Reefer Market by Temperature (Multi-temperature, Single-temperature), Technology (Cryogenic Systems, Vapor Compression Systems), Size, Transportation Mode, End-Use - Global Forecast 2024-2030

Reefer Market by Temperature (Multi-temperature, Single-temperature), Technology (Cryogenic Systems, Vapor Compression Systems), Size, Transportation Mode, End-Use - Global Forecast 2024-2030

The Reefer Market size was estimated at USD 15.07 billion in 2023 and expected to reach USD 15.72 billion in 2024, at a CAGR 4.40% to reach USD 20.38 billion by 2030.

Reefer refers to a refrigerated shipping container that transports perishable goods that require temperature control. These goods include a wide range of products such as food items, pharmaceuticals, and other temperature-sensitive cargo. Reefers are designed to maintain specific temperature and humidity levels inside the container, ensuring that the goods are transported in optimal conditions to preserve their quality and freshness and prevent spoilage during transit. The growing global population and rising consumer preferences for fresh and exotic foods have led to increased demand for reefer transport. Additionally, increased international trade has amplified the demand for refrigerated transport solutions. However, the cost associated with operating and maintaining reefers, including energy expenses, can be significant. Furthermore, innovations in refrigeration techniques and container design enhance efficiency and reliability, making reefers an attractive option for shippers. Additionally, the integration of advanced tracking and monitoring technologies coupled with the rising deployment of multi-temperature systems in trucks and trailers poses significant opportunities to the market.

Regional Insights

The United States and Canada represent a significant portion of the Americas' reefer market, driven by robust agricultural sectors and high consumer demand for fresh food products. Technological advancements in reefer equipment, coupled with stringent food safety regulations, underscore the market growth in these countries. Investment in logistics and transportation infrastructure, particularly in port facilities and rail networks, supports efficient reefer operations. In European countries, stringent regulations on food safety and environmental sustainability push the adoption of advanced reefer solutions. The emphasis on reducing carbon emissions influences the market towards electrification and renewable energy sources for reefer operations. The Middle East, with its harsh climatic conditions and reliance on food imports, prioritizes innovations in reefer technology to maintain food quality during transit. Africa, albeit at a nascent stage in cold chain development, shows potential for growth with increasing investments in infrastructure and initiatives to connect small-scale farmers to international markets. The Asia-Pacific region exhibits rapid growth in the reefer market, facilitated by burgeoning middle-class populations, rising disposable incomes, and evolving dietary preferences leaning toward fresh and frozen food products. China stands out as a significant player, with investments in cold chain infrastructure and technology to support its vast export and import needs. Japan and India also showcase dynamic growth, driven by technological integration for efficient reefer operations and government initiatives aimed at reducing food wastage and improving food safety standards.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Reefer Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Globalization and international trade of perishable commodities
Technological innovations in refrigerated systems and equipment
Government initiatives supporting transport of perishable agriculture produce and medical supplies

Market Restraints

Rising fuel costs and high capital investment requirement

Market Opportunities

Integration of advanced tracking and monitoring technologies coupled with rising deployment of multi-temperature systems in trucks and trailers
Increasing investments in cold chain infrastructure

Market Challenges

Limited transport support and lack of cold chain infrastructure in developing economies

Market Segmentation Analysis

Technology: Growing preferences of cryogenic systems for short-term and rapid cooling needs
End-Use: Expansion of food & beverage and pharmaceutical sector boosts the demand of reefer

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Reefer Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Reefer Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Advancing Global Logistics: The Strategic Partnership Between Daikin Reefer and Chiquita

Daikin Reefer and Chiquita have forged a critical alliance to enhance the reliability and efficiency of global perishable cargo transportation, particularly for bananas, the world's fourth most essential food crop. This partnership has been pivotal in addressing the unique environmental sensitivities of bananas through the integration of Daikin's ZeSTIA container refrigeration units, featuring cutting-edge CA technology, into Chiquita's Great White Fleet.

Innovative Launch of the Dual-Temperature CA-Equipped Reefer Container by ONE

Ocean Network Express (ONE), in collaboration with Pan Pacific International Holdings Inc. and NAX Japan, has initiated a groundbreaking trial featuring the world's first dual-temperature refrigerated container equipped with Controlled Atmosphere (CA) capabilities. This advanced container system is designed to significantly enhance the longevity and freshness of perishable goods and fruits during marine transportation from Japan to international markets.

Pioneering Sustainable Reefer Transport in Europe: PSA Italy's Rail Solution

PSA Italy, in collaboration with PSA BDP, has launched an innovative reefer rail service that marks the company's first foray into refrigerated container transport by train across the continent. The service, named PORT+, utilizes the Southern Express rail line, facilitating a greener transportation route between Basel, Switzerland, and the Port of Genoa, Italy.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Reefer Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Reefer Market, highlighting leading vendors and their innovative profiles. These include AC REFRIGO, Bay & Bay Transportation, BSL Refrigerated Containers, Covenant Transportation Group, CXIC Group, Daikin Industries, Ltd., Great Dane LLC, Hapag-Lloyd AG, Klinge Corporation, KLLM Transport Services, Maersk A/S, Marten Transport, Ltd., Mitsubishi Heavy Industries, Ltd., Navajo Express, Ocean Network Express Holdings, Ltd., Penske, Prime Inc., Reefervan, Schmitz Cargobull AG, Seaco Srl, Singamas Container Holdings Limited, SMC Group, Swift Transportation Company, Tata Motors Limited, Thermo King Corporation, TransAm Trucking Inc., Utility Trailer Manufacturing Company, and Wabash National Corporation.

Market Segmentation & Coverage

This research report categorizes the Reefer Market to forecast the revenues and analyze trends in each of the following sub-markets:

Temperature
Multi-temperature
Single-temperature
Technology
Cryogenic Systems
Vapor Compression Systems
Size
20-40 Feet
Less than 20 Feet
More than 40 Feet
Transportation Mode
Airways
Railways
Seaways
End-Use
Agriculture
Chemicals
Food & Beverage
Pharmaceutical
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year