A forecast spanning 2021 to 2026 has projected what the future of the global refrigerated transport market will look like.
The report covers global opportunity analysis and industry forecasts and was published on Valuates Reports in the Transportation & Logistics Category.
The global refrigerated transport market size is projected to reach 16,840 Million USD by 2026, from 13,030 million USD in 2019, at a CAGR of 3.3 per cent during the forecast period 2021-2026.
Major factors driving the growth of the refrigerated transport market are: Increased worldwide trade in perishable commodities, since decreased tariffs, make cross-border transit of perishable items easier; and increased customer loyalty toward refrigerated food products.
Further, the refrigerated transport market is expected to grow due to technology developments in refrigerated systems, notably technical solutions developed by refrigerated transport service providers to reduce the environmental effect.
Trends influencing growth in the reefer sector include increasing demand for high quality and safe food. Fridges are used to extend the shelf life of food and retain its optimal quality, reducing the chances of bacterial growth.
Also, the refrigerated transport market is predicted to grow as demand for marine transportation grows due to the relatively cheap costs associated with it. The market is projected to be boosted further by an increase in global demand for meat and seafood. Aside from that, bakery and confectionery are expected to be a lucrative industry that will propel the growth of the refrigerated transport market, as bread is one of the most widely consumed foods, and refrigeration is required to manufacture, maintain uniformity, avoid rotting, and preserve the product.
Increased usage of modern cold rooms, strict government restrictions governing frozen food production, processing, transportation, and quality, and increased international trade of perishable commodities have all contributed to the worldwide refrigerated transport market’s rise.