Refrigerated sea transportation market size is anticipated to register a ~6.8% CAGR between 2021 and 2027 and reach an approximate value of USD 12.48 billion in 2027.
Refrigerated sea transportation market size is anticipated to register a ~6.8% CAGR between 2020 and 2027 and reach an approximate value of USD 12.48 billion in 2027.
Refrigerated sea transportation involves transporting cargo from one location to another between manufacturers, distributors, retailers, and end-users, through seaways. It forms an important part of the cold supply chain system. It encompasses the transport of finished products, goods, raw materials, and other such products that require maintaining a certain temperature regime on the whole route.This type of transportation is designed to transport perishable products at specific temperatures without allowing the quality of the product to deteriorate. The systems installed on shipping are essential for maintaining the quality and prolong the shelf life of fresh, frozen, and perishable products during their transportation. Refrigerated sea transportation utilizes different mechanical refrigeration systems to keep the perishable products safe from the outside environment. Refrigerated sea transportation is also used to transport non-food products such as flowers andpressure-sensitive chemical products.
Refrigerated systems or reefers come in different sizes and have different payload capacities so that the proper unit can be chosen according to the number of items being transported. These refrigerated units make usage of sensors and deployment of IT infrastructure capable of offering a minute-by-minute report on the temperature levels while the product is in transit. Hence, the growing adoption of telematics, GPS systems, navigation systems, and temperature-monitoring sensors is expected to elevate the logistics industry, which in turn is anticipated to boost the market growth of refrigerated sea transportation.This kind of transportation requires special logistic modes of transport, permits, machinery, and agreements. It involves using different vehicles,such as forklifts, lorry tanks, pick-up trucks, and flatbed trucks, for loading and unloading products.
The global refrigerated sea transportation market size is anticipated to register a CAGR of ~6.8% between 2020 and 2027 and reach an approximate value of USD 12.48 billion in 2027.
The rise in international trade is one of the major drivers for the growth of the refrigerated sea transportation market. Changing dynamics in the food & beverage, pharmaceutical, and other industries and urbanization are key factors propellingthe refrigerated sea transportation market during the forecast period. Rapid growth in the logistics industry due to technological advancements is also aiding the global market expansion. The rising popularity of perishable products has resulted in increased sea freight transportation and has created several industry opportunities for refrigerated sea transportation companies. The changes in retail business models and improvements in technologies have generated considerable prospects for the refrigerated sea transportation industry.
The food & beverages sector is contributing to the refrigerated sea transportation market growth due to increased demand for ready-to-eat snacks, perishable foods, energy drinks, and others. Additionally, the rise of the pharmaceutical industry has also boosted the need for refrigerated sea transportation solutions for temperature-controlled transportation of medical supplies and medicines. The market of refrigerated sea transportation is also driven by the rapid growth of e-commerce companies across the globe. An important factor driving the global refrigerated sea transportation market is the rise in international trade owing to trade liberalization. Trade liberalization, developments in transport infrastructure & communication technologies, and the progress of multinational companies in the food retail sector have boosted the demand forcold storage, ultimately propelling the refrigerated sea transportation market. Increasing research & development initiatives and technological improvements in cold storage technology, such as the addition of solar technology to transportation refrigeration units,are leading to the development of efficient coldstorage and transportation solutions. The need to ensure safe transportation of heat-sensitive pharmaceutical products from manufacturers to distributors and pharmacies to ensure hygiene, and security will further aid in the growth of the refrigerated sea transportation marketOn the other hand, the high cost associated with refrigerated sea transportation and stringent government regulations associated with food transportation may restrain the global market during the forecast period.
Key industry participants in the refrigerated sea transportation industry include CMA CGM S.A (France), Kuehne + Nagel International AG (Switzerland), DHL International GmbH (Germany), CEVA Logistics (Switzerland), Mediterranean Shipping Company S.A (Switzerland), DSV Panalpina A/S (Denmark), Maersk Line, Limited (US),NYK Line (Japan), Hapag-Lloyd AG (Germany), Hamburg Süd (Germany),Cargo-Partner (Austria), ZIM Integrated Shipping Services (Israel), CSAV (Chile), and Star Reefers (UK).
The refrigerated sea transportation market has been classified based on containertype, product type, application, and region. Based on container type, the global market is divided into20 feet, 40 feet, 40 feet high-cube, 45 feet high-cube, and others.The 40 feet container segment is anticipated to hold a significant market sharedue to its compact size and economicalprices compared with other containers. Other types of containers are also expected to occupy a high market share due to the growth of sea transportation across the globe. Due to the surge in demands, refrigerated sea transportation providers are using technological tools such as delivery tracking of refrigerated containers to improve agility, ensure transparency, and deliver products on time. The usage of advanced technology for improving tracking is being adopted by more and more refrigerated sea transportation firms to match themselves with technological advancements and gain competitiveness.
By product type, the refrigerated sea transportation market is segmented chilled and frozen. The chilled segment accounted for the larger share in the global market due to a surge in international imports and exports due to growing diplomatic and economic ties across the globe.The chilled product segment also holds a substantial share in the refrigerated sea transportation market due to the rise in demands for exotic perishable foods globally.Shifting preferences and lifestyle change, rapid urbanization, and the increasing disposable income of consumers across the globe will lead to the market expansion of refrigerated sea transportation.
Based on application, the global refrigerated sea transportation market is segmented into food & beverages, pharmaceutical, and others. The food & beverage segment is anticipated to hold a significant market share due to the growing consumption of exotic perishable products globally. Refrigerated sea transportation is utilized for the transportation of temperature-sensitive, perishable cargo such as fruits, vegetables, meat, fish, seafood, dairy, and other similar items. Due to the increasing consumption of foods across the globe, there has been a growth in sea transportation logistics. Similarly, transportation of pressure-sensitive pharma products such as medicines, vaccines, and others, has led to market expansion of the refrigerated sea transportation market. Increasing investment in the healthcare sector in many countries andgrowing sea transportation are helping the sea transportation market flourish at a fast-paced rate.Advancements in medicines and the growth of the healthcare industry are anticipated to boost the pharmaceutical segment of the market during the forecast period.
The global refrigerated sea transportation market size is anticipated to register a ~6.8% CAGR between 2020 and 2027 and reach an approximate value of USD 12.48 billion in 2027.
The global refrigerated sea transportation market is expected to witness high growth during the forecast period owing to the growing logistics industry across the globe.The rising FMCG industry is also propelling the market.The global refrigerated sea transportation market is expected to witness high growth during the forecast period due to the growing pharmaceutical industry across the globe. The governments are gradually rolling out public infrastructure and legislations necessary for the expansion of cold chains, and thus this will help in the growth of the refrigerated sea transportation market.Supportive government initiatives and schemes andthe increase in direct foreign investments will further provide a boost to the market. Increasing deployment of technology for delivery tracing, customer convenience, and smooth transportation will add to the market development of refrigerated sea transportation.
Based on region, the refrigerated sea transportation market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Asia-Pacific dominated the refrigerated sea transportation marketin 2020. The consistently developing meat & seafood industry has supported the product development. The growth of retail food chains is expected to spur the demand for cold chain logistics solutions over the forecast period, thus increasing the demand for the refrigerated sea transportation market in this region. Escalating industrialization has supported product demand in the region.Growing requirements for transportation of heat-sensitive pharmaceuticals products, which require specialized logistics arrangements, are helping the refrigerated sea transportation market expand in this region. Fast-paced urbanization has led to increased dependence on packaged foods and beverages, which in turn is boosting the market demand, especially in developing countries such as China and India. The market is also seeing lucrative growth in North America and Europe. Due to the high volume of exports and imports, the sea transportation market is expected to register notable growth in the upcoming years.
|CAGR||~6.8% CAGR : 2022-2030|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Container Type, Product Type, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||CMA CGM S.A (France), Kuehne + Nagel International AG (Switzerland), DHL International GmbH (Germany), CEVA Logistics (Switzerland), Mediterranean Shipping Company S.A (Switzerland), DSV Panalpina A/S (Denmark), Maersk Line, Limited (US), NYK Line (Japan), Hapag-Lloyd AG (Germany), Hamburg Süd (Germany), Cargo-Partner (Austria), ZIM Integrated Shipping Services (Israel), CSAV (Chile), and Star Reefers (UK).|
|Key Market Opportunities||rising FMCG industry|
|Key Market Drivers||growing logistics industry across the globe|
Refrigerated Sea Transportation market is predicted to grow at 6.8% through forecast period of 2022-2030.
The forecast period for Refrigerated Sea Transportation market research report is 2022-2030.
Global Refrigerated Sea Transportation Market is dominated by Asia-Pacific region
The rise in international trade is one of the major drivers for the growth of the refrigerated sea transportation market.