Industry Overview of Refrigerated Transport Market by Daikin, Ingersoll Rand, United Technologies, China International Marine Co

Stringent regulation pertaining to processing, production, transport, and quality of frozen foods and growing demand for frozen food products, and technological advancement in refrigerated equipment and products are expected to drive the growth of the refrigerated transport market

The global refrigerated transport market was valued at USD 14.45 billion in 2018 and is expected to reach USD 20.26 billion in 2026, growing at a CAGR of 4.32% during the forecast period.

Refrigerated Transport is used for transportation of perishable products such as frozen food, seafood, meat, fish, fruits, and dairy products. These food items require specific conditions and temperatures to maintain the high quality of food products. Some products such as dairy and meat have a low shelf life and require efficient storage and transportation across the supply and distribution chain. The refrigerated transport has a single and multi-temperature divided mode of transportation to supply the various quality of food at an appropriate level of temperature.

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Refrigerated transport can be done through various mode of transportation which includes road, sea, air, and rail. Protection and preservation of perishable food, medical, and drugs have made refrigerated transport an important supply chain.

Rising in demand for refrigerated products in restaurants, quick-service restaurants, and households in emerging countries is the key factors attributed to the market growth. Furthermore, the increasing awareness towards green perishable food products and stringent regulation pertaining to processing, production, transport, and quality of frozen foods expected to fuel the market growth during the forecast period. On the other hand, climate variations reduce the efficiency of transport and huge initial investment is acting as a restraint to this market. However, continuous development in the multi-temperature system in trailers and trucks and a new mode of transport to save fuel costs is expected to create major growth opportunities during the forecast period.

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Key Findings:

• On the basis of product type, the chilled food products segment is expected to grow at the highest CAGR of around 6.8% during the forecast period
• On the basis of temperature, the single-temperature segment accounted for the largest share of approximately 58% in the market in 2018
• On the basis of technology, in 2018, the vapor compression systems segment is accounted for the largest share in the global refrigerated transport market
• On the basis of vehicle type, the light commercial vehicle (LCV)segment predicted to hold the largest share in the market
• Asia-Pacific accounted for around 38% share of the global refrigerated transport market in 2018

Recent News:

• In February 2019, Kraft Heinz signed partnership agreement with Indo Nissin Foods (India). The partnership focuses on offering products such as Cup Noodles and Top Ramen Instant Noodles and enhances its distribution channel in India.

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