Aug, 2020 - By CMI
Rising demand for frozen food throughout the globe is a major factor driving the growth of the market for refrigerated transport. Increasing technological advancements and globalization have boosted the demand for cold chain transportation and distribution techniques for perishable commodities requiring controlled temperatures. This, in turn, has surged demand for refrigerated transport, to ensure sustained quality of delivered commodities. However, the lack of efficient transport infrastructure to deal with various environmental changes and lack of low skilled resources in emerging economies pose major restraints for the growth of the global refrigerated transport market.
Preservation and protection of food, drugs, and medical supplies have made refrigerated transport an essential part of the supply chain. Food items such as seafood, frozen food, fruits, meat, fish, and dairy products require specific temperatures and conditions to prevent decay and maintain the high quality expected by consumers. These items thus require refrigerated transportation.
Products such as meat and dairy have a low shelf life and need effective cold storage and transportation across the distribution chain. Advancements in technology and high focus on innovation have enhanced the efficiency of refrigerated transportation for the safety of food, reduced food wastage and energy consumption, and minimal environmental impacts.
On the basis of technology, the global refrigerated transport market is segmented into:
On the basis of mode of transport, the global refrigerated transport market is segmented into:
On the basis of product type, the global refrigerated transport is segmented into:
Among technology, the vapor compression systems segment is growing at a rapid pace, owing to the wide usage of these systems globally. The vehicle alternator unit is a type of vapor compression system, which is used in small refrigerated delivery vans. The refrigerated transport used via road consists of LCV ranging up to 7 tons, MHCV ranging up to 16 tons, and HCV above 16 tons.
Asia Pacific is expected to be the fastest-growing market over the forecast period. The growing confectionery and bakery industry has surged demand for refrigerated transport in the region. Rapid economic growth in emerging economies of the region, characterized by the growing number of women in the workforce has, in turn, resulted in increasing demand for convenience food and also chilled and frozen products. Furthermore, increasing spending power and growing inclination of the populace towards exotic food has resulted in growing imports in these economies. This, in turn, fuels the growth of the refrigerated transport market. In 2016, China imported 544,943 metric tons and Japan imported 387,712 metric tons of pork from the U.S.
North America and Europe hold the dominant market share for refrigerated transport and this trend is expected to be maintained throughout the forecast period. Increasing demand for convenience foods in the region, along with stringent government regulations imposed on food quality are factors driving the growth of the refrigerated transport market in these regions. Moreover, increasing food wastage has further augmented the demand for refrigerated transport in the region.
Nestlé, Tyson Foods, Inc., the Kraft Heinz Company, General Mills Inc., Smithfield Foods., Kellogg Corporation., ConAgra Foods Inc, Inc., Kerry Group, Del Monte Pacific Ltd (DMPL), United Technologies Corporation, Daikin Industries, Ingersoll Rand Inc., and ARYZTA AG are some of the major players.
Refrigerated Transport Market - Industry Insights & Analysis