On the basis of frozen food products, the refrigerated transport market is segmented into bakery products, ice cream, processed meat, frozen dairy products, and fish & seafood. The fish & seafood segment accounted for the largest share in 2018. The market is projected to witness high growth prospects in the fish & seafood segment during the forecast period. Manufacturers are offering frozen and canned food options that promote longer shelf life. Fast-paced lifestyles have led to an increasing preference for home delivery services, as it significantly reduces the cooking time. These factors are projected to create lucrative opportunities for frozen fish & seafood manufacturers and refrigerated transport service providers in the coming years.
The refrigerated transport market is segmented, on the basis of vehicle type, into LCV, MHCV, and HCV. The LCV segment is estimated to dominate the market in 2019 and is projected to grow at the highest CAGR during the forecast period. The growth of the LCV segment is driven by factors such as high demand for home delivery services and developments in the foodservice industry and food processing sector. The demand for refrigerated LCV is further driven by the increase in delivery of dairy products and pharmaceuticals by vans for short-distance transportation. Moreover, factors such as the availability of easy finance options for fully built vehicles will contribute to the increase in the sales of refrigerated LCVs.
In 2019, Asia Pacific accounted for the largest share in the refrigerated transport market. The growth of the market is attributed to the increasing investments by governments in this region for transportation infrastructure development projects related to highways, railway, and airport constructions. For instance, the Chinese government significantly invested in its transport infrastructure in 2018. In the first 11 months of 2018, the country spent USD 328 billion, according to the government data. The Chinese transport ministry is also focusing on speeding up the construction of logistics hubs for transport and storage in the country. These factors are projected to drive the refrigerated transport market in the region.
Key players (food & beverage) in refrigerated container market include General Mills (US), Conagra Foods (US), Kraft Heinz Company (US), Nestle (Switzerland), Associated British Foods (UK), Kerry Group (Ireland), Unilever (UK), Mccain Foods Limited (Canada), Samworth Brothers Limited (UK), and Iceland Foods Ltd. (UK). These players have opted for different organic and inorganic strategies to increase their market share. Nestle, one of the major players in the market, adopted a well-established distribution strategy, which made it possible to deliver products in both the urban and rural markets. It adopted various strategies such as acquisitions, expansions & investments, new product launches, and agreements in the frozen and chilled foods segment, which increased the usage of refrigerated transportation. In addition, with the increasing preference for on-the-go food products, the demand for chilled and frozen food is projected to increase, which in turn, helps the company increase its sales.