Refrigerated Transport Market is predicted to grow at 5.8% CAGR during the forecast period and expected to reach at USD 24,173 Million by 2027. GMI Research speculates that the refrigerated transport market will surge during the forecast period. The prominent factors responsible for the market growth are the increasing per capita income of consumers, high demand for temperature-controlled food items, rising trend of buying frozen food products.
Introduction of the Refrigerated Transport Market
Refrigerated transport is the mode of transportation transfer perishable food items such as dairy products, confectionery, fresh fruits & vegetables, meat & fish, and seafood to consumers. These transports are designed to carry frozen food products at a particular temperature from one place to another place. The refrigerated means of transportation helps in the preservation of the quality of the food products, even in harsh external environment conditions. Therefore, the refrigerated boxcar is designed to store food products for a long time and contains liquid nitrogen or frozen carbon dioxide (CO2) ice that helps maintain the inside temperature.
Key Players of the Market
- Tyson Foods
- The Kraft Heinz Company
- General Mills
- Smithfield Foods
- Kellogg Company
- Conagra Brands
- Del Monte Pacific
Refrigerated Transport Market Dynamics
The crucial factors promoting the growth of the refrigerated transport market include the growing trend of purchasing frozen products, driven by the swift rise in the disposable income of consumers and the robust demand for temperature-controlled food products. The rapid urbanization at the global level and the growing demand for frozen perishable products will further augment the global refrigerated transport market in the coming years. In parallel, according to the refrigerated transport market analysis, the hectic schedule of people has supported them to choose precooked or ready-to-eat meals to save their money and time simultaneously.
Therefore, the global refrigerated transport market is becoming more mainstream due to the constant technological developments in the refrigerated systems by the manufacturers to give better preservation and enhance the temperature controlling of the product in the system. It will create tremendous growth opportunities in the market. In addition, to enhance customer loyalty, the global manufacturers are actively planning explicit strategies to gain a competitive advantage over the other leading players and enhance customer loyalty. On the other end, the huge initial capital investment, high maintenance cost, followed by the lack of developed infrastructure, are the fundamental factors that are likely to hinder the refrigerated transport market size over the forecast period.
Refrigerated Transport Market Segmentation
Application Market Drivers
Based on the application, the Frozen food segment is expected to dominate the market over the forecast period attributed to the high demand for convenience food items and ready-to-eat across the globe. The frozen food segment is further categorized into a processed meat, frozen dairy products, fish & seafood, and others. The fish & seafood application is projected to witness faster CAGR throughout the forecast period owing to the significant change in the lifestyle of individuals, which has increased the inclination towards home delivery services. In addition to saving cooking time, easy availability, and having a longer Shelf life, consumers prefer these products.
Technology Market Drivers
Based on the technology, the Vapor Compression Systems segment is expected to rise at a higher CAGR during the forecast period. The Vapor Compression Systems comprises four components, compressor, evaporator, condenser, and an expansion cycle. This system helps in supporting the working conditions under steady-state operation. Besides, the Cryogenic systems segment is projected to lead the market over the forecast period. It is due to its ability to cool and freeze a large variety of confectionery and related refreshment products. This technology also helps dispose of the excess moisture, enhances product quality, decreases maintenance time, accelerates production flexibility, and intensifies processing capacity. All these excellent benefits will attract many consumers to prefer cryogenic systems in the market.
Temperature Market Drivers
Based on the temperature, the Single-temperature segment is expected to dominate the global refrigerated transport market attributed to the increased adoption of single-temperature refrigerated transports across various countries encouraged by the robust demand for perishable products.
Mode of Transportation Market Drivers
Based on the mode of transportation, the road mode of transportation is anticipated to hold the market over the forecast period owing to the high demand for home delivery services, followed by the rising developments in the foodservice industry. Moreover, the mode of transportation by roads helps deliver safer and high-quality food products to end-users.
Vehicle Type Market Drivers
Based on the vehicle type, the LCV vehicle type is expected to lead the global refrigerated transport market owing to the drastic rise in the delivery of dairy products through vans and the easy availability of finance opportunities while buying LCVs. Furthermore, constant advancements in the food processing sector will generate numerous growth opportunities for the segment.
The Asia-Pacific region represented a higher CAGR in the global refrigerated transport market attributed to the fundamental change in the diet habit of the consumer, coupled with the robust demand for frozen food products. Moreover, the emerging growth in per capita income, the growing consumption of frozen food amongst the population, and the huge investments by the governments in the development of infrastructure related to highways, airports, and railways constructions will drive the refrigerated transport market share in the region.
Refrigerated Transport Market Segmentation
Market Segmentation by Application
- Dairy Products
- Frozen Dairy Products
- Fish & Seafood
- Processed Meat
Market Segmentation by Technology
- Vapor Compression Systems
- Cryogenic Systems
Market Segmentation by Temperature
- Single temperature
Market Segmentation by Mode of Transportation
Market Segmentation by Vehicle Type
Market Segmentation by Region
- United States of America (US)
- United Kingdom
- Rest of Europe
- Rest of APAC
- South Africa
- Saudi Arabia
- Rest of world
Introduction of GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Company Name: GMI RESEARCH Contact Person: Sarah Nash Email: firstname.lastname@example.org Phone: Europe – +353 1 442 8820; US – +1 860 881 2270 Address: Dublin, Ireland Website: www.gmiresearch.com
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland