This market research report segments the global refrigerated transportation market by the products transported (foods, pharmaceuticals, and others), and by mode of transportation (roadways, airways, and seaways). This report also presents a segmentation of the industry by geography (APAC, Europe, North America, and ROW). The key vendors identified are Carrier Transicold, CMA CGM, GAH Refrigeration, Maersk Line, MSC, and Swift Transportation.
Outlook of the global refrigerated transportation market
Technavio’s market research analyst predicts that the global refrigerated transportation market will grow at an impressive CAGR of close to 7% during the forecast period. This industry report covers the present scenario and the primary drivers influencing growth prospects of this market. The growing demand for convenience food is impelling the demand for frozen food globally. Frozen foods require an efficient cold storage system to ensure that the chemical composition of the food items remains unchanged even after several months. This need for an effective cooling system has led to the refrigerated transport service providers to improve their supply chain efficiency and technology used in cold storage facilities to deliver high-quality foods. Therefore, technological advancements like cryogenics and growing demand for frozen foods are contributing to the high demand for refrigerated transport systems. Thus, growth in the frozen foods segment will positively affect the market for refrigerated transportation until the end of 2020. Factors like the increased provision of end-to-end integrated services will bolster the growth of this market during the forecast period. Numerous transport service providers offer end-to-end cold chain management services including inventory management, order scheduling, warehousing, and delivery management to their customers. Such vendors also provide disaster recovery services that allow the customers to track consignments and communicate with the entire supply chain efficiently. This recent increase in end-to-end integrated services is expected to propel the global refrigerated transportation market during the forecast period.
Segmentation by product and analysis of the refrigerated transportation market
Foods Pharmaceuticals During 2015, food segment dominated the global refrigerated transportation market and accounted for more than 46% of the market share. Refrigerated containers transport various food items including meat, seafood, milk and dairy products, vegetables and fruits, bakery and confectionary products, grains, and oilseeds. This market segment is mainly driven by the increasing demand for meat and dairy products globally. Since the shelf life of meat and dairy products is short, they need to be stored and handled under proper temperature conditions. With a rise in online food retailers and adoption of omnichannel by consumers, companies are restructuring and adopting new technologies to make fresh food available to their customers. Geographical segmentation and analysis of the refrigerated transportation market APAC Europe North America ROW During 2015, North America dominated the refrigerated transportation market with a market share of close to 37%. Factors such as an increase in demand for refrigerated products due to busy lifestyle is driving the market in North America. Also, efficient private-public partnerships have enabled significant logistics support for refrigerated transportation service across North America will aid in the growth of the refrigerated transportation market in the region.
Competitive landscape and key vendors
The global refrigerated transportation market is highly fragmented due to the presence of many regional and international vendors. The local vendors have raised the standard by offering products at reduced prices and innovative packaging solutions.
Key vendors in this market are: