Global Reefer Container Market - 2022-2029

Global Reefer Container Market - 2022-2029

Market Overview

The global reefer container market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Reefer containers are insulated refrigerated containers transporting temperature-controlled cargo such as fruits, seafood, meat, vegetables, and dairy products. Inedible things, such as flowers, pharmaceuticals, and chemicals, can be shipped in these containers. Some products require transportation in refrigerated, frozen, or temperature-controlled containers, which can be accomplished with the help of the referred containers. The reefer containers aid in transporting such goods without the risk of deterioration or degradation. Even at temperatures as low as -60°C, these containers retain the products frozen. Dehumidification systems are used to maintain optimal humidity levels inside reefer containers. Increasing demand for pharmaceutical products, increasing number of trade routes, and growing e-commerce industry are some of the reasons driving the market.

Market Dynamics:

Rising demand for pharmaceutical drugs is boosting market growth

Most pharmaceutical medications are temperature sensitive, they must be stored and transported in a temperature-controlled environment to ensure their efficacy and safety. In 2017, Baxter International Inc. recalled one shipment of their INTRALIPID 20 percent intravenous (IV) fat emulsion after it froze and lost its characteristics during shipping. In order to reduce cargo losses, incidents like this have prompted the development of proper temperature-controlled shipping systems, such as reefer containers. Several pharmaceutical companies have begun trading internationally to increase revenue, due to advancements in reefer container technology and lower shipping costs.

Additionally, the growth of the reefer container market has been aided by increased international trade and the introduction of easy-navigation technologies. Reefer containers protect products from outside environment, manufacture of aircraft quick, simple, and safe. Furthermore, the usage of refrigerated containers for storage has rendered temporary warehouses obsolete. As a result, the reefer container market presents a potential opportunity.

Market Segmentation:

40 feet segment accounted for the highest share in global reefer container market

The market is divided into three categories based on container size: 20 feet, 40 feet, and 40 feet. The 40-foot reefer container dominated the global reefer container industry in recent years due to its ability to transport large cargo. Furthermore, the price of a 40-foot cargo is nearly identical to that of a 20-foot cargo. As a result, the huge capacity of 40-foot reefer containers and the small price difference between 20-foot and 40-foot containers are likely to boost their utilization.

Due to the increasing demand for properly transporting temperature-sensitive pharmaceuticals to avoid damage and loss, the pharmaceutical industry has the fastest growth in the global reefer container market. Furthermore, due to the growing demand for pharmaceutical transport containers, there is a considerable demand for reefer containers. These containers meet the temperature requirements of all pharmaceutical items, including biological materials, vaccines, blood, and plasma, allowing shippers to keep their products at a consistent temperature throughout the transit process, independent of the outside environment.

Geographical Penetration:

Asia-Pacific is the fastest growing region during the forecast period

During the projected period, Asia-Pacific held the highest share of the global reefer container market, which is expected to continue in the coming years. This is mostly due to the growing global trade of perishable refrigerated cargo by sea and advances in reefer container technology. Furthermore, practically all of the region's major countries have multiple seaports and inland ports, and the region is experiencing the fastest expansion in urbanization, which has increased trade volume.

Competitive Landscape:

The reefer container market has several players, such as A.P. Moller - Maersk A/S, Singamas Container Holdings Ltd., China International Marine Containers (Group) Co. Ltd., Seaco Srl, and ZIM Integrated Shipping Services Ltd. In recent years, players in the market have actively involved themselves in mergers and acquisitions to gain a competitive edge in the industry. SeaCube Containers LLC purchased 200 Sensitech Inc.-monitored Carrier Pods in December 2020 to meet the projected increase in demand for refrigerated storage capacity and cargo visibility in support of the COVID-19 vaccine distribution operations. A.P. Moller acquired performance Team LLC - Maersk A/S in February 2020. This will enhance the old company's integrated container logistics provider capabilities with end-to-end supply chain solutions. With 24 storage locations, Performance Team LLC provides business-to-business (B2B) and business-to-consumer (B2C) distribution solutions to the retail, wholesale, and e-commerce sectors.

COVID-19 Impact: Negative impact on the global reefer container marke.

The COVID-19 pandemic has had a negative impact on the reefer container sector. This is primarily due to international rules such as lockdowns and social separation imposed by countries. As a result, containers intended for major ports have trapped onboard ships, offloaded at alternate sites, or are awaiting demurrage and detention at various ports and terminals. Furthermore, the pandemic has put companies in the global transportation and logistics industry under an economic burden due to liquidity concerns, personnel shortages, fewer contracts, and other issues, resulting in employee layoffs and a 15% drop in global trade volume.

Why Purchase the Report?

Understand the current market scenario and viability of global reefer container market over the forecast period.

Visualize the composition of the global reefer container market terms of size, transportation mode and end-use to identify major players, growth potential, and market strategies.

Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period.

Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study

Excel data sheet with valuable data points of the global reefer container market – Regional and Country level segmentation

Product mapping in excel for the key products of all major market players

Market Share Analysis covering business revenues ($) and revenue share (%) of key market players

The global reefer container market report would provide an access to approximately 61 market data tables, 53 figures and 180 pages

Target Audience:

Food & Beverage Companies

Pharmaceutical Industry

Import and Export Companies

Industry Investors

Education & Research Institutes

Research Professionals