Refrigerated Transport Market to Surpass 193.32 Billion by 2030 Drives Due to Increasing Number of Small and Large Food Chains
SkyQuest Technology Consulting Pvt. Ltd.
4 min read
SkyQuest Technology Consulting Pvt. Ltd.
SkyQuest projects that the refrigerated transport market will attain a USD 193.32 billion value by 2030, with a CAGR of 6.5% over the forecast period (2023-2030). The global refrigerated transport market is anticipated to experience substantial growth in the predictable years, primarily driven by the increasing number of small and large food chains worldwide. The growing presence of big and small food chains demands a reliable and efficient cold chain logistics system to transport perishable goods, including frozen food (raw materials).
Westford, USA, July 18, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the refrigerated transport market is experiencing robust growth, primarily fueled by the rise in refrigerated warehouses, pharmaceutical sector expansion, and food and beverage industry advancements. The proliferation of refrigerated warehouses is a key driving force, ensuring optimal storage and transportation conditions for temperature-sensitive food products.
Browse in-depth TOC on the "Refrigerated Transport Market"
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The refrigerated transport market is experiencing a surge in momentum, driven by the escalating pace of globalization. The increased interconnectedness of economies and the growth of international trade have resulted in a rising demand for refrigerated transportation services. As trade barriers continue to diminish, there is a significant upswing in the movement of goods across borders, including perishable and temperature-sensitive items like frozen and packaged food.
Chilled Products Segment is Expected to Grow the Market Due to the Increased Demand for a Wide Range of Products
The chilled products segment emerged as the leading contributor to the market, holding the largest share. Over the forecast period, this segment is anticipated to experience substantial growth driven by the increased demand for a wide range of products, including dairy products, beverages, fresh fruits, and bakery and confectionery items. While this market may have reached saturation in developed countries, it rapidly expands in underdeveloped countries.
The markets in North America are poised for significant growth, driven by several key factors. One of the primary drivers is the continuous advancement in refrigerated systems technology. The region is witnessing rapid innovations in cold chain logistics, ensuring the safe and efficient transportation of temperature-sensitive goods, including perishable food items, pharmaceuticals, and other delicate products.
Frozen Food Product Segment is Expected to Dominate the Market Due to the Increasing Demand for a Diverse Range of Perishable Products
The frozen food product segment is projected to witness substantial market share growth during the forecast period. This surge can be attributed to the increasing demand for a diverse range of plant- and animal-based perishable products in frozen form. Consumers' preference for convenience and time-saving options has significantly contributed to the popularity of the frozen food category.
Regional markets in Europe will experience substantial growth in the global refrigerated transport market during the forecast period, driven by several key factors. One of the primary drivers is the increasing demand for chilled and frozen foods in the region. As consumer preferences shift towards healthier and more convenient food options, the need for perishable products, such as fresh fruits, vegetables, dairy products, and ready-to-eat meals, has steadily risen.
A comprehensive analysis of the major players in the refrigerated transport market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Refrigerated Transport Market
In 2022, United Technology Corporation joined forces with Philips Connect to introduce Utility Connect, a groundbreaking system that builds upon Utility's proprietary wiring harness. Through re-engineering and integration with the Phillips Connect Smart7 nosebox, Utility Connect seamlessly connects to multiple sensors, providing a top-quality, corrosion-free harness solution for trailers. The partnership aims to enhance reliability and longevity, ensuring a consistent and efficient connection for the entire trailer's lifespan.
Carrier Corporation recently expanded its electrification capabilities by forming a strategic alliance with ConMet. This collaboration led to wheel-based power generation technology, which captures and utilizes energy that would otherwise go to waste during braking events. This innovative addition further advances Carrier's comprehensive zero-emission transport refrigeration solutions.
Key Questions Answered in Refrigerated Transport Market Report
What specific growth drivers are projected to impact the market during the forecast period?
List the top companies in the market and explain how they have achieved their positions of influence.
In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
