Additionally, technological advancements in refrigerated systems, particularly technological solutions introduced by refrigerated transport service providers for reducing the environmental impact, are projected to enable their simple operations. Integration of multi-temperature systems is further projected to make growth opportunities for refrigerated transport service providers and frozen & chilled foodstuff manufacturers. The expansion of the refrigerated transport market is attributed to the increasing trade of perishable commodities at a worldwide level, as lower tariffs enable simple cross-border movement of perishable goods. However, the market growth is projected to stay hindered because ofchallenges like the upkeep of products during transportation, lack of infrastructure in emerging countries, and rise in fuel costs.
The pharmaceutical category is expected to experience fastest growth during the forecast period. This is attributed to the growing demand for biologics, cell therapies, vaccines, and blood products, which require temperature-controlled containers for storage and transportation. This is expected to lead to the expansion of global trade by supporting refrigerated perishables by sea in recent years.
COVID-19 Impact analysis
- The refrigerated transport market has been negatively impacted due to the COVID-19 pandemic. This is mainly due to government regulations around the world such as lockdowns and social distancing which has widely impacted transportation.
- Transports are mainly done as stranded ships on board ships, unloaded at different places, or seatedin different ports and berths, downstream and detained. And due to these COVID-19 regulations, these markets were highly disrupted.
- Additionally, the pandemic has forced companies in the global transportation and logistics industries to face economic stress due to cash flows, workforce shortages, fewer contracts and otherproblems,which has resulted to the reduction of salaries for employees and a serious drop in world trade volume.
Top Impacting Factors
- The large size containers are expected to experience the fastest growing refrigerated container market during the forecast period. This is mainly due to the fact that the 40ft containers are designed to carry bulkygoods rather than heavy goods. Therefore, higher capacity and small difference in cost of containers are expected to increase the usage of these containers during the forecast period.
- There is a huge demand for Prioritizing ships for international trade. Ocean freight accounted for the largest share of the Refrigerated transport market and is expected to continue to rank early in the coming years.
- This is mainly due to the expansion of world trade in refrigerated perishable goods at sea, coupled with advancements in refrigeratedtechnologies. In addition, most of the major countries in the region are home to many seaports and inland ports, and the region experiences the fastest rateof urbanization development, which has resulted in increased trade volume.
Market Trends
Refrigerated transports are increasing the Number of Trade Routes
A trade route can be defined as a logistical network of pathways and stoppages used for the commercial transportation of cargo. It is allowing goods to succeed in distant markets, one trade route contains long-distance arteries, which can further be connected to smaller networks of economic and non-commercial transportation routes. Thus, with the continual increase within the maritime trade volume and number of trade routes, Refrigerated transports are expected to witness a high demand.
Supported transportation mode, the seaways category held the most important share within the Refrigerated transport market and it is expected to take care of the lead within the coming years. This is due to the merchant shipping sector conducting more than half of the international trade through commercial ships. Moreover, on rivers and canals, barges are often wont to carry bulk cargo.
Rise in the Demand of Pharmaceutical Drugs transport
Most pharmaceutical drugs are temperature-sensitive, therefore they are required to be stored and transported under a controlled environment, so as to take care of their efficacy and safety. Growing accidents and incidents have created a requirement for correct temperature-controlled transportation methods, like Refrigerated transports, in order to stop shipment losses. With the development in Refrigerated transport s’ technology and a decrease within the cost of shipping, several pharmaceutical players have started trading overseas to realize higher revenue.
There is rise in demand for biologics, cellular therapies, vaccines, and blood products, which require temperature-controlled containers for storage and transportation.
Key Benefits of the Report
- This study presents the analytical depiction of the REFRIGERATED TRANSPORT industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the REFRIGERATED TRANSPORT market share.
- The current market is quantitatively analyzed to highlight the REFRIGERATED TRANSPORT market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed REFRIGERATED TRANSPORT market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the Report
- Which are the leading players active in the REFRIGERATED TRANSPORT market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What is "REFRIGERATED TRANSPORT" Market prediction in the future?
- Which will be the niches at which players profiling with recent advancements should set a presence?
- What are the driving factors and opportunities in the market?
- What are the current trends and predicted trends?
- What are the challenges faced in the "REFRIGERATED TRANSPORT" Market?
Refrigerated Transport Market Report Highlights
| Aspects | Details |
 By Temperature |
|
 By Application |
|
 By Technology |
|
 By Mode of transportation (Road) |
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 By Region |
|
 Key Market Players | Iceland Foods Ltd., General Mills, Associated British Foods, Conagra Foods, Kerry Group, Samworth Brothers Ltd., Kraft Heinz Company, Unilever, Mccain Foods Ltd., Nestle |
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