Refrigerated Transport Market is Expected to Grow at a Healthy CAGR of 6% till 2027

Fri Jul 10, 2020 - 2:05am GMT+0000

Increasing trade of perishable commodities around the world, along with continuous technological advancement in the refrigerated systems, are the major factors that are driving the growth of the refrigerated transport market during the forecast period.

Dublin, Ireland – July 9, 2020 /MarketersMedia/

The refrigerated transport market is projected to witness strong demand over the next six years (2020-2027). This is due to the rising trade of perishable commodities across the globe driven by the reduced tariffs, which have eased the cross-border movement of perishable goods. Additionally, the increasing technological advancements in refrigerated systems, such as the various technological solutions introduced by the refrigerated transport service providers to decrease the environmental impact, will further attract a large number of end-users to opt for this mode of transportation. Moreover, the increasing demand for frozen perishable commodities is another factor that is responsible for the growth of the refrigerated transport market size over the coming years.

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The improving storage facilities in the emerging economies is enhancing the growth of the refrigerated transport industry over the coming years. On the other edge of the spectrum, the changing fuel prices and the high cost of investment are the two major factors that will hamper the growth of the refrigerated transport market over the coming years.

On the basis of application, the frozen food products segment is predicted to emerge as the maximum revenue generating segment over the forecast period. The frozen food products include various segments such as bakery products, ice cream, processed meat, frozen dairy products, and fish & seafood. The accelerating demand for fish & seafood products, along with the increased offering of frozen and canned food options by numerous leading manufacturers, are the key factors that are driving the growth of the segment in the market. With the increasing urbanization and fast-paced lifestyle, the working population is now looking for ready-to-eat food products and home delivery services as it helps in saving their time and money at the same time. All these factors are boosting the demand of the segment in the market over the coming years.

Based on the vehicle type, the LCV segment is expected to witness considerable growth owing to the strong demand for home delivery services and the expansion of the food service industry and food processing sector. Moreover, the increasing delivery of dairy products and pharmaceuticals by vans for short-distance transportation is another factor that is driving the growth of the segment in the market.

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On the basis of the region, the Asia-pacific region is projected to dominate the refrigerated transports market in the next six years. The significant factors that are boosting the refrigerated transports market size in this region are the increasing investments by the government in the Asian countries for transportation infrastructures development projects such as railways, airports, and highways constructions. For example, the government of Chins invested in the transport infrastructure, and the country has spent USD 328 billion in the first months of 2018. The combination of these factors is surging the demand of the segment in the coming years.

The key players of the refrigerated transport market include Unilever, Mccain Foods Limited, Kraft Heinz Company, Nestle, Associated British Foods, General Mills, Conagra Foods, Kerry Group, Samworth Brothers Limited, and Iceland Foods Ltd., among others.

The research report on the refrigerated transport market provides an in-depth analysis of the market revenue based on application, mode of transport, temperature, technology, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.

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