Global Reefer Container Market growing in Upcoming Years, Top Key Players United Technologies, Daikin Industries, Ingersoll-Rand (THERMO KING), Utility Trailer, Singamas Container, Hyundai, etc. – Press Release


Global Reefer Container Market

Global Reefer Container Market

The global reefer container market is expected to be worth USD 16.5 billion in 2019 and USD 22.6 billion by 2025, growing at a CAGR of 6.1% between 2019 and 2025. The growth of this market can be attributed to increased global trade in perishable commodities, as lower tariffs make the cross-border movement of perishable goods easier.

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Based on geographical region, Asia Pacific is expected to witness highest growth which can be attributed to the increasing GDP of the region. The growing global trade in perishable reefer cargo and advances in reefer container technology are also driving the demand in the area.

The reefer container market is driven by low shipping costs, quick and simple goods transhipment, and quick terminal turnaround times. The increased use of reefer containers is also due to the need to protect goods from theft and spoilage. Companies are more interested in reducing their carbon footprint and creating a sustainable business model, which is why technology plays such an important role in driving demand for reefer containers. As a result, technologies are being developed that will enable brand owners and producers to implement such technologies during transportation and generate positive messaging around the product.

According to ASSOCHAM (The Associated Chambers of Commerce and Industry of India), India’s packaged food market growth was projected to grow to USD 72.6 billion by 2020, up from USD 31.7 billion in 2015. This increase is due to an increase in the consumption of frozen foods, dairy goods, ready-to-cook/ready-to-eat foods, and bakery products, which creates a need for refrigerated transportation for the safe and effective transportation of these items.

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Europe and Brazil are already experiencing shortages due to a lack of investment in the reefer segment of shipping, which could provide an incentive for new players to join the market and meet regional demand. Despite market volatility, demand for reefer containers is projected to rise significantly between 2019 and 2025. This increase in demand can be traced back to international trade alliances established to meet customer demands. The reefer container market will be driven by an increase in demand for temperature-sensitive pharmaceuticals and chemicals in Southeast Asian countries, as well as the growth of the Asian middle class, which is constantly demanding healthier food options.

Since the use of the most up-to-date cooling technology is critical, one of the major problems facing the reefer container industry is a lack of suitable reefer containers. However, challenges such as product maintenance during transportation, a lack of infrastructure in developing countries, and rising fuel costs are expected to stifle market growth.

Some of the Major Key Players are:

• United Technologies
• Daikin Industries
• Ingersoll-Rand (THERMO KING)
• China International Marine Containers
• Utility Trailer
• Singamas Container
• Hyundai
• Schmitz Cargobull
• Fahrzeugwerk Bernard Krone
• Lamberet
• Nestle
• Tyson Foods
• The Kraft Heinz Company
• General Mills
• Smithfield Foods
• Kellogg Company
• Conagra Brands
• Kerry
• Del Monte
• Aryzta

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This release was published on openPR.