Refrigerated Transport Market

Analysts at GMI Research estimates that the Refrigerated Transport Market was worth USD 101.3 billion in 2021, and forecast to touch USD 171.5 billion in 2029, growing at a CAGR of 6.8% from 2022-2029.

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Key Drivers

The key factors supporting the growth of the global refrigerated transport market include the strong demand for temperature-controlled food products, the growing trend of purchasing frozen products, followed by the rapid increase in the disposable income of consumers. The growing urbanization at the global level and the emerging demand for frozen perishable commodities will further strengthen the growth of the market in the coming years. In parallel, the hectic lifestyle of people has encouraged them to opt for ready-to-eat or precooked meals to save their time and money at the same time. Further, increasing number of refrigerated warehouses, expansion across the pharmaceutical sector, and growing processed food industry are projected to support the market expansion. Moreover, the emerging need for effective services to maintain goods quality is estimated to propel the industry growth. For example, from 2011 to 2017, the heat-sensitive healthcare products shipped has grown by 45%; one in two healthcare products is shipped via the cold chain.

The global refrigerated transport market is becoming more mainstream thanks to the continuous technological advancements in the refrigerated systems by the manufacturers to provide better preservation and improve the temperature controlling of the product in the system. This will create immense growth opportunities in the market. Additionally, the global manufacturers are actively planning clear-cut strategies to gain a competitive advantage over the other leading players and to improve customer loyalty. On the other end, the huge initial capital investment, high maintenance cost, followed by the lack of developed infrastructure, are the key factors that are likely to hamper the growth of the market over the forecast period. The lack of availability of refrigerated truck drivers is likely to restrain the market size.

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Application – Segment Analysis

Based on the application, the Frozen food segment is anticipated to lead the market during the forecast period owing to the strong demand for ready-to-eat and convenience food products at the global level. The frozen food segment is further divided into frozen dairy products, fish & seafood, processed meat, and others. The fish & seafood application is expected to witness a higher CAGR during the forecast period attributed to the fundamental change in the lifestyle of individuals, which has led to an increase in the preference for home delivery services. In addition to this, the consumers are actively looking for these products as they help in reducing the cooking time, are easily available, and have a longer shelf life.

Technology – Segment Analysis

On the basis of the technology, the Vapor Compression Systems segment is projected to grow at a higher CAGR over the forecast period. The Vapor Compression Systems consists of four components, including compressor, evaporator, condenser, and an expansion cycle. This system helps in maintaining the operating conditions under steady-state operation. On the other hand, the Cryogenic systems segment is anticipated to lead the market during the forecast period. This is attributed to its ability to cool and freeze a large variety of bakery and related snack products. This technology also helps in eliminating the excess amount of moisture, improves product quality, reduces maintenance time, enhances processing capacity, and accelerates production flexibility. All these exceptional advantages will attract a large number of end-users to opt for cryogenic systems in the market.

Temperature – Segment Analysis

Based on the temperature, the Single-temperature segment is predicted to lead the global refrigerated transport market owing to the accelerated adoption of single-temperature refrigerated transports across numerous countries driven by the strong demand for perishable commodities.

Mode of Transportation – Segment Analysis

Based on the mode of transportation, the road mode of transportation is anticipated to lead the market during the forecast period owing to the strong demand for home delivery services, coupled with the increasing developments in the foodservice industry. Additionally, the mode of transportation through roads helps in delivering safer and high-quality food products to the consumers. Sea is expected to grow at a faster CAGR over the upcoming years, owing to the cost-efficiency associated with marine shipments.

Vehicle Type – Segment Analysis

On the basis of the vehicle type, the LCV vehicle type is expected to dominate the global refrigerated transport market due to the drastic increase in the delivery of dairy products via vans and the easy availability of finance options while purchasing LCVs. Moreover, continuous developments in the food processing sector will create innumerable growth opportunities for the segment.

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Regional Analysis

Asia-Pacific region represented a higher CAGR in the global refrigerated transport market owing to the significant change in the diet pattern of the consumer, along with the strong demand for frozen food products. Furthermore, the emerging growth in disposable income, the increasing consumption of frozen food among the population, and the heavy investments by the governments on infrastructural development related to railway, highways and airport constructions will further drive the refrigerated transport in this region.

European refrigerated transport market is estimated to lead the market during the forecast period, because of the increasing international trade and increasing economic expansion. The growing demand for frozen food and expansion across retail industries will expand the market during the forecast period.  Besides, increasing imports of perishable goods which includes vegetables and fruits in the region is forecast to strengthen the market growth.

Top Market Players

Various notable players operating in the market, include Nestle, Tyson Foods, The Kraft Heinz Company, General Mills, Smithfield Foods, Kellogg Company, Conagra Brands, Kerry, Del Monte Pacific, and Aryzta, among others.

Key Developments:

• • In 2022, United Technologies Corporation entered into a partnership with Phillips Connect to introduce Utility Connect. The Utility Connect system is derived from Utility’s proprietary wiring harness reorganized to operate with the Phillips Connect Smart7 nosebox. Utility recognized early on the advantages of offering the best quality, corrosion-free harnesses that would seamlessly and reliably connect to multiple sensors for the trailer’s life.
  • In 2022, Carrier Corporation decided to expand its electrification capabilities via a new alliance with ConMet incorporating wheel-based power generation that caters to the energy demand that otherwise would be wasted during braking events. The partnership also intends to advance Carrier’s broader zero-emission transport refrigeration solutions, with the accessibility of electric options for the trailer, truck, and light commercial vehicle customers before the end of 2022, helping tackle the upcoming emissions regulations.
  • In 2019, Nestle launched YES! snack bars, having a recyclable paper wrapping. The product launch supports recyclable paper packaging that is widely used in the confectionery industry.
  • In 2019, The Kraft Heinz Company entered into a distribution partnership with Indo Nissin Foods, to offer products such as top ramen instant noodles and cup noodles. The partnership further targets multiple channels such as modern trade, retail, government channels, and online stores.
  • In 2019, The Kraft Heinz Company collaborated with the Oprah Winfrey to expand its product line i.e., O, That’s Good! Frozen Skillet meals.
  • In 2018, Conagra Brands acquired Pinnacle Foods to expand its portfolio in the frozen food and snacks categories.

Segments covered in the Report:

The global refrigerated transport market has been segmented on the basis of application, technology, temperature, mode of transportation, vehicle type, and region. Based on application, the market is segmented into chilled food and frozen food. Based on chilled food, the market is further segmented into milk, dairy products, beverages and others. Based on frozen food, the market is further segmented into frozen dairy products, fish & seafood, processed meat and others. Based on technology, the market is segmented into vapor compression systems and cryogenic systems. Based on temperature, the market is segmented into single-temperature and multi-temperature. Based on mode of transportation, the market is segmented into road, sea, rail and air. Based on vehicle type, the market is segmented into LCV, MHCV and HCV.

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Key questions answered in this research report:

• • At what pace is global Refrigerated Transport Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Refrigerated Transport Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Refrigerated Transport Market?
  • Which Application generated maximum revenues in 2021 and identify the most promising Application during the forecast period?
  • What are the various Technologies of global Refrigerated Transport Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD 171.5 billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Value (USD Billion)
Market Segment	By Application, By Technology, By Temperature, By Mode of Transportation, By Vehicle Type, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Nestle, Tyson Foods, The Kraft Heinz Company, General Mills, Smithfield Foods, Kellogg Company, Conagra Brands, Kerry, Del Monte Pacific, and Aryzta, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

Global Refrigerated Transport Market by Application

• • Chilled food
    • Milk
    • Dairy Products
    • Beverages
    • Others
  • Frozen food
    • Frozen Dairy Products
    • Fish & Seafood
    • Processed Meat
    • Others

Global Refrigerated Transport Market by Technology

• • Vapor Compression Systems
  • Cryogenic Systems

Global Refrigerated Transport Market by Temperature

• • Single-temperature
  • Multi-temperature

Global Refrigerated Transport Market by Mode of Transportation

• • Road
  • Sea
  • Rail
  • Air

Global Refrigerated Transport Market by Vehicle Type

• • LCV
  • MHCV
  • HCV

Global Refrigerated Transport Market by Region

• • North America Refrigerated Transport Market (Option 1: As a part of the free 25% customization)
    • By Application
    • By Technology
    • By Temperature
    • By Mode of Transportation
    • By Vehicle Type
    • United States of America (US) Market All-Up
    • Canada Market All-Up
  • Europe Refrigerated Transport Market (Option 2: As a part of the free 25% customization)
    • By Application
    • By Technology
    • By Temperature
    • By Mode of Transportation
    • By Vehicle Type
    • United Kingdom (UK) Market All-Up
    • Germany All-Up Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Refrigerated Transport Market (Option 3: As a part of the free 25% customization)
    • By Application
    • By Technology
    • By Temperature
    • By Mode of Transportation
    • By Vehicle Type
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Refrigerated Transport Market (Option 4: As a part of the free 25% customization)
    • By Application
    • By Technology
    • By Temperature
    • By Mode of Transportation
    • By Vehicle Type
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Refrigerated Transport (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Nestle
  • Tyson Foods
  • The Kraft Heinz Company
  • General Mills
  • Smithfield Foods
  • Kellogg Company
  • Conagra Brands
  • Kerry
  • Del Monte Pacific
  • Aryzta