Refrigerated Container Shipping Market Size (2024 - 2029)

The refrigerated container shipping market is experiencing growth driven by increasing demand for perishable goods, influenced by the expansion of e-commerce and advancements in tracking technology. This market's expansion is further supported by the limitations in air transportation, which refrigerated cargo shipping can effectively address due to technological improvements. Unlike dry shipping, reefer shipping has been less adversely affected by the COVID-19 pandemic, maintaining steady demand for fresh foods. The market's capacity to prioritize stowing for refrigerated items helps mitigate bottlenecks, although challenges related to labor and space constraints persist.

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Market Size of Refrigerated Container Shipping Industry

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Refrigerated Container Shipping Market Summary
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

Refrigerated Container Shipping Market Major Players

*Disclaimer: Major Players sorted in no particular order

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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
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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.

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Refrigerated Container Shipping Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Growing trade relations

      2. 1.2.2 Increased demand for perishable goods

    3. 1.3 Market Restraints

      1. 1.3.1 Cargo theft

      2. 1.3.2 High cost of maintainig

    4. 1.4 Market opportunities

      1. 1.4.1 Advancements in technology

      2. 1.4.2 energy-efficient refrigeration

    5. 1.5 Value Chain / Supply Chain Analysis

    6. 1.6 Porter's Five Forces Analysis

      1. 1.6.1 Bargaining Power of Suppliers

      2. 1.6.2 Bargaining Power of Buyers/Consumers

      3. 1.6.3 Threat of New Entrants

      4. 1.6.4 Threat of Substitute Products

      5. 1.6.5 Intensity of Competitive Rivalry

    7. 1.7 Impact of Covid-19 on the market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Transportation Mode

      1. 2.1.1 Seaways

      2. 2.1.2 Roadways

      3. 2.1.3 Railways

    2. 2.2 By Application

      1. 2.2.1 Fruits and Vegetables

      2. 2.2.2 Meat Products

      3. 2.2.3 Dairy Products

      4. 2.2.4 Vaccines and Biologicals

      5. 2.2.5 Pharmaceuticals

      6. 2.2.6 Chemicals

      7. 2.2.7 Other Applications

    3. 2.3 By Region

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia Pacific

      4. 2.3.4 Middle East, and Africa

      5. 2.3.5 Rest of the World

Refrigerated Container Shipping Market Size FAQs

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.

In 2024, the Refrigerated Container Shipping Market size is expected to reach USD 19.82 billion.

Refrigerated Container Shipping Market Report Snapshots

Refrigerated Container Shipping Market - Growth Trends & Forecasts (2024 - 2029)