DUBLIN--(BUSINESS WIRE)--The "Refrigerated Transport Market by Application (Chilled, Frozen), Mode of Transportation (Road, Sea, Rail, Air), Vehicle Type (LCV, MHCV, HCV), Temperature (Single Temperature, Multi Temperature), Technology, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The refrigerated transport market is estimated to account for USD 14.64 billion in 2018 and is projected to reach USD 19.29 billion by 2023, growing at a CAGR of 5.67% from 2018 to 2023.
The growth of the refrigerated transport market is attributed to the technological advancements in refrigerated transport systems and equipment, increasing globalization, and a surge in demand for temperature-controlled food systems and containers across the globe.
Lack of availability of skilled labor is a major factor hindering the growth of the refrigerated transport market in the emerging countries. Also, the current local players in developing countries such as India, provide refrigerated transport services that are not as advanced as compared to their Western counterparts. This impacts the product quality and discourages consumer purchase decisions.
Based on various refrigerated road transport products, the refrigerated transport market has been segmented into LCV, MHCV, and HCV. The LCV segment dominated the refrigerated transport market in terms of value in 2017. North America is a key market for the LCV segment owing to its robust infrastructure, distribution, and transportation system. The Asia Pacific region is expected to be a leading revenue generating pocket for the LCVs segment owing to the increased demand of the ready-to-eat foods.
Based on temperature, the refrigerated transport market has been segmented into single and multi temperature. The single temperature segment is estimated to account for the largest share in the refrigerated transport market in 2018. Improper storage and distribution of perishable commodities have led to an increasing demand for specialized refrigerated transport of the temperature-sensitive food products. This is expected to increase the demand for the single and multi temperature segments.
Based on application, the refrigerated transport market has been segmented into chilled and frozen food products. The chilled food products segment is estimated to account for the largest share in the refrigerated transport market in 2018. This segment provides, such as bakery & confectionery products, beverages, fruits & vegetables, and dairy products including butter, milk, cheese, and yogurt. The chilled food product manufacturers are expected to witness high prospects in the emerging countries since developed countries have entered the maturity stage in this segment.
The vapor compression systems segment, by technology is sub-segmented into air-blown evaporators and eutectic devices. The refrigerated transport market in both India and China are in the developmental stage. Thus, Asia Pacific refrigerated transport market is expected to witness moderate growth and holds high growth prospects for the air-blown evaporator technology in the coming years.
In 2018, Asia Pacific is estimated to occupy the largest share of the global refrigerated transport market in terms of value and volume. The region consists of key revenue generating countries such as India and China. These countries have a large consumer base and lucrative opportunities for the chilled and frozen food products. In addition, development in the automotive industry of these countries is expected to encourage the growth of the refrigerated transport market in the region.
Market Dynamics
Drivers
- Increasing International Trade of Perishable Commodities
- Technological Innovations in Refrigerated Systems and Equipment
- Increased Demand for Frozen Perishable Commodities
- Increase in the Use of Advanced Cold Rooms
Opportunities
- Intermodal Transport to Save Fuel Costs
- Integration of Multi-Temperature Systems in Trucks and Trailers
Challenges
- Lack of Transport Infrastructure Support in Emerging Markets and Skilled Resources in Developed Markets
- Maintaining Product Integrity During Transportation of Perishable Commodities
- Rising Fuel Costs and High Capital Investment Requirement
- Aryzta
- China International Marine Containers
- Conagra Brands
- Daikin Industries
- Del Monte Pacific
- Fahrzeugwerk Bernard Krone
- General Mills
- Hyundai
- Ingersoll-Rand (Thermo King)
- Kellogg Company
- Kerry
- Lamberet
- Nestl
- Schmitz Cargobull
- Singamas Container
- Smithfield Foods
- The Kraft Heinz Company
- Tyson Foods
- United Technologies (Carrier Corporation)
- Utility Trailer
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Regulations for the Refrigerated Transport Market
7 Refrigerated Transport Market, By Application
8 Refrigerated Transport Market, By Road Transport
9 Refrigerated Transportation Market, By Technology
10 Refrigerated Transport Market, By Temperature
11 Refrigerated Transport Market, By Region
12 Competitive Landscape - Refrigerated Transport Service Providers
13 Competitive Landscape - Food & Beverage
14 Company Profiles - Refrigerated Transport Service Providers
15 Company Profiles - Food & Beverage
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