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(MoneyNewsWire.Net, June 06, 2018 ) The refrigerated transport market is projected to reach 3.25 Billion Tons by 2022 growing at a CAGR of 2.49% from 2017 to 2022. Refrigerated transport is one of the essential links in the cold chain system for distribution of perishable commodities such as milk, bakery & confectionery, dairy products, beverages, fresh fruits & vegetables, ice cream, frozen dairy products, processed meat, fish & seafood, and frozen dairy products. The growth of the refrigerated transport market is attributed to the increasing demand for temperature-controlled food across the globe, increasing globalization, and technological advancements in refrigerated transport systems and equipment. The global refrigerated road transport market is projected to grow at a CAGR of 5.67%, in terms of value, from 2016 to reach a projected value of USD 17.82 Billion by 2022.
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Food products such as fresh fruits & vegetables, beverages, bakery & confectioneries, and dairy products can be chilled to temperatures ranging from 0°C to 5°C (32° F to 41° F) to help slow down or prevent deterioration. Chilled foods can be on the shelf within 24 hours of production and producers need to ensure they are delivered in a perfect condition, which is a key for food safety. Refrigerated transportation of frozen food products such as frozen dairy products, ice-cream, processed meat, fish and seafood, requires a temperature range of -10°C to -25°C. The extremely low temperatures of frozen food products inhibit the growth of microorganisms on it, ensuring the quality and freshness of food.
The refrigerated road transport market consists of LCV (Light Commercial Vehicle) which ranges from 3 tons to 7 tons; MHCV (Medium & Heavy Commercial Vehicle) which ranges from 7 tons to 16 tons and finally the HCV (Heavy Commercial Vehicle) which is above 16 tons. Refrigerated vans are used for intra-city distribution of frozen or chilled products, whereas trucks and trailers are used for long haulage of perishable commodities which require different temperatures.
Apart from road transportation, there are three other types of transportation such as marine transport, rail transport, and transportation by air. Refrigerated transport in marine refers to dedicated refrigerated cargo ships or refrigerated containers with mechanism to maintain required temperature levels during the transit. Rail freight transportation utilizes freight wagons for transportation of goods. The majority of the freight constitute dry commodities such as chemicals, coal, steel, and construction materials among others. Rail refrigerated transport is fast gaining traction among those looking for additional capacity and one of the cost-effective transportation option. Due to time consideration, lack of infrastructure and some geographical obstacles, air transport is becoming the mode of choice for long-distance transport of perishable goods, pharma equipment, meat, and other processed food.
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The European region is projected to have the largest and the fastest market share in terms of value in refrigerated road transportation market in 2022. This region experiences the latest technological advancements and the government norms favors the cold chain industry with different subsidies. Particularly the multi-temperature segment has the fastest growth when compared to single-temperature.
The leading players that dominated the refrigerated transport market include, Nestlé (Switzerland), Tyson Foods, Inc. (US), The Kraft Heinz Company (US), General Mills Inc. (US), Smithfield Foods. (US), Kellogg Co. (US), Conagra Brands, Inc. (US), Kerry Group (Ireland), Del Monte Pacific Ltd (DMPL) (US), United Technologies Corporation (US), Daikin Industries (Japan), Ingersoll Rand Inc. (Ireland), and ARYZTA AG (Switzerland).
The key players have been exploring the market in new regions by adopting acquisitions, expansions, investments, new product launches, agreements, and joint ventures as their preferred strategies. Key players have been investing into intensive R&D activities and also adopting expansions and acquisitions as a mode to enhance their product offerings and capture a larger market share, thus increasing the demand for the refrigerated transport market.
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