Market Size of Refrigerated Container Shipping Industry
Study Period | 2020-2029 |
Base Year For Estimation | 2022 |
Market Size (2024) | USD 19.82 Billion |
Market Size (2029) | USD 26.5 Billion |
CAGR (2024 - 2029) | 5.98 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Refrigerated Container Shipping Market Analysis
The Refrigerated Container Shipping Market size is estimated at USD 19.82 billion in 2024, and is expected to reach USD 26.5 billion by 2029, growing at a CAGR of 5.98% during the forecast period (2024-2029).
- The refrigerated container shipping market is observing a rise in demand for perishable goods, though the rise in e-commerce and advances in tracking technology are also creating an impact. There is also increased demand resulting from a lack of air transportation, which refrigerated cargo shipping can accommodate due to improvements in technology.
- Reefer shipping had not suffered nearly as much from the impact of COVID-19 as dry shipping. Global lockdowns meant consumers had more time, more interest in home improvements, and a pressing need to kit out home offices. It hit dry shipping logistics hard. The demand for fresh foods remained relatively steady, with an increase of 4.8% year over year in the first half of 2023 as a result of increased appetite for meat, citrus, and exotic fruits. Fresh Del Monte Produce, for example, enjoyed a gross profit increase of 40% and a profit margin increase of 33.3%.
- Reefer shipping benefits from prioritized stowing, making it less likely to experience bottlenecks when shipping refrigerated items. It bodes well for reefer shipping companies in 2023, though there are still challenges with labor and space constraints to overcome.
Refrigerated Container Shipping Industry Segmentation
A refrigerated container or reefer is an intermodal container (shipping container) used in intermodal freight transport. It is capable of refrigeration for the transportation of temperature-sensitive, perishable cargo such as fruits, vegetables, meat, and other similar items.
The report contains a comprehensive background analysis of the Refrigerated Container Shipping Market. It also covers the current market trends, restraints, technological updates, detailed information on various segments, and the competitive landscape of the industry. The impact of COVID-19 is also incorporated and considered during the study.
The refrigerated container shipping market is segmented by transportation mode, by application, and by region. By transportation, the market is segmented by seaways, roadways, and railways. By application, the market is segmented by fruits and vegetables, meat products, dairy products, vaccines and biologicals, pharmaceuticals, chemicals, and others. By region, the market is segmented by North America, Europe, Asia-Pacific, Latin America, Middle East and Africa, and the rest of the world.
The report offers market size and forecasts for the Refrigerated Container Shipping Market in value (USD) for all the above segments.
By Transportation Mode | |
Seaways | |
Roadways | |
Railways |
By Application | |
Fruits and Vegetables | |
Meat Products | |
Dairy Products | |
Vaccines and Biologicals | |
Pharmaceuticals | |
Chemicals | |
Other Applications |
By Region | |
North America | |
Europe | |
Asia Pacific | |
Middle East, and Africa | |
Rest of the World |
Refrigerated Container Shipping Market Size Summary
The refrigerated container shipping market is experiencing significant growth, driven by the increasing demand for perishable goods and advancements in tracking technology. The rise of e-commerce and the limitations in air transportation have further bolstered the need for refrigerated cargo shipping. Unlike dry shipping, reefer shipping has shown resilience during global disruptions, maintaining steady demand for fresh foods. The pharmaceutical industry, a major consumer of refrigerated shipping, is expanding rapidly, with technological innovations enhancing logistics operations. This sector's growth is fueled by the need for temperature-controlled transportation of vaccines, biologics, and other sensitive products. The market is characterized by a mix of domestic and international players, with key companies like A.P. Moller-Maersk and SeaCube Container Leasing Ltd. leading the charge.
The market's expansion is supported by the growing number of trade routes and the increasing popularity of plant-based diets, which necessitate customized logistical solutions for exporting goods like avocados from Latin America to global markets. Seaborne refrigerated trade is projected to maintain its dominance, outpacing dry cargo growth due to the resilience of the food supply chain. Despite global economic challenges, the demand for refrigerated logistics remains strong, particularly in developing nations and established markets. The market's competitive landscape is marked by strategic expansions and acquisitions, such as Maersk's construction of a cold storage facility in Rotterdam and its acquisition of Martin Bencher Group, aimed at enhancing its project logistics capabilities.
Refrigerated Container Shipping Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing trade relations
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1.2.2 Increased demand for perishable goods
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1.3 Market Restraints
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1.3.1 Cargo theft
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1.3.2 High cost of maintainig
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1.4 Market opportunities
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1.4.1 Advancements in technology
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1.4.2 energy-efficient refrigeration
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1.5 Value Chain / Supply Chain Analysis
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1.6 Porter's Five Forces Analysis
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1.6.1 Bargaining Power of Suppliers
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1.6.2 Bargaining Power of Buyers/Consumers
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1.6.3 Threat of New Entrants
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1.6.4 Threat of Substitute Products
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1.6.5 Intensity of Competitive Rivalry
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1.7 Impact of Covid-19 on the market
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2. MARKET SEGMENTATION
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2.1 By Transportation Mode
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2.1.1 Seaways
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2.1.2 Roadways
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2.1.3 Railways
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2.2 By Application
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2.2.1 Fruits and Vegetables
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2.2.2 Meat Products
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2.2.3 Dairy Products
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2.2.4 Vaccines and Biologicals
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2.2.5 Pharmaceuticals
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2.2.6 Chemicals
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2.2.7 Other Applications
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2.3 By Region
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia Pacific
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2.3.4 Middle East, and Africa
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2.3.5 Rest of the World
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Refrigerated Container Shipping Market Size FAQs
How big is the Refrigerated Container Shipping Market?
The Refrigerated Container Shipping Market size is expected to reach USD 19.82 billion in 2024 and grow at a CAGR of 5.98% to reach USD 26.5 billion by 2029.
What is the current Refrigerated Container Shipping Market size?
In 2024, the Refrigerated Container Shipping Market size is expected to reach USD 19.82 billion.