The global refrigerated transport market size is expected to reach USD 198.35 billion by 2030, according to a new study by Polaris Market Research. The report “Refrigerated Transport Market Share, Size, Trends, Industry Analysis Report, By Application (Fruits & Vegetables; Bakery & Confectionary; Dairy & Frozen Desserts; Meat, Fish, & Sea Food; Drugs & Pharmaceuticals; Others); By Mode of Transport; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Refrigerated transport is a temperature-controlled supply chain which is an uninterrupted chain of distribution in which a given temperature is maintained across the chain. This type of logistics is used to extend the lifespan of the goods and products such as seafood, pharmaceutical drugs, frozen food, chemicals, agricultural produce, photographic film, and others.
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Monitoring, and storage, are important factors in the cold chain to avoid degradation in the quality of the shipments. The industry is anticipated to witness significant growth over the years, owing to the rise in the need for logistics in the pharmaceutical industry.
The major cold chain refrigerated technologies that are used to provide a temperature-controlled environment during movement involve dry ice, eutectic plates, gel packs, quilts, liquid nitrogen, and reefers. Dry ice (solid carbon dioxide) is around -80°C and has the capability to keep the shipments at a low temperature for a long time.
The major share of medicinal and pharmaceutical shipments is classified as chilled products, which are required to be refrigerated in the range of 2 and 8°C. A gel pack which consists of phase changing substance that can go from liquid to solid and vice versa, is a commonly used method to provide a low temperature. Eutectic plates work on the same principle as gel packs. Instead, a liquid used in these plates can be reused many times. Liquid nitrogen is mainly used for the shipping of biological cargo, such as organs and tissue.
Factors such as a rise in the number of refrigerated warehouses as well as growth in the pharmaceutical sector are expected to drive the growth of the industry. In addition, growth in the processed food sector is anticipated to boost the growth of the industry. However, factors including lack of standardization and high operational cost hinder the industry growth.
In addition, it is necessary to maintain the appropriate temperature conditions in the supply chain and monitor temperature-sensitive products. Cold storage, refrigerated systems, and cold processing & distribution are the main elements in cold chain logistics.
The meat, fish, and seafood segment was the largest market in the application category in 2021. The life span of these products are short; therefore, it is essential that these products are frozen till the time it has been used. For instance, In August 2018, AGRO Merchants Group acquired Transmode. This enhanced AGRO’s North East transportation operations with a primary focus on a meat and other protein commodities.
The waterways segment is anticipated to observe the fastest growth over the forecast period. This mode of carriage is the most affordable and efficient mode for frozen and chilled products. This model ensures an unbroken cold chain for cargo from pick-up until delivery to make sure that the quality of the products remains of a high standard. According to UNCTAD, in 2020, around 80% of trade is done through seaways, as this mode is cheaper than air and land, despite fluctuating exchange rates and freighter charges.
Refrigerated Transport Market Report Highlights
- Drugs, and pharmaceuticals segment is anticipated to experience lucrative growth in market as different storage conditions and strict temperature control is essential for storage of drugs and pharmaceuticals goods.
- Roadways accounted for the largest revenue share during the forecast period.
- Asia-Pacific is expected to grow at a significantly over the projected period on account owing to the increasing economies such as China and India.
- The global market is highly competitive owing to the existence of large market players with global presence including China International Shipping Containers (Group) Co., Ltd., Daikin Industries Ltd., Great Dane LLC, Hyundai, Ingersoll Rand, KRONE, LAMBERET SAS, Schmitz Cargobull
Polaris Market Research has segmented the refrigerated transport market report based on application, mode of transport, and region:
Refrigerated Transport, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Fruits & Vegetables
- Bakery & Confectionary
- Dairy & Frozen Desserts
- Meat, Fish, & Sea Food
- Drugs & Pharmaceuticals
Refrigerated Transport, Mode of Transport Outlook (Revenue – USD Billion, 2018 – 2030)
Refrigerated Transport, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa