Reefer Shipping Market Research Report: By Refrigerated Cargo Type (Perishables (Fruits, Vegetables, Meat, Seafood), Pharmaceuticals, Chemicals, Electronics), By Vessel Type (Container Ships, Roll-on/Roll-off Vessels, Bulk Carriers, Tankers), By Reefer Capacity (Small (Below 1000 TEUs), Medium (1000-2500 TEUs), Large (Above 2500 TEUs)), By Shipment Distance (Short-Haul (Within 1000 nautical miles), Medium-Haul (1000-3000 nautical miles), Long-Haul (Above 3000 nautical miles)), By Service Type (Full Container Loads (FCL), Less than Container

Global Reefer Shipping Market Overview

As per MRFR analysis, the Reefer Shipping Market Size was estimated at 14.87 (USD Billion) in 2022. The Reefer Shipping Industry is expected to grow from 15.35(USD Billion) in 2023 to 20.5 (USD Billion) by 2032. The Reefer Shipping Market CAGR (growth rate) is expected to be around 3.27% during the forecast period (2024 - 2032).

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Key Reefer Shipping Market Trends Highlighted

Major market trends in the Reefer Shipping Market include growing demand for perishable goods, increased trade in temperature-sensitive commodities, and technological advancements in refrigeration systems. The rising population and urbanization are driving the demand for food, beverages, and pharmaceuticals, which require specialized transportation to maintain their quality and freshness. The expansion of e-commerce and the growth of emerging markets are also contributing to the growth of the reefer shipping industry. Technological advancements in refrigeration systems, such as the development of energy-efficient and environmentally friendly refrigerants, are improving the efficiency and sustainability of reefer vessels.

Key market drivers include the increasing consumption of perishable goods, the expansion of global trade, and the growing demand for refrigerated transportation services. The rise in global population and the increasing affluence of consumers are leading to an increase in the demand for perishable food and beverage products. The expansion of global trade is also driving the demand for reefer shipping services, as temperature-sensitive commodities are increasingly being transported across borders. The growing demand for refrigerated transportation services is being driven by the need to maintain the quality and freshness of perishable goods. Opportunities to be explored or captured in the reefer shipping market include the development of new technologies, the expansion into new markets, and the provision of value-added services. The development of new technologies, such as automated loading and unloading systems, can improve the efficiency and productivity of reefer shipping operations. The expansion into new markets, such as emerging economies, offers significant growth potential for reefer shipping companies. The provision of value-added services, such as temperature monitoring and cargo tracking, can help reefer shipping companies differentiate themselves from their competitors.

Reefer Shipping Market Drivers

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  Increasing Demand for Perishable Goods

  
  

The growing global population and rising disposable incomes are driving an increased demand for perishable goods, such as fruits, vegetables, meat, and dairy products. This demand is expected to continue to grow in the coming years as more and more people move to urban areas and adopt Western lifestyles. As a result, the demand for reefer shipping services is also expected to increase, as these services are essential for transporting perishable goods over long distances. The increasing demand for perishable goods is being driven by a number of factors, including The growing global population. The world's population is expected to reach 8.5 billion by 2030, and this growth is expected to continue in the coming years.As the population grows, so too does the demand for food and other perishable goods. Rising disposable incomes: In many developing countries, disposable incomes are rising, which is leading to an increased demand for perishable goods. This is especially true in urban areas, where people are more likely to have access to supermarkets and other retail outlets that sell perishable goods. Changes in dietary habits: People are increasingly adopting Western lifestyles, which include a greater consumption of perishable goods.This is especially true in Asia, where the middle class is growing rapidly. The increasing demand for perishable goods is creating a number of opportunities for reefer shipping companies. These companies are investing in new ships and technologies to meet the growing demand. They are also expanding their operations into new markets. As a result, the reefer shipping market is expected to grow significantly in the coming years.

Growth of the E-commerce Industry

The growth of the e-commerce industry is also driving an increased demand for reefer shipping services. More and more people are shopping for groceries and other perishable goods online, and these goods need to be shipped in refrigerated containers to ensure that they arrive fresh. The growth of the e-commerce industry is being driven by a number of factors. The convenience of online shopping: Online shopping is convenient and easy, and it allows people to shop for groceries and other perishable goods from the comfort of their own homes.The increasing availability of online grocery stores: More and more grocery stores are offering online shopping services, which makes it easier for people to find the perishable goods they need. The growing popularity of meal kits: Meal kits are becoming increasingly popular, and these kits often include perishable goods. The growth of the e-commerce industry is creating a number of opportunities for reefer shipping companies. These companies are investing in new technologies to meet the growing demand for e-commerce shipping.They are also expanding their operations into new markets. As a result, the reefer shipping market is expected to grow significantly in the coming years.

Expansion of the Global Cold Chain Infrastructure

The expansion of the global cold chain infrastructure is also driving an increased demand for reefer shipping services. The cold chain is the network of refrigerated warehouses, transportation equipment, and other facilities that are used to store and transport perishable goods. The expansion of the cold chain is being driven by a number of factors, including The growing demand for perishable goods. As the demand for perishable goods grows, so too does the need for a robust cold chain infrastructure to store and transport these goods.

The increasing globalization of the food trade: The food trade is becoming increasingly globalized, and this is leading to an increased need for a cold chain infrastructure to transport perishable goods over long distances. 

The development of new technologies: New technologies, such as refrigerated containers and temperature-controlled warehouses, are making it easier and more efficient to store and transport perishable goods. The expansion of the global cold chain infrastructure is creating a number of opportunities for reefer shipping companies.These companies are investing in new ships and technologies to meet the growing demand for cold chain services. They are also expanding their operations into new markets. As a result, the reefer shipping market is expected to grow significantly in the coming years.

Reefer Shipping Market Segment Insights

Reefer Shipping Market Refrigerated Cargo Type Insights  

The refrigerated cargo type segment is a significant component of the Reefer Shipping Market, accounting for a substantial share of the overall revenue. Perishables, including fruits, vegetables, meat, and seafood, constitute a major portion of the refrigerated cargo transported globally. The demand for reefer shipping services for perishable goods is driven by the growing global population and the increasing consumption of fresh produce. The market for refrigerated cargo types is expected to witness steady growth in the coming years, owing to the increasing demand for temperature-controlled transportation of perishable goods.Pharmaceuticals, chemicals, and electronics are other important segments of the refrigerated cargo type market. The transportation of pharmaceuticals requires strict temperature control to maintain the efficacy and stability of the products. The growth of the pharmaceutical industry, particularly in emerging markets, is expected to drive the demand for reefer shipping services for pharmaceuticals. Chemicals and electronics are also sensitive to temperature fluctuations, and their transportation requires specialized reefer containers to maintain the required temperature conditions.The increasing global trade of chemicals and electronics is expected to contribute to the growth of the refrigerated cargo type market for these segments.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Reefer Shipping Market Vessel Type Insights  

The Reefer Shipping Market is segmented by Vessel Type into Container Ships, Roll-on/Roll-off Vessels, Bulk Carriers, and Tankers. Among these, Container Ships held the largest market share in 2023, accounting for over 55% of the Reefer Shipping Market revenue. This dominance is primarily attributed to the increasing demand for refrigerated containers for transporting perishable goods, such as fruits, vegetables, and pharmaceuticals, across long distances. Roll-on/Roll-off Vessels are expected to witness the highest CAGR during the forecast period, owing to their ability to handle a wide range of cargo, including vehicles, machinery, and project cargo.The Reefer Shipping Market data indicates that Bulk Carriers and Tankers are also expected to contribute significantly to the market growth, driven by the growing demand for bulk commodities and liquid products, respectively.

Reefer Shipping Market Reefer Capacity Insights  

The Reefer Shipping Market is segmented by Reefer Capacity into Small (Below 1000 TEUs), Medium (1000-2500 TEUs), and Large (Above 2500 TEUs). The Medium segment is estimated to hold the largest market share in 2023, accounting for approximately 42% of the Reefer Shipping Market revenue. This is primarily due to the increasing demand for medium-sized reefer vessels for transporting perishable goods over short and medium distances. The Large segment is expected to witness significant growth over the forecast period, owing to the growing demand for large-capacity reefer vessels for transporting large volumes of perishable goods over long distances.The Small segment is expected to account for a relatively smaller market share due to the limited capacity of these vessels. Overall, the Reefer Shipping Market is expected to grow at a steady pace over the forecast period, driven by the increasing demand for perishable goods and the need for efficient and reliable transportation solutions.

Reefer Shipping Market Shipment Distance Insights  

The Reefer Shipping Market is segmented based on shipment distance into short-haul (within 1000 nautical miles), medium-haul (1000-3000 nautical miles), and long-haul (above 3000 nautical miles). Among these segments, the long-haul segment is expected to witness the highest growth rate over the forecast period due to the increasing demand for perishable goods from emerging markets in Asia-Pacific and Latin America. In 2023, the long-haul segment accounted for a significant share of the Reefer Shipping Market revenue, and this trend is expected to continue in the coming years.The growth of this segment is driven by factors such as the rising consumption of perishable goods, the expansion of global trade, and the development of new markets for perishable products. The medium-haul segment is also expected to experience steady growth over the forecast period, driven by the increasing demand for perishable goods from neighboring countries. The short-haul segment is expected to witness the slowest growth rate, as it is primarily driven by domestic trade and is less affected by factors such as global trade and economic fluctuations.Overall, the segmentation of the Reefer Shipping Market based on shipment distance provides insights into the different growth dynamics and opportunities within the market.

Reefer Shipping Market Service Type Insights  

The Reefer Shipping Market segmentation by Service Type can be categorized into Full Container Loads (FCL), Less than Container Loads (LCL), and Specialized Services (Temperature-Controlled, Atmosphere-Controlled). FCL services account for a significant portion of the market, offering dedicated containers for larger shipments. LCL services cater to smaller shipments, allowing consolidation with other cargo to optimize costs. Specialized services, such as temperature and atmosphere-controlled transportation, address specific requirements for perishable and sensitive goods.The market growth is driven by increasing global trade and the demand for specialized transportation solutions for perishable commodities.

Reefer Shipping Market Regional Insights  

The Reefer Shipping Market is expected to grow significantly in the coming years, driven by increasing demand for perishable goods and globalization of trade. Regionally, North America and Europe are expected to continue to be the largest markets, with APAC expected to grow at a faster pace. North America is projected to account for over USD 3.5 billion in revenue by 2024, driven by strong demand for perishable goods and a growing population. Europe is expected to account for over USD 3 billion in revenue by 2024 due to increasing demand for imported perishable goods and a growing tourism industry.APAC is expected to grow at a CAGR of over 4% during the forecast period, driven by rising disposable income and increasing urbanization. South America and MEA are expected to account for a smaller share of the market but are expected to grow at a steady pace due to increasing demand for perishable goods and developing economies.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Reefer Shipping Market Key Players And Competitive Insights

Major players in the Reefer Shipping Market industry are constantly striving to gain a competitive edge by investing in research and development, expanding their fleet capacity, and forming strategic alliances. Leading Reefer Shipping Market players are focusing on developing innovative technologies and solutions to meet the evolving needs of customers, such as advanced temperature control systems and real-time cargo tracking technologies. The Reefer Shipping Market Competitive Landscape is characterized by intense competition among major players, with each company seeking to differentiate itself through its service offerings, operational efficiency, and customer relationships.One of the key players in the Reefer Shipping Market is CMA CGM, a French shipping company headquartered in Marseille, France. CMA CGM is a global leader in the transportation of refrigerated goods, with a fleet of over 550 vessels, including specialized reefer ships. 

The company offers a wide range of reefer services, including controlled atmosphere (CA) and modified atmosphere (MA) transportation, as well as specialized equipment for the transportation of perishable goods. CMA CGM is committed to sustainability and has implemented several initiatives to reduce its environmental impact, such as using energy-efficient technologies and investing in renewable energy sources.Another major player in the Reefer Shipping Market is MSC Mediterranean Shipping Company, a Swiss-Italian shipping company headquartered in Geneva, Switzerland. MSC is the second largest container shipping company in the world, with a fleet of over 600 vessels, including reefer ships. The company offers a comprehensive range of reefer services, including temperature-controlled transportation, specialized equipment for the handling of perishable goods, and door-to-door logistics solutions. MSC is continuously investing in new technologies and infrastructure to enhance its service offerings and meet the growing needs of its customers.

Key Companies in the Reefer Shipping Market Include

• HapagLloyd AG


• TransCold Holding


• Star Shipping Group


• NYK Line


• Seatrade


• Pacific International Lines


• CMA CGM Group


• MOL Shipping


• COSCO Shipping


• Yang Ming Marine Transport Corporation


• Maersk Line


• Seatrade Reefer Chartering


• SeaCold Carriers


• MSC Mediterranean Shipping Company

Reefer Shipping Market Industry Developments

The Reefer Shipping Market is expected to reach USD 20.5 billion by 2032, exhibiting a CAGR of 3.27% during the forecast period (2023-2032). The increasing demand for perishable goods, particularly in emerging economies, is driving market growth. Additionally, the expansion of the e-commerce industry and the growing popularity of meal-kit delivery services are contributing to the demand for refrigerated shipping solutions. Moreover, technological advancements, such as the development of energy-efficient reefer containers and real-time tracking systems, are enhancing the efficiency and reliability of reefer shipping services. Recent news developments include CMA CGM's acquisition of reefer specialist Mercosul Line and Hapag-Lloyd's investment in new reefer vessels to cater to the growing demand for refrigerated shipping capacity.

Reefer Shipping Market Segmentation Insights

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  Reefer Shipping Market Refrigerated Cargo Type Outlook

  
  
  
  
  • Perishables (Fruits, Vegetables, Meat, Seafood)
  
  
  • Pharmaceuticals
  
  
  • Chemicals
  
  
  • Electronics
  
  
  
  

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  Reefer Shipping Market Vessel Type Outlook

  
  
  
  
  • Container Ships
  
  
  • Roll-on/Roll-off Vessels
  
  
  • Bulk Carriers
  
  
  • Tankers
  
  
  
  

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  Reefer Shipping Market Reefer Capacity Outlook

  
  
  
  
  • Small (Below 1000 TEUs)
  
  
  • Medium (1000-2500 TEUs)
  
  
  • Large (Above 2500 TEUs)
  
  
  
  

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  Reefer Shipping Market Shipment Distance Outlook

  
  
  
  
  • Short-Haul (Within 1000 nautical miles)
  
  
  • Medium-Haul (1000-3000 nautical miles)
  
  
  • Long-Haul (Above 3000 nautical miles)
  
  
  
  

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  Reefer Shipping Market Service Type Outlook

  
  
  
  
  • Full Container Loads (FCL)
  
  
  • Less than Container Loads (LCL)
  
  
  • Specialized Services (Temperature-Controlled, Atmosphere-Controlled)
  
  
  
  

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  Reefer Shipping Market Regional Outlook

  
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa