The report “Refrigerated Transport Market by Application (Chilled food and Frozen food), Mode of Transportation (Road, Sea, Rail, and Air), Vehicle Type (LCV, MHCV, and HCV), Temperature (Single and Multi-temperature), Technology, and Region – Global Forecast to 2025″ According to MarketsandMarkets, the refrigerated transport market is estimated to be valued at USD 15.5 billion in 2019 and is projected to reach USD 21.6 billion by 2025, recording a CAGR of 5.8% from 2019 to 2025. The increasing demand for chilled and frozen food products, along with technological innovations in refrigerated systems and equipment is projected to drive the market growth of refrigerated transport.
Browse 169 market data Tables and 74 Figures spread through 239 Pages and in-depth TOC on “Refrigerated Transport Market – Global Forecast to 2025”.
On the basis of frozen food products, the fish & seafood segment accounted for the largest share in the refrigerated transport market in 2018
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.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
By vehicle type, the LCV segment accounted for the largest market size in the refrigerated transport market during the forecast period
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.
Due to the slow development of the refrigerated transport market in developing countries, the single temperature segment is projected to witness the fastest growth during the forecast period.
On the basis of temperature, the refrigerated transport market is segmented into single-temperature and multi-temperature. The refrigerated transport market in many countries is now gaining momentum with the increasing need to cater to the growing demand for perishable commodities. In such countries, single-temperature refrigerated vehicles are widely used. Hence, the market share of the single-temperature segment is estimated to be larger during the forecast period.
The Asia Pacific region is estimated to dominate the refrigerated transport market, in terms of value, in 2019
The refrigerated transport market in Asia Pacific is projected to witness high growth due to increasing demand for frozen and processed food. Developing countries such as India, China, and Latin American countries are projected to create high growth prospects for leading players. These countries rely on imports to meet their demands for food products. For instance, according to the Direct China Chamber of Commerce (DCCC), the country’s total imports are expected to reach USD 3.00 trillion by 2020. Frozen food such as beef, pork, fish, and meat products lead the list of food items to be imported into the country. In addition, the country’s beef imports increased from USD 275.0 million in 2012 to USD 2.50 billion in 2016, according to the US Department of Agriculture (USDA). This rise is projected to create opportunities in these countries to export beef, thus increasing the demand for refrigerated transport.
To know about the assumptions considered for the study, download PDF brochure
This report includes a study on the marketing and development strategies, along with the product portfolios of the leading companies. It consists of profiles of leading companies such as:
(Refrigerated Transport Service Providers): United Technologies (US), Daikin Industries (Japan), Ingersoll-Rand (THERMO KING) (Ireland), China International Marine Containers (China), Utility Trailer (US), Singamas Container (China), Hyundai (South Korea), Schmitz Cargobull (Germany), Fahrzeugwerk Bernard Krone (Germany), and Lamberet (France).
(Food & Beverage Companies): Nestle (Switzerland), Tyson Foods (US), The Kraft Heinz Company (US), General Mills (US), Smithfield Foods (US), Kellogg Company (US), Conagra Brands (US), Kerry (Ireland), Del Monte Pacific (Singapore), and Aryzta (Switzerland).