The report “Refrigerated Transport Market by Commodity Type (Chilled & Frozen), Mode of Transportation (road Sea, Rail, Air), Vehicle Type (LCV, MHCV, HCV), Technology (Vapour Compression Systems & Cryogenic systems), & by Region – Global Forecast to 2020”, classifies and defines the refrigerated transport market in terms of value and volume. The report highlights potential growth opportunities in the coming years as well as covers review of the market drivers, restraints, growth indicators, challenges, market dynamics, competitive landscape, and other key aspects with respect to the refrigerated transport market. It also focuses on key market players and their strategies, along with recent developments.
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The market size for the refrigerated vehicle market is projected to reach USD 14.1 Billion by 2020 witnessing a CAGR of 6.27% during the forecast period. The market size, in terms of volume, for the refrigerated transport, by perishable commodities is projected to a CAGR of 2.53% to 3.01 Billion tons during the forecast period.
The refrigerated vehicle market is dominated by few top players such as
- China International Marine Containers (Group) Co. Ltd. (China)
- United Technologies Corporation (U.S.)
- Ingersoll Rand Inc.
- (Ireland), Utility Trailer Manufacturing Company (U.S.)
- Daikin industries Limited (Japan), along with regional suppliers.
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Increasing concerns for food safety will spur the demand for refrigerated vehicles
Refrigerated transportation is a critical link in the overall cold chain logistic operations. The localization of perishable commodities, growing population, coupled with rise in freight transportation due to economic development, has fueled the market for refrigerated transportation. Freight operators have also invested in the replacement of the equipment used for refrigerated transportation. In countries such as China and India, the current vehicle fleet is proving to be insufficient, given the high levels of population and rising per capita income. Government is facing a challenge of food wastage and initiatives are being undertaken by various government agencies to preserve the quality of the food during storage and distribution. Quality of food consumed is also a priority for the end users in the wake of increasing income. Initiatives for food security and changing perceptions of the end users are estimated to drive the demand for refrigerated vehicles.
Increase in Demand for Frozen Perishables
Globally, shifts in economic, social, and demographic trends are bound to put pressure on food suppliers. These changes will reshape the consumption pattern and consumer perception of frozen foods. The projected growth of frozen foods is promising, with growth opportunities from emerging markets such as the countries of the Asia Pacific, Latin America, and Eastern Europe.
As frozen foods have a longer shelf life, they are preferred when climatic conditions affect crop productivity. Food manufacturers include frozen foods in processed and packaged foods to provide consumers with food products at affordable prices. Freezing techniques provide the perfect solution to move food from the farmer’s market to the supermarket by improving affordability, accessibility, and preventing loss of food.
In the frozen food category, there is a huge opportunity in developing countries and developed countries. In developing markets such as India, China, and Latin American countries, the growing incomes are leading to growth in the middle-class population who are eager to try out different ethnic and international cuisine. The growth of service sectors such as fast food chains, quick service restaurants, and hypermarkets are accelerating the growth of frozen foods.