation, the refrigerated transport market can be segmented into road, sea, rail, and air. On the basis of type of vehicle, the refrigerated transport market can be classified into light commercial vehicle (LCV), medium commercial vehicle (MCV), and heavy commercial vehicle (HCV). On the basis of technology, the refrigerated transport market can be bifurcated into vapor compression systems and cryogenic systems. On the basis of application, the refrigerated transport market can be segmented into fruits and vegetables, bakery and confectionary, dairy and frozen products, meat and sea food, and others. The others segment comprises condiments, salad dressing, dips, and sauces. Based on geography, the refrigerated transport market can be divided into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America. Asia Pacific is expected to be the most attractive region and is expected to contribute significantly to the expansion of the global refrigerated transport market owing to increase in demand for bakery and confectionary products in the region.
Key players operating in the refrigerated transport market include Carrier Transicold, Inc., CMA CGM S.A., GAH Refrigeration Ltd, Maersk Line A/S, Limited, MSC Mediterranean Shipping Company S.A., and Swift Transportation Company. Other key players in the refrigerated transport market are Aryzta Ag, China International Marine Containers (Group) Ltd., Conagra Brands, Inc., Daikin Industries, Ltd., Del Monte Pacific Ltd, General Mills, Inc., Hyundai Motor Company, Ingersoll-Rand Plc, Kellogg Company, Kerry Group Plc., Lamberet Sas, Singamas Container Holdings Limited, The Kraft Heinz Company, Utility Trailer Manufacturing Company, Tyson Foods, Inc., and Wabash National Corporation.
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