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Reefer Container Market
Expansion of international trade and growing demand for fresh and frozen food drive the growth of the reefer container market.
WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 4, 2024 /EINPresswire / -- The global Reefer Container
market size was valued at $9.7 billion in 2022, and is projected to reach $19.8 billion by 2032, growing at a CAGR of 7.5% from 2023 to 2032. A reefer container, also known as a refrigerated container, is a type of
shipping container used to
transport temperature-sensitive items such as food, pharmaceuticals, and chemicals. It enables the safe transportation of temperature sensitive goods when the goods are transported to a great distance. This is possible, as the containers are outfitted with sophisticated cooling and heating systems to keep the proper temperature range constant throughout the travel which allows the goods to be transported in secure and desirable condition. Reefer containers also allow accurate temperature control, which is critical for maintaining the quality and freshness of perishable commodities. Furthermore, these containers provide airtight and safe storage, shielding the cargo from outside elements and any contamination.
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Expansion of international trade, and growing demand for fresh and frozen food drive the growth of the global reefer container market . However, high capital investment and operational complexities restricts the market growth. Moreover, advancement in cold chain technologies, and integration of other technology presents new opportunities in the coming years.
By size, the 20-40 feet segment held the highest market share in 2022, accounting more than two-fifth of the global reefer container market revenue , and is estimated to maintain its leadership status during the forecast period. This segment is projected to attain the highest CAGR of 8.1% from 2023 to 2032, owing to the ability to carry greater volumes of package without losing its integrity is expected to increase the demand for 20-40 feet reefer containers in the market.
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The containers are used in various industry for instance in food & beverage. In food & beverage the fish and seafood sector are genuinely global. Its popularity has grown even more globally, with customers opting for a pescatarian diet for health reasons. Therefore, preparing for an increase in demand is critical. However, fragmented participants in the handling and selling of fish and seafood reduce efficiencies across the supply chain. Weather disrupts consignments at sea 4-5 times each year, causing additional unforeseen delays. The delays may result in the decay of the fish and sea food, but with the help of reefer containers such situations can be avoided and the integrity of the food is secured. Many companies rely on reefer containers to transport their fresh seafood products from their processing facilities to international markets. By utilizing reefer containers, they can maintain the required temperature and humidity levels, ensuring that the seafood arrives at its destination with its quality and taste preserved.
The reefer containers are essential for the any industry that are transporting the perishable or temperature sensitive goods. The containers help to maintain the integrity of any product and helps to monitor the product and the temperature during the transportation. It also helps to maintain the growing demand for any temperature sensitive product either it is food or healthcare product.
The key players profiled in this report include
A.P. Moller - Maersk, Daikin Industries, China International Marine Containers Co. Ltd, Singamas Container Holdings Ltd., Ocean Network Express Pte. Ltd., ZIM Integrated shipping services, Hapag-Lloyd AG, MSC Mediterranean Shipping Company S.A., CMA CGM Group, SeaCube Containers LLC.
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Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting more than one-fourth of the global reefer container market revenue, and is estimated to maintain its leadership status during the forecast period. This segment is projected to manifest the highest CAGR of 9.1% from 2023 to 2032, owing to its high volume of agricultural and food exports, that requires reefer container for transportation, thus increasing the demand for the containers in the region.
Growing demand for fresh and frozen food and expansion of international trade supplement the growth of the reefer container market. However, high capital investment and operational complexities are expected to hamper the growth of the market. In addition, advancement in cold chain technologies and integration of other technology are expected to create ample opportunities for the key players operating in the market.
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By industry, the food & beverage segment held the highest market share in 2022, accounting nearly one third of the global reefer container market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to attain the highest CAGR of 7.8% from 2023 to 2032, owing to rise in international trade, and increase in global consumption of food and beverages is expected to increase the demand for reefer containers globally.
Pharmaceutical reefer units are offered to control the temperature of pharmaceutical products and allow the shipper to monitor it throughout the journey. These containers are outfitted with sensors that can detect minor temperature differences and even tell whether the products have been exposed to light.
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