Market Research Future (MRFR) presumes the global Refrigerated Sea Transportation Market size to reach USD 12.48 billion at a 6.8% CAGR from 2020 to 2027 (forecast period).
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Multiple Factors to Boost Market Growth
The expansion of international trade is one of the primary drivers of the refrigerated sea transportation market. Changes in the food and beverage, pharmaceutical, and other industries, as well as urbanization, will drive the refrigerated sea transportation market throughout the projection period. Rapid growth in the logistics industry as a result of technological advancements is also helping to expand the global market. The growing popularity of perishable goods has resulted in a growth in sea freight transportation, opening up many industry opportunities for refrigerated sea transportation companies. Changes in retail business models and technological advancements have created significant opportunities for the refrigerated sea transportation industry.
Due to the rising demand for ready-to-eat snacks, perishable foods, energy drinks, and other products, the food and beverage sector is contributing to the expansion of the refrigerated sea transportation market. Furthermore, the growth of the pharmaceutical industry has increased the demand for refrigerated sea transportation solutions for the temperature-controlled transportation of medical supplies and pharmaceuticals. The fast rise of e-commerce companies around the world is also driving the refrigerated sea transportation sector. The increase in international trade as a result of trade liberalization is a significant driver driving the worldwide refrigerated sea transportation market. Trade liberalization, advancements in transportation infrastructure and communication technology, and the success of multinational corporations in the food retail sector have increased demand for cold storage, boosting the refrigerated sea transportation market. Increasing R&D initiatives and technological advancements in cold storage technology, such as the incorporation of solar technology into transportation refrigeration units, are resulting in the creation of efficient cold storage and transportation solutions. The necessity to secure the safe transportation of heat-sensitive pharmaceutical items from manufacturers to distributors and pharmacies in order to assure hygiene and security will contribute to the expansion of the refrigerated sea transportation market.
Key industry participants in the global refrigerated sea transportation market 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 global refrigerated sea transportation market has been classified based on container type, product type, application, and region.
Based on container type, the global refrigerated sea transportation market has been divided into 20 feet, 40 feet, 40 feet high-cube, 45 feet high-cube, and others.
By product type, the global refrigerated sea transportation market has been segmented into chilled and frozen.
Based on application, the worldwide refrigerated sea transportation market has been segmented into food & beverages, pharmaceutical, and others.
APAC to Dominate the Global Market
In 2020, Asia Pacific dominated the refrigerated sea transportation industry. The ever-expanding meat and seafood industries have aided in product development. Over the projected period, the expansion of retail food chains is expected to drive demand for cold chain logistics solutions, hence raising demand for the refrigerated sea transportation market in this region. Product demand in the region has been encouraged by the region’s increasing industrialization. The growing need for the transportation of heat-sensitive pharmaceutical products, which necessitate particular logistics arrangements, is assisting the refrigerated sea transportation industry in this region to expand. Rapid urbanization has increased reliance on packaged foods and beverages, which is driving market demand, particularly in developing nations such as China and India.
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