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Refrigerated transport is referred to as temperature-controlled and conditioned freight shipment of perishable food items that include confectionary, fruits & vegetables, dairy products, seafood, fish and meat. The temperature-controlled system is designed intellectually to keep the food stored within it for longer.
Increasing number of small and large food chains across the globe, coupled with growing HoReCa sector especially across developing economies are projected to foster the demand for frozen food (raw materials) which is further expected to drive the growth of global refrigerated transport market during the foreseeable years.
Key companies operating in the global refrigerated transport market are centering on merger and collaboration strategies to strengthen their product portfolio and maintain their market significance in the global market. Daikin Industries, China International Marine Containers (Group) Ltd., and United Technologies are some of the key companies operating in the global refrigerated transport market.
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Refrigerated transport market is gaining momentum, owing to the escalation in globalization that has led to the growth of trade and rise in demand for frozen and packaged food across the globe. According to research findings, approximately one-fourth of the total global production of goods & services are exported. Emerging cold chain industry across the world, coupled with the introduction of latest freezing technology and automated freezing systems embedded in carrier vehicles are expected to contribute prominently in the growth of the refrigerated transport market.
Other crucial reasons that are expected to aid the growth of refrigerated transport market are rise in worldwide demand of frozen food in households, escalating demand of meat products (freezing is an effective process to keep meat products free of microbial contamination) and growing food service industry. Increased governmental concern regarding the safety of food and regulations on manufacturing, processing, and transportation of frozen food is further expected to boost the growth of the refrigerated transport market. However, the high capital investment required in refrigerated transport can restrict the growth of the market.
Some of the major companies that are present in the global refrigerated transport market are GAH Refrigeration Ltd., Carrier Transicold Inc., Daikin Industries, Swift Transportation Company, DB Schenker, Conagra Brands Inc., MSC Mediterranean Shipping Company S.A., Del Monte Pacific Ltd., Wabash National Corporation, China International Marine Containers (Group) Ltd., and C.H. Robinson worldwide.
By Mode of Transportation
Sea is expected to be the fastest-growing segment among various mode of transportation for refrigerated transport, due to the low cost associated with marine shipments. Being an affordable and efficient overseas mode of shipment this mode of transportation has huge scopes for future growth. Roadways are anticipated to be emerging as a leading segment during the forecast period, owing to rising adoption of light commercial road vehicles in the market, coupled with the presence of prominent market players such as Daikin Industries Ltd., United Technologies Corporation, and others that are focusing on the development of innovative refrigeration transport systems.
Among technology, vapour compression systems are projected to witness continuous growth during the forecast period, due to broad adoption and application of these systems across the globe. Direct belt drive, auxiliary diesel unit, vehicle alternator unit, and auxiliary alternator unit are some of the common refrigerated transport vapour compression drive systems used in refrigerated food transport.
The Asia Pacific is expected to register considerable growth in global refrigerated transport market during the forthcoming years, owing to the presence of rising economies in the region such as India and China. China, being the leading trader in global food products market, is expected to aid the growth of the refrigerated transport market of APAC. Furthermore, rising governmental investment in Asian countries on improving the logistic & transportation industry, coupled with enlargement of frozen food consuming population of the region, and rising disposable income are expected to contribute greatly in the growth of the market in APAC. Rising adoption of e-commerce by the food industry in APAC is expected to influence the refrigerated transport market positively.
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