Market Share
Reefer Container Genset Market Share Analysis
Perishable prepared foods, denoting items requiring low temperatures to prevent spoilage, encompass a range of products such as peeled or cut fruits and vegetables used in various applications like dairy, confectionery, preserves, and beverages. These foods are offered both online and offline by companies, including organizations, sole proprietors, and partnerships dedicated to the sale of perishable prepared foods.
The market for perishable prepared foods is experiencing growth driven by expanding markets, increasing disposable income, and improved earning potential. The surge in disposable income, which represents the money available for spending and saving after taxes, has a significant impact on consumer behavior, elevating the demand for perishable prepared foods and subsequently boosting consumer purchasing power. In India, for example, disposable personal income increased from USD 25,25,496.31 million in 2020 to USD 30,17,266.44 million in 2021, contributing to the expansion of the market for prepared perishable foods.
Key players in the perishable prepared food sector, such as AdvancePierre Foods, Ready Pac, Reser's Fine Foods, Taylor Fresh Foods, and Bakkavör Group, are actively working to enhance their market share. Strategic acquisitions, like Mama Mancini's acquisition of T&L Creative Salads, Inc. and Olive Branch, LLC for USD 14 million in December 2021, showcase efforts to expand operations and gain a stronger foothold in the market. The acquisition facilitated Mama Mancini's entry into various countries, leveraging the offerings of Creative Salads, Inc., a producer of perishable prepared dishes, and Olive Branch, LLC, specializing in flavored Extra Virgin Olive Oil.
The growth in the middle-class population in Vietnam has led to an increased demand for food processing, with the food and pharmaceutical markets predicted to reach around USD 10 billion in 2020, requiring efficient refrigerated shipping. Additionally, Lineage Logistics Holding, LLC expanded its network of facilities near Savannah, Georgia's main port in 2021, enhancing the capacity for importing and exporting frozen and chilled goods. These trends highlight the growing demand for perishable food products and advancements made by key players in the sector, thereby driving the use of Reefer containers in transportation and creating lucrative opportunities for the Reefer Container Genset market.
Furthermore, the bakery and confectionery industry is poised to play a pivotal role in propelling the refrigerated transport market's growth. With bread being a staple food requiring refrigeration for manufacturing, preservation, and maintaining quality, the industry benefits from contemporary cool rooms, stringent governmental regulations governing the cold chain, and increased international trade in perishable goods. The global refrigerated transport business thrives on these factors, showcasing the industry's continuous growth.
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