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National & World Ag News Headlines |
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Refrigerated Transport Market Worth $21.6 Billion by 2025
USAgNet - 08/22/2019
According to the new market research report "Refrigerated Transport Market by Application (Chilled food and Frozen food), Mode of Transportation (Road, Sea, Rail, and Air), Vehicle Type (LCV, MHCV, and HCV), Temperature (Single and
Multi-temperature), Technology, and Region - Global Forecast to 2025," published by MarketsandMarkets, the Refrigerated Transport Market is estimated to be valued at $15.5 billion in 2019 and is projected to reach $21.6 billion by 2025, recording a
CAGR of 5.8% from 2019 to 2025.
The increasing demand for chilled and frozen food products, along with technological innovations in refrigerated systems and equipment is projected to drive the market growth of refrigerated transport.
The frozen food segment is projected to witness the fastest growth during the forecast period.
Based on application, the refrigerated transport market is segmented into frozen food products and chilled food products. The frozen food segment is projected to witness the fastest growth during the forecast period, due to the increasing trend for purchasing
ready-to-eat and convenience food in developed and developing countries.
The fish & seafood segment is projected to create growth opportunities for manufacturers in the refrigerated transport market, as these products reduce scratch cooking and save time. Developing countries are projected to create lucrative opportunities for
frozen pizzas and other frozen products due to the increased demand from fast-food chains, which has widened the growth scope for efficient refrigerated transport services.
Due to the slow development of the refrigerated transport market in developing countries, the single temperature segment is projected to witness the fastest growth during the forecast period.
On the basis of temperature, the refrigerated transport market is segmented into single-temperature and multi-temperature. The refrigerated transport market in many countries is now gaining momentum with the increasing need to cater to the growing demand for
perishable commodities. In such countries, single-temperature refrigerated vehicles are widely used. Hence, the market share of the single-temperature segment is estimated to be larger during the forecast period.
The Asia Pacific region is estimated to dominate the refrigerated transport market, in terms of value, in 2019
The refrigerated transport market in Asia Pacific is projected to witness high growth due to increasing demand for frozen and processed food. Developing countries such as India, China, and Latin American countries are projected to create high growth
prospects for leading players. These countries rely on imports to meet their demands for food products. For instance, according to the Direct China Chamber of Commerce (DCCC), the country's total imports are expected to reach $3.00 trillion by 2020.
Frozen food such as beef, pork, fish, and meat products lead the list of food items to be imported into the country. In addition, the country's beef imports increased from $275.0 million in 2012 to $2.50 billion in 2016, according to the US Department of
Agriculture (USDA). This rise is projected to create opportunities in these countries to export beef, thus increasing the demand for refrigerated transport.
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