The global reefer container market is expected to be worth USD 16.5 billion in 2019 and USD 24.6 billion by 2027, growing at a CAGR of 6.1% between 2021 and 2027. The growth of this market can be attributed to increased global trade in perishable commodities, as lower tariffs make the cross-border movement of perishable goods easier.
Furthermore, technological advances in refrigerated systems, especially technological solutions implemented by refrigerated transport service providers to reduce environmental impact, are expected to improve their operational efficiency. Temperature-sensitive pharmaceuticals are projected to increase in demand from USD 328 billion in 2018 to USD 486 billion in 2022. It is also anticipated that temperature control regulations during transit will become more stringent. In the coming years, an increase in pharmaceutical trade between countries might boost demand for reefer containers.
Based on geographical region, Asia Pacific is expected to witness highest growth which can be attributed to the increasing GDP of the region. The growing global trade in perishable reefer cargo and advances in reefer container technology are also driving the demand in the area.
Traditional methods of cargo shipping have been replaced by innovative methods. Traditional modes of transportation mainly involve the long-distance transportation of goods by rail. Goods can perish as a result of this mode of transport. Reefer containers have recently taken the place of temporary warehouses, as the former saves money on shipping and labour. The reefer container market is driven by low shipping costs, quick and simple goods transhipment, and quick terminal turnaround times. The increased use of reefer containers is also due to the need to protect goods from theft and spoilage. Companies are more interested in reducing their carbon footprint and creating a sustainable business model, which is why technology plays such an important role in driving demand for reefer containers. As a result, technologies are being developed that will enable brand owners and producers to implement such technologies during transportation and generate positive messaging around the product.
According to ASSOCHAM (The Associated Chambers of Commerce and Industry of India), India's packaged food market growth was projected to grow to USD 72.6 billion by 2020, up from USD 31.7 billion in 2015. This increase is due to an increase in the consumption of frozen foods, dairy goods, ready-to-cook/ready-to-eat foods, and bakery products, which creates a need for refrigerated transportation for the safe and effective transportation of these items.
The advent of real-time monitoring technology is a significant driving force in the reefer container industry. The transportation and logistics industry is undergoing significant changes, with real-time monitoring technology integration being a key development. Furthermore, the industry is making extensive use of IoT, which is propelling the market forward. Remote Container Management, for example, from A.P. Moller - Maersk A/S allows for real-time GPS tracking of containers as well as recording and monitoring of reefer power status.
Multi-temperature system integration is also expected to provide growth opportunities for refrigerated transportation service providers and frozen and chilled food product manufacturers. Merchant shipping, which accounts for 90% of international trade and employs over 100,000 merchant vessels, is seen as critical to the economy's development.
Europe and Brazil are already experiencing shortages due to a lack of investment in the reefer segment of shipping, which could provide an incentive for new players to join the market and meet regional demand. Despite market volatility, demand for reefer containers is projected to rise significantly between 2021 and 2027. This increase in demand can be traced back to international trade alliances established to meet customer demands. The reefer container market will be driven by an increase in demand for temperature-sensitive pharmaceuticals and chemicals in Southeast Asian countries, as well as the growth of the Asian middle class, which is constantly demanding healthier food options.
Since the use of the most up-to-date cooling technology is critical, one of the major problems facing the reefer container industry is a lack of suitable reefer containers. However, challenges such as product maintenance during transportation, a lack of infrastructure in developing countries, and rising fuel costs are expected to stifle market growth.
Some of the Major Key Players are:
• United Technologies
• Daikin Industries
• Ingersoll-Rand (THERMO KING)
• China International Marine Containers
• Utility Trailer
• Singamas Container
• Schmitz Cargobull
• Fahrzeugwerk Bernard Krone
• Tyson Foods
• The Kraft Heinz Company
• General Mills
• Smithfield Foods
• Kellogg Company
• Conagra Brands
• Del Monte
Global Agricultural Micronutrients Market Coverage
Product Type Insight and Forecast 2015-2027
Vehicle Type Insight and Forecast 2015-2027
Temperature Insight and Forecast 2015 - 2027
Global Agricultural Micronutrients Market by Region
Rest of the World (RoW)