Reefer Container Market to Reach USD 10,055.2 Million by 2034, Driven by Global Trade, E-commerce, and Perishables Boom in the US, China, and India

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Jun 04, 2024, 06:30 ET

Fueled by the growth of global food trade, booming e-commerce, and the expanding pharmaceutical sector, the reefer container market is experiencing a significant rise. This demand is particularly strong in regions like India, China, and the United States. Advancements in temperature control technology further propel the market by ensuring the freshness and safety of transported perishables.

NEWARK, Del., June 4, 2024 /PRNewswire/ -- According to Future Market Insights, the global reefer container market is growing at a CAGR of 3.9%, valued at USD 6,858.6 million in 2024 and expected to surpass USD 10,055.2 million by 2034. Reefer containers are experiencing rapid demand as they are essential for transporting perishable goods like vaccines, fresh produce, and seafood across borders while maintaining specific temperature ranges.

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The expansion of pharmaceutical and nutraceutical industries, global food trade, and e-commerce growth are considered major drivers for this growth. This is particularly evident in countries like India, China, and the United States. The industry is also benefitting from the increasing demand for fresh and exotic foods year-round, as well as the rise of e-commerce in emerging economies.

Technological advancements in reefer containers, such as advanced temperature monitoring systems and IoT integration, are also boosting sales of reefer containers. These innovations improve insulation, and energy efficiency, and enable real-time monitoring of temperature and humidity. However, challenges like high investment costs and susceptibility to temperature fluctuations and mechanical failures hinder industry growth, leading to quality and safety concerns for perishable cargo.

"Continuous investment in research and development is the key in this industry. Companies in the reefer container market must containers with improved temperature monitoring systems, energy-efficient cooling solutions, and remote monitoring capabilities to enhance the performance, reliability, and sustainability of their products", says Ismail Sutaria (Lead Consultant, Packaging and Materials at Future Market Insights, Inc.).

Key Takeaways from the Market Study

The 20 to 40 feet segment dominates the global reefer container market with a share of 45% in 2024.
Based on the end use, the healthcare segment leads the reefer container market with a share of 28% in 2024.
The reefer container market in India is anticipated to grow at a CAGR of 4% through 2034.
The reefer container market in South Korea is estimated to rise at a 3.9% CAGR through 2034.
The reefer container market in Thailand has the potential to increase at 4% CAGR through 2034.
The United States reefer container market is predicted to rise by 3.7% CAGR through 2034.
The reefer container market in the United Kingdom is very likely to grow at a CAGR of 3.4% through 2034.

Competitive Landscape

The reefer container industry remains competitive despite slow growth, as numerous companies dominate the global revenue.
These companies have a strong presence not only in their domestic markets but also internationally.
They offer a diverse range of reefer container sizes, configurations, and features to meet the specific needs of various industries and customers.
With increasing awareness of environmental issues, companies are also prioritizing sustainability initiatives in their operations
Leading companies in the industry include Maersk Container Industry, Daikin Reefer, Carrier Transicold, and Thermo King.

Recent Developments:

In March 2024, Seatrade introduced the innovative "Country Class" reefer container vessels, starting with M.v. "Seatrade Chile," designed with 640 reefer plugs to meet industry demand.
In December 2023, BLR Logistiks expanded its fleet to include reefer containers, equipped with advanced technology to maintain cargo integrity during transportation across diverse industries.

Purchase now and gain full access to the Reefer Container Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.

About the Author:

Ismail Sutaria (Lead Consultant, Packaging and Materials at Future Market Insights, Inc.) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics.

Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.

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