Refrigerated Transport Market Worth 3.25 Billion Tons by 2022
PUNE, India, August 28, 2017 /PRNewswire/ --
The report "Refrigerated Transport Market by Product Type (Chilled and Frozen), Mode (Road, Sea, Rail, and Air), Vehicle Type (LCV, MHCV, and HCV), Technology (Vapor Compression Systems and Cryogenic Systems), and Region - Global forecast to 2022", published by MarketsandMarkets™, the market is projected to reach 3.25 Billion Tons by 2022 growing at a CAGR of 2.49% from 2017 to 2022. The growth of the Refrigerated Transport Market is attributed to the growth of international trade of perishable commodities due to globalization, consumer demand for frozen perishable commodities, increasing demand from the life science & pharma industry, and technological innovations in refrigerated systems and equipment.
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Browse 133 Market Data Tables and 52 Figures spread through 227 Pages and in-depth TOC on "Refrigerated Transport Market - Global forecast to 2022"
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Refrigerated Transport Market by road is projected to reach USD 17.82 Billion by 2022
The refrigerated road transport market is projected to reach USD 17.82 Billion by 2022 in terms of value growing at a CAGR of 5.67% from 2017 to 2022. The growth of the refrigerated road transport market is attributed to the growth of the cold chain industry due to globalization, consumer demand for frozen perishable commodities, increasing demand for cold chain technology, advanced automated systems in commercial vehicles, and rising trend of engine downsizing in the automotive industry are some of the key factors fueling the growth of this market.
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The frozen products segment is projected to be the fastest growing segment
The frozen products segment is expected to be the fastest growing segment in the Refrigerated Transport Market during the forecast period 2017-2022, due to due to the growing trend of ready-to-bake or ready-to-thaw frozen products. The frozen bakery products market is considered to be one of the fastest-growing segments under the frozen food products category. The frozen bakery products market is driven by the rising demand for convenience food products, to save time and effort.
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The fresh fruits & vegetables segment is projected to dominate the chilled food segment
The fresh fruits & vegetables segment accounted for the largest share in the Refrigerated Transport Market, in terms of value, in 2016. Most of the fruit & vegetable production in temperate areas are seasonal. Cultivation and harvest periods are much longer in tropical and subtropical areas. The demand is perennial, and it is a regular practice to use cold storage to ensure the continuity of supply.
Asia-Pacific dominated the global Refrigerated Transport Market, in chilled products as well as frozen products in 2016
The North American Refrigerated Transport Market has shown a considerable growth from 2015; this trend is estimated to continue over the next five years. The North American market has the largest refrigerated transport industry in the world.
In Europe, the consumers demand quality attributes such as food safety, taste, and freshness in their food. The EU legislations and private food manufacturers and retailers are increasingly implementing both mandatory and voluntary quality control, management, and assurance schemes that are developing the standards for producing, processing, and transport.
The refrigeration transport revenue of the Asia-Pacific region is increasing rapidly due to high growth in the bakery and confectionery segment here. Bakery & confectionery have always been attractive with developing economies contributing more and developed economies adding value to it.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as 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), and ARYZTA AG (Switzerland).
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